Homes for Sale Raleigh NC November 2015 Stats
Raleigh Real Estate Market - November, 2015
HOMES FOR SALE BY CITY
This data is shocking, especially compared to the data from previous months. November 2014 compared to November 2015 is showing a significant percentage of appreciation in both selling price and sold price. Up 10+% in both categories from November 2014 the Raleigh Real Estate market is heating up in the colder months. When compare to previous months the appreciation percentage has more than doubled!
The housing trends in Raleigh, NC could be partially do to the winter months up North driving even more people south before the cold/snow. If you remember the winter months from last year in the north, they were some of the worst ever recorded. There could be a lot of people NOT looking forward to a Winter like that again who are instead, relocating to Raleigh, NC.
Another aspect is the holidays. A lot of consumers want to be in a home before the winter holidays like Thanksgiving, Hanukkah, and Christmas, and New Year's. Buying homes in Raleigh during November was not an easy task as there was limited supply, another reason for the large price appreciation. Sellers can afford to sell their homes at higher prices with a large enough buyer pool, and a shortage of homes. This is partially due to the fact Wake County is growing by 65 people per day.
People buy homes with emotion. Whether they had a tough time buying in the summer months, want to move down from the North, or simply want to be in a new house before the holidays, there are a number of reasons one would pay top dollar for real estate in Raleigh, NC!
The housing trends in Raleigh have stayed fairly conservative over the last few months, until November. Now we are seeing a huge jump in home prices. Could this trend continue in 2016? My guess is, that it will be largely dependent on interest rates. With a 3.75% 30 year mortgage interest rate in today's real estate market it makes sense that people can afford to pay more for homes. Here are the things you'll want to know about mortgages when buying a home in the Wake County area.
With almost a $30,000 increase from November 2014 to November 2015 it's crazy. I actually had to go back and triple check my numbers after writing that last sentence :)!
There are plenty of job opportunities in the Raleigh, NC area and Glassdoor.com just ranked Raleigh as the #1 best place to work in the United States. The Raleigh-Cary area offers great opportunity for anyone.
There are great Raleigh area neighborhoods for families, retirees, young professionals, and college grad students.
Housing Trends in Raleigh, NC November 2015
10.6% - is the year over year appreciation in average selling price for residential homes in Raleigh from November 2014 to 2015.
Homes for sale in Raleigh sold at an average price of $285,758 which is up from the month of October by $12,000.
The average days on market is 48 days, which means homes are selling in under 2 months on average.
Raleigh Homes Sold for MORE in November
In the month of November, homes for sale in Raleigh, NC sold for $12,000 more on average, than they did in October.
Homes for sale in November sold for more than they did in October and by a lot ($12,000). Homes in Raleigh reached their yearly high here in the month of November!
Days on market per sale has stayed pretty consistent on average. In November, the 48 days on market is in the same ballpark as the prior months, and up from 73 days in November 2014.
Raleigh Real Estate - Sales in November
Raleigh homes in November, on average, sold for $285,758 which is up $12,000 more than they sold for in October.
Homes that sold in the month of August were at the highest point, right around $284,000, and then November came in and beat it out. Since August, there was a low of $265,000 in September, and a high of $285,000 in November.
Selling your Home in Raleigh in November
It isn't always a great time to be a seller in the Raleigh area.
In fact, there are times when you can go several years in a row that it will be a bad time to sell (check out the years after the mini-crash in 08-09).
With that being said, it is a terrific time to list your home for sale in Raleigh as prices have been steadily climbing year over year, and you have a large buyer pool while the interest rates are kept low.
If you wait to sell your home in the spring, you will be selling at the same time as everyone else.
Raleigh Real Estate - Market Activity November 2015
November 2015 Numbers
$291,332 - The average listing price for homes that sold in November 2015
$285,758 - The average sale price for homes that sold in November 2015
98.09% - The list to close price ratio for homes that sold in November 2015
48 – Average Days on Market in November 2015
Raleigh Real Estate - Market Analysis November 2015
The homes in Raleigh, NC are selling much faster than they did last year, and are up a pretty large percentage from last year. This month alone, the appreciation is up to 10.6%! If you're selling these numbers prove that it's a terrific time to sell. At any moment interest rates could rise leaving you with a much smaller buyer pool.
The low inventory levels continue, especially here in the Winter months. This may not remain true come Spring 2016!
Data is prepared by Ryan Fitzgerald a local Raleigh Real Estate Agent 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.
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!