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Raleigh Housing Market
October 2018

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

October
2017
1,657
$322,395
27
4,148

October
2018
1,554
$342,614
27
3,908

Annual
Change
-6.2%
+6.3%
0.0%
-5.8%

Hurricane Bounce Back Month

• Raleigh Closed Sales: Home sales fell this month compared to last year in October. October sales were down by 6.2%.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last October. The average price of homes sold in October was $342,614. That's an increase of 6.3% over last year.

• Days On Market: The average days on market before a sale was exactly the same this month as last October. Average days on market for both years in October was 27 days.

• Raleigh Active Listings: Active listings are down this month. Listings fell 5.8% from last year in October.

October Metrics show the Effects of Hurricane

As we begin talking about October we have to look back at September and the hurricane. September was not a good month for Real Estate because of the bad weather. The hurricane put people tucked away in their homes for a week or so and that showed up in the metrics last month. So, for October we have a bounce back month with good news all around.

Here we go! Showings were up 13%! Nice! People were back out looking. Although the current inventory was down a bit, houses listed during the month were up. Resale listing were up 16% which is wonderful. We have been begging for resale homes and this month we finally got them. Also pending sales were up 22%! The overall sale price went up along with bounce. I feel like we are on a happy pogo stick.

This was a good month and we hope this all continues through the rest of the year. However, not to be a Debby Downer, there is a disquieting feeling in the market. It seems a bit unsettling. There could be a lot of possible reasons but just to pick one, we'll go with interest rates. Compared to last year, according to Freddie Mac, interest rates are up almost a full percentage point. So, if you look at an average mortgage of $260,000, that would be an increase payment of about $160 a month. Whoa. That's a serious chunk of money. It can be absorbed by some but not everybody. We don't know what will continue to happen with interest rates, but the trend is they are going up. When people put pen to paper, this raise has an effect. We will need to watch as the year goes on to get a full grasp of that effect. But currently, there is a bit of a feeling of unease in the market.

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 and all areas of the market. It is still a fantastic time to both buy and sell!

If you've been thinking about selling your home, Now is the Time. We're always in need of good homes which are prepared for strong buyers. People are out there and They're Buying Now and both buyers and sellers are doing well. Don't delay getting your home in front of them. With this current shortage, you will be in prime position. 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 we'd love to help. We specialize in the Triangle communities and surrounding areas. We sell a lot of homes so we know what we're doing in this high demand/low inventory situation. We love meeting people and helping them find their Dream Home. 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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