As temperatures begin to cool across the country, many markets are also starting to see signs of the real estate market shifting. While we continue to see a strong sellers market, taking a closer look at days on the market and number of showings per listing shows buyers are experiencing a much needed decrease in competition for active listings. This offers a unique opportunity for homeowners looking to sell and cash in on their equity, while minimizing the risk of having to rent short term as they try to buy a new home.
Moving into fall, many homeowners have opted to stay in their home rather than moving during colder months or the school year. Thus, buyers have fewer listings to choose from in many areas, but the homes they have to choose from are typically selling for list price, rather than thousands over it. Overall, the positive outlook we saw in August for home buyers continued through September and may be here to stay throughout the fall.
All stats below are based on End of Month in August vs September:
Raleigh Housing Market
Supply and Demand: In September, there were 2.5 weeks worth of housing inventory available, the same amount we saw in August.
Median days on the market – In September, houses spent an average of 4 days on the market, a 33% increase from the 3 days we saw in August.
New homes on the market – In September there were 4,607 new homes on the market, a slight increase from the 4,537 new homes we saw in August.
Homes sold – In September, 3,907 homes sold, an decrease of 10% over August’s 4,322 homes sold.
The Raleigh real estate market remains incredibly competitive for home buyers. While September saw a slight increase in new listings, the average listing still had over 12 showings. However, this is a decrease from spring 2021, when the average Raleigh listing had over 29 showings. Homes continue to sell for over list price, despite a 19% increase in home values in 2021 thus far. But, it’s important to note that in September, homes sold for 103% of list price, down from 105% of list price in July of 2021. Thus, if buyers are prepared with financing, and have the help of an expert real estate agent, it’s possible to win your dream home despite stiff competition.
The real estate market in Charlotte is similar to Raleigh’s in that there is strong competition between buyers, for a limited number of listings. As we move into fall, we typically see fewer new listings hit the market. Thus, Charlotte active listings spent only 13 days on the market on average in September. Home values continue to rise, a welcome trend to home owners thinking about cashing in on their equity. Charlotte home values have increased by 15% so far from January to September 2021. With that, listings are selling for 1.88% over list price on average.
Moving into fall, the real estate market typically sees a seasonal shift in active listings, and competition overall. This held true in September as homes across the country saw fewer showings per listing. However, sellers still have the upper hand as active listings decrease. It’s essential to do your research when determining the list price for your home. Home values have gone up by 9% across the country, with some markets seeing 30% increases in home values. Thus, sellers should familiarize themselves with recent comparable listings in the area before deciding on a listing price. With the help of an experienced real estate agent, now is a great time to sell your home and act quickly to purchase a new one.
Here are a few blogs that might help you as a seller:
Fall has brought with it cooler temperatures and some favorable trends for home buyers. While inventory has decreased in many markets as homeowners opt to avoid moving during cooler months, the number of listings per showing has also decreased. This means a slight decrease in competition overall for buyers. With that, homes that are not priced correctly are often sitting on the market for weeks. As a result, sellers are open to negotiations, often allowing buyers to secure a new home for list price, rather than thousands of dollars over it. Ultimately, it remains essential to move quickly if you find a home you love. Trelora can help you do just that, strengthening your offer with a commission refund, or turning your offer into cash with help from our brand partners. Speak with a Trelora agent today to learn more.
Here are a few blogs that might help you as a buyer:
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, Seattle, St. Louis 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.