Today I’d like to give you a quick update on the Raleigh market, who it’s favoring, and where it’s heading.
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What’s happening in the Raleigh real estate market? Today I’d like to go over some of the numbers for our market and the surrounding areas to give you a better understanding of where we are and where we’re headed.
Home values have continued to rise due to the shortage of supply. However, trends show that new houses are being built while the resupply market has shown little to no change.
There are close to 6,000 properties on the market, and population growth is still about 30 people per day or 12,000 people per year in the Raleigh area. This means that supply is down because demand is up.
The average house is only on the market for 34 or 35 days, which is pretty amazing in itself. Because demand is high, we are usually seeing houses receive multiple offers, though this really depends on the type of property, where it’s located, and the price of that property.
Houses that are in good shape, are in the range of $100,000 to $300,000, and are in a fairly good location will receive about three to six offers on average. Almost the same can be said about multi-family properties in the two-to-four-unit range.
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The short of it is that in some areas, the market will yield multiple offers, which makes it a seller’s market, while in areas with price points of $500,000 or higher, we’re looking at a buyer’s market.
Home values are rising due to a supply shortage.
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There is potential for housing prices to increase sooner rather than later, so if you’ve been considering making a move, now may be the best time to do so. Also, it’s important to note that first-time buyers looking for a home in the Johnston County area may be eligible for $15,000 in down payment assistance. The best part about this program is that if these buyers stay in the home for five years or longer, that $15,000 will be forgiven!
If you’re looking to take advantage of the Raleigh market as a home buyer or home seller or you have any other questions about our market, don’t hesitate to give me a call or send me an email. I’d be happy to help you!
