I’ve compiled the market statistics for Raleigh and greater Wake County for the month of December 2020, as well as year-to-date. Appreciation data remains the most positive while the statistics related to inventory continue to drop.
|December||Year To Date|
|December 2019||December 2020||+/-(%)||2019||2020||+/-(%)|
|Median Sales Price||$312,000||$345,000||+10.6%||$315,000||$337,500||+7.1%|
|Average Sales Price||$361,789||$400,235||+10.6%||$358,899||$383,466||+6.8%|
|Percent of Original List Price Received||97.4%||99.9%||+2.6%||98.2%||99.1%||+0.9%|
|Percent of List Price Received||98.9%||100.2%||+1.3%||99.2%||99.8%||+0.6%|
|Days on Market Until Sales||35||18||-48.6%||28||23||-17.9%|
|Inventory of Homes for Sale||3,471||1,590||-54.2%||—||—||—|
|Months Supply of Inventory||1.9||0.8||-57.9%||—||—||—|
New Listings in Wake County NC December 2020
As you can see above there was a +19.6% increase in houses listed for sale when compared with this time last year! This interesting considering the fact that the holiday season is usually slow for real estate.
Closed Sales in Wake County NC December 2020
Closed sales increased 7.3% from 1,907 last year to 2,046 this year.
Median Sales Price of Houses in Wake County December 2020
The median home price in Wake County increased by 10.6% from $312,000 to $345,000. If you look at the column on the right you will see that the year-to-date appreciation rate for 2020 is +7.1%! This is a fantastic rate of appreciation for homeowners in Raleigh and the greater Wake County Area.
Average Sales Price of Houses in Wake County December 2020
The average sales price of houses in Wake County increased by +10.6% from $361,789 to $400,235. The average price year to date increased by 6.8% from $358,899 to $383,466. Another great indicator of solid appreciation for homeowners in Raleigh.
If you’re curious about the difference between average and median home prices I have a more detailed article on this blog.
Percent of Original List Price Received December 2020
The percent of original list price received, meaning there were no changes to the original list price, increased 2.6% from 97.4% to 99.9%. Year to date we see a 0.9% increase from 98.2% to 99.1%.
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 December 2020
This number increased by 1.3% from 98.9% to 100.2%. I think that the 100.2% is reflective of the ‘bidding wars’ that have been happening with many listed properties.
Days on Market December 2020
Days on market decreased by -48.6% from 35 in 2019 to 18 in 2020. Year to date numbers decreased as well. Falling 17.9% from 28 to 23.
Inventory of Homes for Sale
Inventory keeps dropping. I have said many times that the lack of inventory is what’s driving the market despite high unemployment. Inventory of homes for sale dropped from 3,471 to 1,590 which is a 54.2% decrease!
Month Supply of Homes in Wake County December 2020
The current supply of inventory in Wake County as of December 2020 is 0.8 months a 57.9% decrease from 1.9 months last year. A huge drop in inventory!
Overall the real estate market has remained strong despite high unemployment and the recession triggered by the coronavirus. Homeowners in Raleigh and the surrounding areas of Wake County have seen an annual appreciation rate of over 5%. The lack of inventory is still plaguing most buyers and first-time homeowners.