Here are the market statistics published by the Triangle Multiple Listing Service. Keep in mind that these numbers are for Wake County only! They do not include Durham or Chapel Hill (Orange County). Also, these numbers indicate data from the City of Raleigh as well as the surrounding cities that makeup Wake County.
As we have seen for most of this year prices are up, and inventory is down!
|September||Year To Date|
|September 2019||September 2020||+/-(%)||2019||2020||+/-(%)|
|Median Sales Price||$315,000||$339,900||+7.9%||$314,900||$335,000||+6.4%|
|Average Sales Price||$352,358||$388,313||+10.2%||$357,181||$378,506||+6.0|
|Percent of Original List Price Received||98.1%||99.5%||1.4%||98.4%||98.9%||+0.5%|
|Percent of List Price Received||99.1%||100.1%||+1.0%||99.3%||99.6%||+0.3%|
|Days on Market Until Sale||26||18||-30.8%||27||25||-7.4%|
|Inventory of Home for Sale||4,425||2,374||-46.4%||—||—||—|
|Months Supply of Inventory||2.5||1.2||-52.0%||—||—||—|
New Listings in Wake County NC September 2020
As you can see above there was a 3.4% increase in houses listed for sale when compared with this time last year. This is different from the decrease we saw in August of this year. Part of this is due to the fact that July and August are slower months in the real estate industry so the increase in listing activity in September versus August is not unusual.
Closed Sales in Wake County NC September 2020
Closed sales increased by 27.5% compared with last year! This is unusual when you compare the 6.8% increase in August 2020 versus August 2019.
Median Sales Price of Houses in Wake County September 2020
We saw a large increase in the median sales price in September. Prices are up 7.9% from $315,500 to $339,900 in September 2020! The year to date median price increased by 6.4% from $314,900 to $335,000.
Average Sales Price of Houses in Wake County September 2020
The average sales price of houses in Wake County increased by 10.2% from $352,358 to $388,313. The average price year to date increased by 6.0% from $357,181 to $378,506.
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 September 2020
The percent of original list price received, meaning there were no changes to the original list price, increased 1.4% from 98.1% to 99.5%. Year to date we see a 0.5% increase from 98.4% to 98.9%.
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 September 2020
This number increased by 1% from 99.1% to 100.1%. I think that the 100.1% is reflective of the ‘bidding wars’ that have been happening with many listed properties.
Days on Market September 2020
Days on market decreased by 30.8%! A big drop from 26 days in September 2019 to 18 days in September 2020. Year to date dropped 7.4% from 27 to 25. Houses are selling faster and faster.
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 4,425 to 2,374 which is a 46.4% decrease!
Month Supply of Homes in Wake County September 2020
The current supply of inventory in Wake County as of September 2020 is 1.2 months a 52% decrease from 2.5 months last year! Also, this is a decrease from 1.3 months supply as of August 2020.
There is still not enough inventory to satisfy demand. This, in my opinion, is what is driving prices so aggressively. There are many buyers who have been trying to buy a house for months, and even years, but have not been able to get one under contract.