6020 Creedmoor Road, Raleigh, NC 27612 ~ Cell: (919) 280-2726 Erin@HomesInRaleigh.org

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Raleigh Housing Market
May 2020

Homes in Wake County
Data from Triangle Multiple Listing Service

Closed Sales
Average Sales Price
Average Days On Market Until Sale
Number of Homes For Sale

May
2019
2,183
$365,910
24
4,333

May
2020
1,697
$373,327
20
3,110

Annual
Change
-22.3%
+2.0%
-16.7%
-28.2%

May Shows Mixed Results

• Raleigh Closed Sales: Home sales fell this month compared to last May. May sales were down by 22.3%.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last May. The average price of homes sold in May was $373,327. That's an increase of 2.0% over last year in May.

• Days On Market: The average days on market before a sale fell this month compared to last May. The average days on market for May was 20 days. That's down 16.7% from May last year.

• Raleigh Active Listings: Active listings are down this month. Listings dropped a whopping 28.2% from last year in May.

The economy, and real estate, are still finding their way through Covid-19 effects. Interestingly, mortgage rates have come into focus. Our MLS system reports that, "According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May."

Buyers are out in force and, again this month, buyers are outpacing sellers. Sellers are encouraged by the low inventory but still show a bit more hesitancy to put their home on the market compared to last May. Buyers buy faster than sellers can list enough homes. New construction is slamming everywhere trying to fill the demand. This sets up a perfect time to both sell and buy homes!

There is always a plethora of information out there about Real Estate. It's very important, now more than ever, to have a strong Realtor who knows the market. Ask for guidance as you maneuver either as a buyer or seller.

If you are thinking about selling your home, now is an EXCELLENT time. We're always in need of good homes and know how to prepare and market your home safely during this unusual time. If you are looking into buying a home, make sure you are Buyer-Ready, and that you are able to make decisions quickly. The best way to do this is to make sure you are with a strong Realtor that knows how to manage these situations and who will keep you on top of all the important information and steps in this challenging time. People are out there and They're Buying Now. Both buyers and sellers are doing well. If you're looking for a strong Seller agent, Please Contact us, we'd love to help you sell your home!

If you're looking for an Experienced, Knowledgeable Buyer Realtor to show you around the ins and outs of this market, we'd love to help. We specialize in the Triangle communities and surrounding areas. We sell a lot of homes and we know what we're doing. Contact us and we can help you too :-)

The Raleigh Housing Market Reports below will give you a detailed look inside the current and past Raleigh Area Housing Market.

If you have questions about the Raleigh Real Estate Market,
or what your Raleigh home is worth Email Us or Call us Today at 919-280-2726

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