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Raleigh Housing Market Report
September 2011

Homes in Wake County

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

September
2010
769
$261,727
102
9,541

September
2011
926
$235,420
125
7,321

Annual
Change
+20.4%
-10.1%
+22.8%
-23.3%

Data from Triangle Multiple Listing Service

We continue with a bit of positive shake-out!

• The number of Raleigh home sales in September were up 20.4% from last year.
• Prices for the average Raleigh home dropped by 10.1% from September of last year.
• It took about 23 days longer to sell a home in Raleigh this September than September 2010.
• About 2,220 fewer Raleigh homes were for sale this September than in September 2010.

What Does All this Mean?

Sales were up again this month! In addition, and this is very important, Raleigh sellers received 96.5% of their asking price!

As far as the average days on market until homes were sold, there was only an increase of 6 additional days from August. That's hardly noticeable.

The last figure has to do with the number of homes on the market in comparison to last year. Yes, the total number is down by 2,220 which is over 23%. That is a significant drop from last year. What does it potentially mean? There is that old law of supply and demand. Remember that this month sales picked up by over 20% over last September. The lower supply of homes coupled with a more recent higher demand will eventually drive prices upward. That is great news for today's Raleigh home seller.

If you are thinking of selling your Raleigh home, you may be trying to decide whether to put your home on the market now or wait. Well, this is the time. Homeowners are averaging 96.5% of asking price and, since there are fewer homes on the market today, there will be less competition for yours.

One last thing, and this is probably one of the most important factors for potential Raleigh home sellers - buyers now have the incentive of the lowest interest rates in this country's history.

More Good News on the National Housing Front: U.S. Existing Home Sales Jump 7.7% To Five Month High In August read full article

Feel free to contact us with your questions. We're easy to talk to and we can answer any questions you might have about current market conditions, interest rates or where home prices are headed. If you're interested in talking about listing your home we'd be happy to provide our recommendations on how best to proceed to market your home.

We'll also provide you with a Raleigh Neighborhood Report that will let you know what has been happening with home sales in your individual neighborhood.

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 Email Us or Call Us Today at 919-280-2726

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