My last article on the market trends in Raleigh NC April 2020 was popular so I will be taking a look at different sections of Wake County by zip code. Our last two renovation projects were in 27616 so we have a particular interest in this area.
All the data in this article reflects the market data on single-family detached homes only, this does not include any townhouses or condominiums. Data is provided via the Traingle MLS and does not include private sales or any of the valuations offered by large internet companies.
|Sale Price||Sold Price/SF||DOM||Square Feet|
Average Sales Price For Houses in Raleigh 27616
The average sales price for single-family detached houses in 27616 is $293,210 as of June 1, 2020. This is still is below the average sales price in Wake County of $382,309, so 27616 is still affordable and there are signs of price appreciation–good news!
Median Sales Price For Houses in Raleigh 27616
The median sales price for single-family detached houses is $285,000. If you are curious about the difference between median home price and average home price I have an article explaining the differences in detail. Basically the average is all the numbers added up then divided by the number of houses sold. The median is the middle number.
Average and Median Sales Price Per Square Foot of Houses In Raleigh 27616
The average price per square foot in 27616 is $133.18. I like to keep this number in mind when I’m looking for affordability and when I’m evaluating a given section of the city.
This is important for buyers because it gives you an idea of where to look based upon your budget. So, if you are looking to buy a house and you have been approved for a loan of $250,000 you can expect to get about 1879 square feet (250,000/133 = 1879). So, buying a house in 27616 you can afford a larger house than if you were looking in a more expensive area of the city.
This matters for the sellers because you should ask yourself how much am I asking for my house on a per square foot basis, and how does that compare to the average/median numbers? This is important because your potential buyers, and their agents, will be looking at these numbers.
Minimum vs Maximum Sales Price Of Houses in 27616
The maximum sales price is $517,300. This house has 5 bedrooms 3 bathooms, 3142 square feet, built in 2020. The interior had granite counters, stainless appliances, and luxury fixtures.
The minimum sales price is $190,000. This house has 3 bedrooms 2 full bathrooms, 1153 square feet, built in 1996. It had laminate counters, carpet/vinyl flooring, and standard fixtures.
I find it interesting that both of these houses sold for $164 per square foot. $517,300/3142 = $164.64. $190,000/1153 = $164.78. Make sense?
House Appreciation in Raleigh 27616 as of May 2020
Let’s look at some data from last year and compare it with the table above.
|Med Sales Price||$250,000||$285,000||+12.3%|
Median Sales Price Increase in 27616 as of May 2020
The median sales price of houses in 27616 increased by 12.3% from $250,000 to $285,000.
Price Per Square Foot (PPSF)
The price per square foot of houses in 27616 increased 6.1% from $123.91 to $131.91. This is very positive news as homes are showing strong appreciation despite the coronavirus pandemic, high unemployment rates in North Carolina, and the stay at home orders.
If you have any questions post them into the comments section below and I will be happy to answer them.