Average Home Price in Wake County July 2020

I hope everyone is enjoying this hot summer! I have another great article for you detailing the lastest average home prices in Wake County NC as of July 2020.

JulyYear To Date
July 2019July 2020+/-(%)20192020+/-
New Listings2,1942,399+9.3%15,93315,116-5.1%
Closed Sales2,1182,365+11.6%12,43712,571+1.1%
Median Sales Price$317,000$337,000+6.3%$314,387$330,000+5.0%
Average Sales Price$366,311$379,948+3.7%$357,062$373,420+4.6%
%Of Original List Price Received98.4%99.1%+0.7%98.5%98.6%+4.6%
Percent of List Price Received99.3%99.8%+0.5%99.4%99.4%0%
Days On Market2423-4.2%27270%
Inventory of Homes4,3092,767-35.8%
Months Supply2.51.5-40%
Date Courtesy of Triangle MLS

New Listings in Wake County NC July 2020

There were 2,194 new listings in Wake County in July which is a 9.3% increase from 2,194 listings in July 2019. We saw a slight increase in inventory for the Month of July when compared with the previous year.

There were 15,116 listings in July 2020 year-to-date vs 15,933 from July 2019, a 5.1% decrease. On a year-to-date basis, inventory has decreased.

Closed Sales in Wake County July 2020

There were 2,118 closed sales as compared with 2,364 a year earlier. Year-to-date there are 12,571 closed sales, up +1.1% from last year.

Median Sales Price of Houses in Wake County July 2020

The median sales prices of houses in Wake County NC has increased 6.3% from $317,500 in July 2019 to $337,000 in July of this year.

Median Sales Price of Houses in Wake County 2020 Year-To-Date

The year-to-date number for the median price is strong, showing 5% appreciation over the last year. The median price of homes has increased from $314,387 to $330,000! Homeowners in Raleigh and the greater parts of Wake County have experienced solid appreciation over the last year, despite the problems in the economy.

If you’re curious about the difference between average and median home prices I have a more detailed article on this blog.

Average Sales Price Of Houses in Wake County July 2020

The average sales price of houses in Wake County rose +3.7% from $366,311 to $379,948. In addition to the rise in median home prices this is another positive sign for homeowners.

Average Sale Price of Houses in Wake County Year-To-Date 2020

The average sales price for houses in Wake County 2020 year-to-date increased 4.6% from $357,062 last year to $373,420.

Percent Of Original List Price Received July 2020

98.4% of original list price received in July 2020 increased to 99.1%. This is unchanged from last year. The year-to-date figure is 98.6%. Basically 99% of sellers are getting the asking price for their homes. I can say from experience that many houses are being bid over asking price. This is great for sellers, but many buyers are having difficulty finding a home to buy.

This number accounts for changes in listing price, a drop in price for example, and does not include any seller concessions (repair concessions, home warranties, closing costs, etc).

Percent Of List Price Received July 2020

99.8% of list price received in July 2020 vs 99.4% last year.

Days On Market Until Sale

We see an decrease of 4.2% for days on market from 24 in June 2019 to 23 days this year. The average days on market year to date is 27. I have observed this number to gradually drop from over 30 in the past couple of years.

Months Supply Of Inventory Wake County July 2020

Now we come to a very important number. All things being equal, a balanced market is considered to be one in which there is a 6 month supply of Inventory. This means that if no other inventory hit the market it would take 6 months to see all the available homes listed for sale–make sense.

The current supply of inventory in Wake County as of July 2020 is 1.5 months a 40% decrease from 2.5 months last year! Yes we did see a slight increase for this month when compared with the prior year. But the bottom line is that there is still not enough inventory to satisfy demand.

You have read my posts about strong price appreciation and a seller’s market. However, this lack of inventory has a downside. That is that there are not as many comparable properties to properly evaluate properties for sale. Meaning, when homeowners go to the bank for a loan, the bank will use their appraiser to evaluate the value of the home under contract. If the home does not appraise at the contract price this can make the sale fall apart. Appraisers need comparable properties, or comps, to do their evaluation. This can be problematic when homeowners try to refinance their homes.

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