Raleigh Real Estate & Housing Trends July 2015
Raleigh homes for sale appreciated by almost 10% from the month of April to June. In our post from June we hinted at the fact that July would show a bit of a pull back and it did. From the staggering $24,000 rise between April and June, home prices in Raleigh are catching their breath with a $10,000 pull back in average sale price.
If you're planning to sell your home in Raleigh, or looking to buy, one it's still a great time to do both! Interest rates are at historically low levels and for those of you renting it's a great opportunity to pay LESS to buy a house, than to rent one. Sellers are in the fortunate situation that their is a lack of inventory along with a high numbers of buyers causing home prices to rise.
Here is the July Raleigh Real Estate Update by Raleigh Realty:
Raleigh Real Estate Market Trends - July, 2015
2.06% - year over year appreciation average selling price for residential homes in Raleigh from July 2014 to 2015
Between the June update and the July update homes the average selling price has dropped from $284,000 down to $274,000. A $10,000 drop that was to be expected after the speedy rise between April and June.
This is not a reason to freak out if you're selling your home in Raleigh and it's still on the market, or you are thinking of listing your home for sale in the near future. The average days on market for homes in Raleigh dropped to 42 days! Homes are selling for a bit less, and they're selling a bit faster as well!
Homes in Raleigh sold Faster in July
The average days on market in July was 42 days!
It was 64 days back in 2014 so the fact is homes are selling 34% faster when compared to last year. These numbers are significant because it shows that the demand is still there. People who tried to buy in the months of May and April may have decided to start pulling the trigger on buying faster, or buying the homes that otherwise may have sat on the market for longer.
These stats show it's a great time to be a seller in Raleigh because you're near the high for average sales price, and homes are selling faster than in any prior month in 2015.
Homes that Sold in Raleigh
Homes in July, on average, sold for $274,000 which is $10,000 less than they sold for last month, and $2,000 more than they sold for in May.
Sell your Home in the Raleigh area
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!
July and August are months when people are still out shopping for homes (before school starts) and the inventory is typically higher at this time. Once the fall and winter months hit the market typically slows down here in Raleigh.
Raleigh Real Estate Market Activity
Raleigh Real Estate is cooling off a bit here in July when compared to June.
July 2015 Numbers
$278,684 - The average listing price for homes that sold in July 2015
$274,433 - The average sale price for homes that sold in July 2015
98.47% - The list to close price ratio for homes that sold in July 2015
42 – Average Days on Market in July 2015
Raleigh Real Estate Market Analysis July 2015
Here we breakdown and analyze exactly what the Raleigh housing data 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 each year. This year it appears the appreciation may be more depending on how the rest of 2015 plays out. This creates a great opportunity for sellers.
The reason homes have been able to sell for higher prices has a lot to do with the growth of the Raleigh area, the low interest rates, and the lack of inventory.
Raleigh Real Estate has experienced some significant appreciation in home values so far in 2015 and experts project it will only get better over the next few years.
Selling a Home in Raleigh?
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 frustrated buyers ready to buy almost anything because they are so fed up with the lack of inventory.
Homes are selling on average in 42 days in July, that is 22 days faster than last July. You list your home with a top Raleigh Realtor and you will sell for top dollar and fast. It takes more time to prepare your home for sale in some cases than it does to put a sold sign in your yard.
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 a Home in Raleigh
Purchasing property in Raleigh is not as easy as one would hope. Last weekend I made a full price offer on a home, three hours after it hit the market, only to be told it wasn't the best offer the sellers received. It's a tough time to be a buyer when searching for a home, however it's a great time to buy in general. Rates are around 4.2% right now which makes for lower monthly payments.
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!