Unbelievable Housing Market

I am now in my 9th year of my real estate career.  A relatively short time period compared to alot of the fantastic agents I know and about 4 times as long as the average agent lasts in this business.  One of the things I love about this career choice is the fact that you always have to continually learn and adapt to a changing economy, market and people.  It really keeps you on your toes.  Right now, in the Raleigh/Wake County area, the housing market is causing all kinds of new conditions hardly seen before, if ever. 

Record low numbers of homes on the market continue to make it a struggle for buyers to find the home that they want.  If they are not in a position to purchase new construction, then they are at the mercy of waiting for the right homeowner to put their home on the market and price it appropriately.  As of the writing of this article, there were less than 1350 total homes on the market in Wake County across all categories (townhomes, condos, single family homes) and across all price points.  Typically we would see 3 to 4 times that amount of homes on the market.  

This lack of inventory makes it a great time to sell if you are a homeowner wanting to maximize your home value.  It is also a great time for buyers to take advantage of the fantastic financing rates available and can allow their $$ to go farther…..if they can find the right home for them.  

Houses in Wake County continue to sell extremely fast and prices on homes continue to go up based on the high demand and lack of inventory.  Over the past 90 days, the Raleigh market has closed 4922 homes on the real estate market (an average of 55 homes per day).  These homes had an average life on the market of only 5 days before going under contract and averaged a price tag of $322,500.  To put that in perspective, for the first 6 months of this year (2020), Wake County closed 6588 homes on the market (36 homes per day) and they had an average shelf life of 8 days on market and a $300,000 average price tag.  That is a dramatic jump if you ask me.  If you keep going back every 6 months, that trend continues.

This all concludes to the point that the real estate market in the greater Raleigh area is fast moving and highly competitive.  You need to be able to respond quickly and have someone working for you that can help you with all the aspects that need to be taken into account for such a market. 

Give the Kima Real Estate Group a call today and let us show you how we can make sure you get all you can out of this Unbelievable market.

Chad Wingler Lead Buyer Specialist 919-300-5421  chad.welcometocarolina.com