Raleigh Real Estate October 2015 (Infographic)

Posted by Ryan Fitzgerald on Wednesday, November 4th, 2015 at 2:00pm.

Homes for Sale Raleigh NC Trends and Stats!

Raleigh NC Real Estate October 2015

Raleigh Real Estate Market - October, 2015

All Raleigh Homes for Sale

Homes for sale in Raleigh, NC kept relative to the month of September, there are some differences though. For one, the month of October 2015 compared to 2014 experienced a 1% greater (5.5%) home sale appreciation than in September (4.5%). One of the more interesting facts is that the homes are a higher list to sales price percentage. Prices are closer to firm here in October 2015 than they were in October 2014.

This is when the holiday push begins. Here in November people are experiencing emotions and feelings that they want to be in a home before the end of the year, and most want it before the holidays. Whether that's Thanksgiving or Christmas a lot of folks are looking to purchase in time to settle in and have family over.

These emotions can cause people to make poor decisions when buying a home in Raleigh, NC. There are certain times that are better t han others for both buying and selling homes, however you NEVER want to let emotion play a factor in your decision making process. This is what a strong Raleigh Real Estate Agent will be able to help you with.

The housing trends in the Raleigh real estate market stayed fairly close to the averages for the year, and the 15k price jump from October 2014 to 2015 shows this to be true. This number is a $6,000 improvement from September 2014 to September 2015. The homes for sale in Raleigh are some of the best values in the country and the number of people moving here are only keeping the homes appreciating more.

There are great neighborhoods for families and young professionals and plenty of job opportunities in the Triangle, after Glassdoor.com ranked Raleigh as the #1 place to work. Some of the best neighborhoods in the Raleigh-Cary area include north Raleigh, Cameron VillagePreston, Amberly, MacGregor, Lochmere, Bella Casa and many more!

Educational institutions are a great driving factor for the local economy with Duke, UNC, NC State and more!

The interest rates in the Raleigh area are at yearly lows right now (3.79%) making it a great time to be a buyer. The purchasing power you receive from these interest rates are far greater than if it was over 4%. A lot of people don't realize just how much a small fraction of a percentage point impacts their ability to purchase a home.

If you're a buyer in the Raleigh area you'll want to be sure you use a real estate website that has a direct feed to the local Triangle MLS. Zillow and Trulia do not... they rely on 3rd party information and thus their data is not accurate. These companies are also not out on the streets in Raleigh looking at homes every day for prospective clients. In fact most people who work at these companies have never even stepped foot in Raleigh, NC.

Here are some of the Raleigh market statistics for October 2015

Raleigh Real Estate Market Trends - October, 2015

5.47% - is the year over year appreciation in average selling price for residential homes in Raleigh from October 2014 to 2015.

Homes for sale in Raleigh sold at an average price of $273,839 which is up from the month of September as well as appreciating faster. The homes that sold in September went for $265,000. This differential is typical as the months in 2014 reflected similar numbers with October 2015 outpacing the others.

The average days on market remained relative from July and August to September.

Homes in Raleigh sold For More in October

Homes for sale in October sold for more than they did in September and the city itself is averaging just over a 5% appreciation. Homes in Raleigh reached their yearly highs in August, as people made the push before going back to school

Compared to homes that sold last month, October is a couple days slower in terms of days on market (46). While these numbers may not be the most interesting when compared to recent months, they provide information that is beneficial to buyers and sellers.

If you're selling your home in the Raleigh-Cary area this information will be invaluable to you as you strategize the best time to sell your house. The similarities between last year and this year reflect a strong market, since the average appreciation has stayed close to the same, yet remains higher. Raleigh housing trends take the slow and steady approach vs. the volatile approach other markets have experienced.

The rental prices in Raleigh are up over 8% causing more and more people look for less expensive ways to live. Buying a home in Raleigh is helping a lot of renters lower their bills and start building equity.

In October we wrote an article to help buyers understand what comes after a seller accepts their offer. This article is written to help those who are buying real estate in Raleigh understand that there is a lot that needs to be accomplished after a home goes under contract.

Raleigh Real Estate - Sales in October

Homes in October, on average, sold for $273,839 which is nearly $8,000 more than they sold for in September.

Homes that sold in the month of August were at the highest point, right around $285,000. Since then the real estate market has hit a September low $265,000 and bounced back in October to $273,000.

It's a great time to be a seller in Raleigh because the interest rates are so low and homes have appreciated so well since 2014. This trend does expect to continue as Raleigh's economy strengthens.

Selling your Home in Raleigh in October

What a great time to be a seller in the Raleigh area. Homes have appreciated more than 5% in October when compared to last October. This means for a home that would sell for $500,000 it has seen a $25,000 increase in value year over year. It's a strong sellers market, and this is dictated by the little number of homes that are for sale, the number of people relocating to Raleigh, and the low interest rates.

If you’re going to sell your house, now is the time to do it, don't wait for the spring when everyone else is selling.

The average days on market remains strong even though it is down a couple of days from September. The best part about the Raleigh market right now are the prices and days on market. They are both showing strong signs of sales since days on market is down 30 days year over year. This dramatic drop is due to the number of people looking to buy homes in Raleigh, as well as the low interest rates. The competitive Raleigh market is leading to quick and easy home sales. When is the best time to sell your home in Raleigh? Find out here!

Raleigh Real Estate - Market Activity October 2015

October 2015 Numbers

$278,575 - The average listing price for homes that sold in October 2015

$273,839 - The average sale price for homes that sold in October 2015

98.30% - The list to close price ratio for homes that sold in October 2015

46 – Average Days on Market in October 2015


Raleigh Real Estate - Market Analysis October 2015

Homes for Sale in Raleigh, NC are selling at incredibly fast paces (30 days faster than last year), and for 5+% more than they were last October. These statistics are showing that if you're considering selling you should strongly consider selling now. The numbers can shift in any direction, dramatically, at any moment so it's important to keep a close eye on what's going on.

The low inventory levels are keeping homes priced above the average, and the low inventory means sellers have a higher chance at success. 


 

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.

Connect with Ryan on Social Media:

Google+ | LinkedIn | Facebook | Twitter | Pinterest | YouTube

All Real Estate Listings for Sale in Raleigh, North Carolina

Big thanks to the Raleigh Regional Association of Realtors® and Triangle MLS for the data used in this report!


Share This Article

 

Ryan Fitzgerald Raleigh RealtyHi 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!

 

Leave a Comment