Raleigh Real Estate Market - May, 2016
HOMES FOR SALE BY CITY
Homes in Raleigh during the month of May 2016 sold for nearly 4.9% more than they did last year. This is a great sign of appreciation as the real estate market heats up in the summer months. People selling homes in Raleigh have had a much easier time in May 2016 than they did last year. The data shows that those who sold their home in May made on average, 4.5% more than those who sold last year. It's a terrific time to sell.
There was about 130 more homes active in May 2016 than in April 2016, and they were able to sell about 125 more. What's good about the month of May is that there was a 4.5% appreciation.
Over the last few weeks we have received numerous leads of people that are looking to see some homes. We believe that as the weather stays hot, our leads will stay hot.
One of the top growing places in America right now is the Triangle NC, and it is doing it at a fast pace. Raleigh has been number one and exponentially growing. A clear indicator of Raleigh's growth is the number of new construction homes being built. These additions are what drives people to want to be moving to Raleigh, NC.
In the last 20 years, we have seen the strength of the Wake County Real Estate market increase, as 70+ people are moving here per day.
The population is expected to grow exponentially by 71% between 2016 and 2030, which will then make more opportunities and offer great value for the homes in Raleigh.
If you or someone you know are looking to buy a house in the Raleigh area, a great place to start is by following these 10 Steps to Buying a Home!
One big reason that people are deciding to make the move to the Raleigh area are the job opportunities. Raleigh was ranked #1 as the best place for job in the United States by Glassdoor.com.
If you are searching for a neighborhood specific for your family, retirees, young professionals, and/or college grad students, then there are some of the best Raleigh area neighborhoods for you to look at. Apex and Cary, NC which are apart of Raleigh, that are some of the top towns in the United States.
Housing Trends in Raleigh, NC May 2016
4.86% - is the appreciation from May 2015 to May 2016 year over year in average selling price for residential homes in Raleigh.
$286,209 - the average price that homes for sale in Raleigh sold, which is up from April 2016 Sales by $8,000.
42 days - the average number of days homes were on the market. This number is much lower than that from the beginning of the year.
Raleigh Homes Sold for MORE in May
In the month of April, homes for sale in Raleigh, NC sold for $8,000 less than they are selling for in May.
The number of days on market per sale has been almost identical to the previous mont, April, on average. In May, the 42 days on market is in the same ballpark as the prior month, but April and May were both a huge drop in relation to March.
Raleigh Real Estate - Sales in May 2016
Raleigh homes in May, on average, sold for $286,209 which is up $8,000 from April.
Since the start of 2016, March had the highest average prices for homes sold that month, at almost $286,000. Then, April came and almost tied that same number but just fell short. However, this still meant it looked promising to see high numbers again for May. May came and got even higher numbers than March did.
It's an awesome time to be a seller in Raleigh, NC. If selling your house is something you plan on doing or want to make the move as a landlord, then now is a good time to do that!
Selling your Home in Raleigh in May
During the fall/winter is one of the most underrated times to sell your home. Inventory levels significantly drop but there are still many buyers who are seriously searching the market. May is a great time to sell your home because the market is very active.
Raleigh Real Estate - Market Activity May 2016
May 2016 Numbers
$289,204 - The average listing price for homes that sold in May 2016
$286,209 - The average sale price for homes that sold in May 2016
98.96% - The list to close price ratio for homes that sold in May 2016
42 – Average Days on Market in May 2016
Raleigh Real Estate - Market Analysis May 2016
The number of days that homes in Raleigh, NC are taking to sell are dropping. The difference in price between May 2015 and May 2016 is around the same as the average appreciation of 4.86% year-over-year. There have been hot months in 2016 so far, but May beat them all out. This progress is looking to continue.
Inventory levels have risen in May and so has buyer demand. Now is a great time to sell your home in the Raleigh area.
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!