Raleigh Real Estate August 2015
Housing Trends in Raleigh, North Carolina
The Raleigh Real Estate Market jumped up almost $10,000 in August when compared to the average sale price from the month of July. In our post in July we hinted that the housing market was catching it's breath, even though there was a pull back in the average sale price of homes, and the reason behind it was the 42 days on market. Even though homes were selling for less in July, they showed a market that was still a strong sellers market. Additionally, mortgage rates dropped to 90 day lows which helped buyers qualify for more money.
For those of you selling your home it's a terrific time to do so. Especially with a market at it's yearly highs, and mortgage rates at their yearly lows. With that being said it's still a great time to be a buyer in the Raleigh area. Interest rates are at 90 day lows and if you're looking to buy a home in Downtown Raleigh, the city has made the Chavis Heights area a focus.
Here is the August Raleigh Real Estate Update by Raleigh Realty:
Raleigh Real Estate Market Trends - August, 2015
3.31% - year over year appreciation average selling price for residential homes in Raleigh from August 2014 to 2015.
Homes for sale in Raleigh sold on average at $283,080 which is up almost $9,000 from the month of July when real estate was selling for around the $274,000 mark.
Last month we reported the drop in average home price was not a reason to be concerned. Our reasoning was the strength of the market and buyer pool had not seen any drop. In fact homes sold for less in July, yet they sold faster than in any month!
August is showing June's high average sale prices as well as July's high average days on market. AKA - Sellers are in great shape to sell their home!
Homes in Raleigh sold For More in August + Faster!
The average days on market in August was 44 days on market! This nearly matches the high from July of 42 days.
What's even more is the fact homes are selling for near their yearly high's at $283,080 in August.
Compared to last August homes are selling almost 40 days faster! That is significant and our hypothesis is the rental rates in the Raleigh area. With such high rental price hikes it's no wonder people are looking to escape the rental market and head towards purchasing a home. Especially with these low rates under 4%!
I just bought a home with a 30 year FHA loan at a 3.625% interest rate. I bought a house in Downtown Raleigh, in an area I know the city is focused on improving so I'm excited to see how my investment pays off after 5-15 years from now! Not only am I taking advantage of low interest rates, I'm building my own equity vs. someone else's.
An important realization is that when you pay rent it's money out the window and in someone else's pocket. A home is a forced savings account that is likely to appreciate over the years. Especially here in the Raleigh market.
It's a great time to be a seller, and a good time to be a buyer. That's truly what this market is right now.
Raleigh Real Estate - Sales in August
Homes in August, on average, sold for $283,080 which is nearly $9,000 more than they sold for last month.
We are at yearly high's for both average sale price, and days on market, for residential homes in Raleigh during August!
These statistics prove that selling your home is more often than not a smart decision in this market. There are many things that go into a home sale and a person's situation so we recommend chatting with us first before you decide to sell, that way we can discuss all of your options and show you what you're likely to net (walk away with) should you choose to sell your estate.
Selling your Home in Raleigh
It's a great time to be a seller in the Raleigh area with home prices near their high, and the fastest average days on market!
The pool of buyers should decrease in September, however that doesn't make it a bad time to be a seller. In fact, the best month to sell your home is the month where there are the least amount of homes on the market. Low inventory gives buyer's less homes to choose from, which makes it a great time to sell.
Raleigh Real Estate - Market Activity
The Real Estate Market is picking back up here in August, we are at yearly high's!
August 2015 Numbers
$289,242 - The average listing price for homes that sold in August 2015
$283,080 - The average sale price for homes that sold in August 2015
97.87% - The list to close price ratio for homes that sold in August 2015
44 – Average Days on Market in August 2015
Raleigh Real Estate - Market Analysis August 2015
In this section we breakdown and analyze exactly what the Raleigh housing market is telling us from both month to month trends, as well as year over year trends. It's typical for Raleigh to see around a 3.5% appreciation year over year. Here in 2015 it appears to be the same, though it could be more if the year plays out the way we expect here at Raleigh Realty.
One of the reasons homes are selling for so much in Raleigh is the low inventory. That is first and foremost the reason why the sellers' market is so strong. Raleigh homes experienced significant increases in average sale price between August this year and August of 2014.
Other reasons behind the real estate trends is the growth of the Raleigh area as well as the low interest rates.
How Much Can I Sell My Home For?
If you're considering selling a home in Raleigh than you should now, before interest rates rise and buyers have less buying power. Not only that, there are a ton of emotional buyers out there who have been on the losing end of multiple offer situations. If they aren't working with a strong Realtor® their emotions can get the better of them, and they may end up just buying anything, which is a common buyer mistake.
Homes are selling on average in 44 days in August, that is 40 days faster than last August. You list your home with a top Raleigh Realtor and your estate will sell for top dollar and fast. We are entering the fall market now, making it even more important to have a great Raleigh Real Estate Agent.
With that being said there are still a lot of homes NOT selling. So what do you do if your property becomes an expired listing? You determine why it didn't sell originally and apply it to your marketing. Typically condition, price and location are the reasons a home doesn't sell and sometimes it's a common mistake that sellers make.
Buying Raleigh Real Estate
Are you trying to buy a home in Raleigh and frustrated about how difficult it is to find the one you want? This is a common occurrence among buyers in the Raleigh-Cary area right now. Homes are selling FAST and for top dollar. property in Raleigh is not as easy as one would hope.
Data is prepared by Ryan Fitzgerald a local Raleigh Realtor and owner of Raleigh Realty. These numbers are specific to the city of Raleigh and do not include the surrounding areas of Durham, Chapel Hill, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Garner, Clayton, Wake Forest, and Hillsborough.
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Hi there! I'm Ryan Fitzgerald, a REALTOR in Raleigh-Durham, NC and the owner of Raleigh Realty. Chances are you and I share a similar passion, Real Estate! I also have a passion for technology, sports, and people. Would love to hear from you. Drop me a note in the comments section below and feel free to share this article socially!