If you are selling a home in the Raleigh area of Wake County NC, it is important to get a feel for the market place. Familiarity with market statistics is essential to be successful when selling your own home. Below are essential KPI’s for the Raleigh NC Housing Market – January 2017.
One key take-away is that more homes are needed for both first-time home-buyers, and investors like myself. We want to buy more houses in Raleigh NC, so if you’re thinking of selling a home, now is the time!
Average Home Price in Wake County NC
The average price in Wake County, according to the Triangle MLS, climbed from $280,000 to $300,000, which is a 7% increase in one year. This is a respectable appreciation rate for local homeowners!
Average Home Price in Raleigh NC
The average price of homes that were sold in Raleigh was $281,101, according to homesinraleigh.org. Raleigh is still showing excellent appreciation and remains slightly more affordable when compared with other areas of Wake County.
Average Days on Market – Wake County
The average number of days on market remains at 43 which is a 17% decrease from the previous year. Keep in mind that this number is measured from when the home is first “listed” on the MLS, to when the status is changed to “pending”. The homeowner still must wait for the buyer to bring funds, usually from a bank loan, and close the transaction. This can take up to an additional 1 – 2 months.
The advantage of selling to an investor is that, when selling a home for cash, the transaction can be closed in as little as 2 weeks. The seller does not have to wait the additional time for the buyer to obtain financing.
Inventory of Homes for Sale
The number of homes for sale has decreased from 3,452 in 2016, to 2,953 in January 2017. This is what is referred to as an inventory shortage. There are fewer homes for sale in the marketplace to keep pace with demand. Investors and homebuyers alike are having to spend more effort searching for homes to buy when compared to previous years.
Foreclosure Market Summary – Raleigh NC
According to RealtyTrac, there are currently 674 properties in Raleigh, NC that are in some stage of foreclosure (default, auction or bank-owned).
The number of properties that received a foreclosure filing in Raleigh was 12% lower than the previous month and 44% lower than the same time last year.
This is positive news as fewer homeowners are finding themselves in financial distress. This also helps appreciation rates as there are fewer distressed sales that have a tendency to drag down comparable sales.
However, there are still approximately 674 households that have been served foreclosure papers. If you are the owner of an unwanted property then don’t despair!
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