Summer is the peak season for real estate sales. As we approach fall, we are still experiencing a sellers market. However, inventory is increasing slightly, and with that, days on the market as well. It may sound crazy to some, but now is still a great time to buy a home.
Home values are going to continue to increase, and it’s unlikely interest rates will get much lower in the near future. With that, seasonal changes are also affecting home sales. While bidding wars are not a thing of the past quite yet, some active listings are receiving fewer offers, or staying on the market longer due to their list price.
All stats below are based on End of Month in June vs July:
Raleigh Housing Market
Supply and Demand: In July, there were 3 weeks worth of housing inventory available, the same amount we saw in June.
Median days on the market – In July, houses spent an average of 9 days on the market, the same amount we saw in June.
New homes on the market – In July, there were 4,684 new homes on the market, a 21% decrease from the 5,987 new homes we saw in June
Homes sold – In July, 4,172 homes sold, a decrease of 21% over June’s 5,338 homes sold.
The Raleigh real estate market remains extremely competitive as the area grows popular with investors, and new businesses. Supply remained stagnant month over month and new listings decreased overall. As a result, for each active listing in July, there were over 15 showings. In addition to this, it may come as no surprise Raleigh homes sold for an average of 5% over listing price in July.
Charlotte Housing Market
Active listings in Charlotte continue to be in high demand, with low supply to offer hopeful buyers. Median days on the market have remained consistent at roughly 2 weeks and home values continue to increase month over month. However, it remains important for sellers to price their homes competitively. By listing too high, sellers risk their home receiving fewer offers, and sitting on the MLS for a longer period of time.
With demand still strong and interest rates remaining low, this seller’s market is here to stay through the fall. However, this doesn’t mean sellers should price their homes without first doing some research. Sellers should price their home to reflect nearby comparative home sales. By doing this, you have a better chance at multiple competitive offers, rather than your home sitting active on the MLS for days or weeks because you listed too high. By enlisting the expertise of a real estate agent you can trust, the process of choosing a list price can feel much less stressful.
Here are a few blogs that might help you as a seller:
- Reasons Why For-Sale-By-Owners Are Not Successful
- How to Reset Your Home’s Days On Market
- Expenses You Can Deduct When Selling a Home
Home values continue to rise across the country, and while summer has brought a slight increase in inventory across most markets, buyers still face stiff competition for new listings. The thought of buying a home right now may seem overly competitive and too expensive, but by being prepared and moving quickly, you can win your dream home. If a cash offer is not an option for you, there are other ways to make your offer stand out. Understand your loan options and know what contingencies you’re willing to compromise on. Buyers should also consider homes that have been listed longer than others, as sellers may be ready to accept an asking price or slightly below offer, rather than reducing their list price to the public.
Here are a few blogs that might help you as a buyer:
- Steps to Buying a House
- Do You Need an Agent to Buy a New Construction House?
- 5 Tips for Millennial Home Buyers
Please note, if you buy with us, we split our buyer’s agent commission with you and give you back up to $6,000, and if you sell with us, we give you comprehensive, expert service for a low flat fee. And keep in mind, especially if you’re moving or you have friends in other states, that Trelora can help you in Atlanta, Charleston, Charlotte, Denver, Phoenix, Raleigh, Seattle, St. Louis and Tucson. In the meantime, please stay healthy and safe.
Christopher has been been in the Real Estate industry for 8 years and has had the opportunity to close over 1,000 deals while acting as the Managing Broker for thousands more. Christopher is passionate about continuing to find ways to simplify, maximize, and serve Trelora’s clients exceptionally well and spends his time building teams to deliver high levels of service. When not doing real estate Christopher can be seen training for marathons and ultra relays with his 2 year old daughter, eating pizza, and drinking a steady stream of Diet Coke.