As we approach the heart of winter, the temperature may be dropping, but the real estate market is as hot as ever. Fall saw a decrease in inventory across most markets, as is standard for this time of year. As inventory decreases it’s no surprise the market remains competitive as serious buyers search for new homes.
Real estate across the country continues to see 10 to 15 showings per listing, showcasing just how much demand is outpacing supply. With that, as we approach year end, home values are up as much as 30% in some areas since this time last year. Many are wondering if the housing market will finally cool off in 2022, but as interest rates remain low, buyer competition will likely remain high.
All stats below are based on End of Month in October vs November:
Raleigh Housing Market
Supply and Demand: In November, there were 2.5 weeks worth of housing inventory available, the same amount we saw in October.
Median days on the market – In November, houses spent an average of 4 days on the market, the same amount we saw in October.
New homes on the market – In November, there were 3,382 new homes on the market, a 27% decrease from the 4,286 new homes we saw in October.
Homes sold – In November 3,772 homes sold, a decrease of 2% over October’s 3,857 homes sold.
The Raleigh housing market has been popular with investors in 2021 and this winter is following that trend. Competition over available listings in this area is very high, and buyers have to be prepared with financing and move quickly to compete with investors. Overall, home values in the Raleigh area have increased by 28% since this time last year. The median home sale price has remained at $365,000 through the fall months. With that, on average homes are selling for 2.5% over list price.
Charlotte Housing Market
Home values in Charlotte have increased by 24.2% since November of 2020. Contributing to this increase is the overall decline in inventory when compared to last year. Fewer listings means higher competition amongst buyers and with that, more bidding wars. Charlotte homes sell for 1% over list price on average, and typically see 13 showings per listing. In November, the median sale price was $338,000 and homes sold after an average of 16 days on the market.
While we are still facing a strong sellers market across the country, trends are beginning to show signs of small changes. Inventory is down across most markets as is typical of this time of year, but bidding wars are seeing fewer competitors and homes are selling for list price, rather than 2-4% over list price. However, home values have increased dramatically in 2021, and will likely continue to increase through 2022. Sellers will continue to get top dollar for their homes when priced correctly. It remains essential to do your research when pricing your home to ensure you can sell in a timely manner and make purchasing your next home more attainable. Consult a local Trelora agent for a free home valuation and learn where to start if you’re considering selling your home, or just want to better understand what your options are in this market.
Here are a few blogs that might help you as a seller:
- What is a 1031 Exchange & How to Use It
- What Are iBuyers in Real Estate?
- How to Sell a House By Owner: A Complete Guide
Fall has brought with it cooler temperatures and some favorable trends for home buyers. While inventory has 2021 has seen a large jump in homes purchased with cash, especially in popular markets like Arizona. This indicates the increase in investors purchasing properties. For first time buyers trying to compete in an already tight market, this is an added challenge that can be overwhelming for many. With that, affordability concerns are growing amongst buyers as home values continue to increase across the country. However, low interest rates, a promising job market and increased savings can counteract this and help make home ownership more accessible. So, if buying a home is on your list of goals for 2022, consider reaching out to an expert agent in your area now to learn how you can avoid buyer burnout and find the right home for you and your budget.
Here are a few blogs that might help you as a buyer:
- How to Get Pre Approved to Buy a House
- Biden First TIme Home Buyer Tax Credit: How It Works
- How to Calculate Closing Costs
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 And remember, sell with Trelora and get best in class customer service from a team of experts. Plus, 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, Sacramento Seattle and Tucson. In the meantime, please stay healthy and safe.
Christina Parker co-founded Trelora’s North Carolina branch in 2020 and has successfully closed 330 deals as an agent. She was promoted to Market Director in 2021 as Trelora expanded to serve homeowners in Charlotte in addition to their hub in Raleigh.