The month of December followed seasonal trends for this time of year with inventory hitting an all time low for 2021. While there are still buyers in the market competing for the available listings, most buyers who are able have paused their search until after the holidays. However, in many hot markets investors continue to purchase homes, keeping competition high for other buyers in the market.
December closes out an incredibly competitive year, with the real estate market favoring sellers across the country. Sellers have been able to choose from multiple offers, some even waiving all contingencies. But, the buyers who have been able to win new homes at low interest rates have likely already gained equity in their purchase.
All stats below are based on End of Month in November vs December:
Raleigh Housing Market
Supply and Demand: In December, there were 2.5 weeks worth of housing inventory available, the same amount we saw in November.
Median days on the market – In December, houses spent an average of 4 days on the market, the same amount we saw in November.
New homes on the market – In December, there were 2,727 new homes on the market, a 36% decrease from the 4,286 new homes we saw in November.
Homes sold – In December 3,968 homes sold, an increase of 5% over November’s 3,772 homes sold.
Raleigh home values reached an all time high in December of $370,000. This is up by 32.6% from $279,000 in December 2020. This could largely be attributed to the December drop in inventory, as levels reached their lowest point so far this year. Days on the market have remained consistent at just 4 days since September, making Raleigh a continuously challenging market to purchase a home in. With that, in December the average number of showings per active listings was 12, meaning for every active home, at least 12 buyers are competing for it.
Charlotte Housing Market
Similar to Raleigh, 2021 was a great year for homeowners as home values increased by 25% overall. As of December 2021 the average home value in Charlotte is $343,000, up from $277,000 this time last year. Competition for active listings is high, even as buyers pause their search over the holidays. Charlotte buyers are likely competing with investors, meaning to compete buyer’s should be prepared with financing and ready to move quickly when a new home becomes available.
Sellers throughout 2021 had a fantastic year. From record low interest rates to a year of dramatic home value increases. Sellers across the country have often had multiple offers to choose from, and hopeful buyers who have waived various contingencies. Inventory in December hit its lowest point all year, allowing sellers to get top dollar for their homes. Moving into 2022, sellers will likely continue to have the upper hand. However, interest rates may increase in upcoming months which could cause a slight shift in the real estate market as affordability changes. To ensure a quick sale for the desired price, it’s essential to work with a local real estate agent who is an expert in your market. With the help of a team like Trelora’s, you can sell your home with confidence.
Here are a few blogs that might help you as a seller:
- What Fixes are Mandatory in a Home Inspection?
- Finding the Right Relocation Specialist Realtor
- Selling a House for Cash: A Complete Guide
2021 proved to be a difficult year to be a home buyer and December followed this trend. Buyers have had to move very quickly to compete with other offers, including those from investors. 2022 will likely look similar to 2021, but buyers who are successful in winning a home will be rewarded in equity as home values continue to increase. While it can be challenging to beat out the competition in this continuously tight market, it is possible. With the help of an expert agent, who can advocate for you and navigate the local market, home buyers can secure their dream home with time.
Here are a few blogs that might help you as a buyer:
- What is a Contingent Sale?
- How Much Can You Negotiate on a House? 3 Things to Consider
- First Time Home Buyer: Start Here
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 only 1%. 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, Los Angeles, 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.