Summer, much like spring, saw a strong sellers market. Many are wondering if this will continue to be the case even as students return to school this fall. Ultimately, real estate across the country continues to see a highly competitive seller’s market with limited inventory. However, data is beginning to show signs of relief for burnt out buyers in many markets, making this a great time to buy a home.
Sellers continue to have the upper hand in this market. But, after months of seeing home values and median list prices increase exponentially across the country, many areas are seeing home values begin to level off. As we move into the school year, many buyers have put their home search on pause. Thus decreasing the competition amongst new listings and the bidding wars that have previously ensued. So, for the first time in a long time, the data looks promising for hopeful homebuyers.
All stats below are based on End of Month in July vs August:
Raleigh Housing Market
Supply and Demand: In August, there were 2.5 weeks worth of housing inventory available, a 17% decrease from the 3 weeks we saw in July.
Median days on the market – In July, houses spent an average of 3 days on the market, the same amount we saw in June.
New homes on the market – In August, there were 4,537 new homes on the market, a 3% decrease from the 4,684 new homes we saw in July.
Homes sold – In August, 4,322 homes sold, an increase of 4% over July’s 4,172 homes sold.
The Raleigh area saw a slight decrease in new listings in August, showing that competition amongst active listings is still high despite moving into fall. With that, median time on the market has remained at less than a week since March of 2021. However, some data shows buyers may see some relief soon as the average number of showings per listing decreased by 7% from July to August. Raleigh also saw a decrease in median sales price for the first time in months, moving from $351,000 in July to $355,000 in August.
Charlotte Housing Market
Charlotte continues to be a competitive market for buyers as supply of sellers is largely outpaced by buyer demand. The median list price has jumped from $281,000 in January of 2021, to $319,000 this August. Thus providing homeowners with increased equity. The Charlotte real estate market is still seeing listings sell for over asking price. On average homes are sold for 2% over list price as of August. Buyers need to move quickly on new listings. Be prepared with financing to understand exactly how much they can afford to bid on an active listing.
Seller Suggestions
As we approach fall and the weather cools across the country, the real estate market shows signs of cooling in some ways as well. This is still a fantastic time to sell your home and cash in on all time high home values. Homes are beginning to sell for 100% of list price, rather than 2-4% over list price in some markets. As students return to school, many buyers have paused their search. While others have committed to renting for the short term future. As a result, there is less competition for active listings, and fewer buyers competing in bidding wars. Now, more than ever it’s important to consult an expert when pricing your home for sale. New listings are still moving quickly. Median days on the market being under two weeks in most markets across the country. This is important to note for sellers who are experiencing little interest in their listing, you may have priced incorrectly. If this is the case, don’t worry, there are ways to remedy the situation, start by speaking to an expert agent today.
Here are a few blogs that might help you as a seller:
- For Sale By Owner vs Real Estate Agent
- How to Get Your House Ready to Sell
- How Much Commission Does a Realtor Make?
Buyer Suggestions
Home values continue to rise across the country, and while summer has brought a slight increase in inventory across most 2021 has proved an incredibly challenging time to be a home buyer. However, new resources are becoming available for buyers to make their offer more competitive. Trelora uses technology to help buyers craft instant offers, backed by cash from our brand partners. Curious if this is an option for you? Speak with a Trelora agent today to learn more. With that, August has shown that there may be a light at the end of the tunnel. Many markets across the country saw a dip in median home prices, even as supply increased in some areas. Overall, the number of showings per listing also decreased. Homebuyers who are serious about finding a home in this seller’s market can prepare themselves by partnering with an expert agent who is knowledgeable in their desired neighborhood. By having a list of non negotiables you seek in a new home, you can search new listings quickly or revisit older listings that may be open to asking price offers after sitting on the market for a period of time.
Here are a few blogs that might help you as a buyer:
- What to Look for When Buying a House
- Is Now a Good Time to Buy a House?
- 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 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.