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

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Raleigh Housing Market
August 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

August
2019
1,967
$361,951
27
4,444

August
2020
2,111
$398,798
20
2,447

Annual
Change
+6.8%
+10.2%
-25.9%
-44.9%

August Shows Buyer Demand is High

• Raleigh Closed Sales: Home sales were strongly up this month compared to last August. August sales were up by 6.8%.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last August. The average price of homes sold in August was $398,798. That's an increase of 10.2% over last year in August.

• Days On Market: The average days on market before a sale dropped this month compared to last August. The average days on market for August was 20 days. That's down 29.9% from August last year.

• Raleigh Active Listings: Active listings fell dramatically this month. Listings dropped a whopping 44.9% from last year in August.

According to the Triangle MLS, "The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.

Prices continued to gain traction. The Median Sales Price (in the entire Triangle area) increased 9.1 percent to $304,500. Days on Market was down 20.0 percent to 24 days. Sellers were encouraged as Months Supply of Inventory was down 51.9 percent to 1.3 months.

As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term."

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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