A spacious home provides great utility, but when most of the rooms are empty, the financial burden and extra upkeep no longer make sense anymore. That’s when you decide to sell. But selling can be a lot of work.
For most of us, our homes are the largest asset we’ll ever own—so it’s helpful to understand this asset and its value in your market. As you consider selling, you deserve the insight and guidance from an expert in your local market. Here are the top things to know about the Raleigh real estate market right now:
Demand is slowing and Inventory is Improving
Interest rate increases and seasonality are taking their toll on housing demand as buyers wait on the sidelines for an indication that interest rates are leveling off and the housing market is reaching a new point of stability. We see this in the months of inventory figures (how long it would take to sell all the homes on the marker) where supply has risen from 0.9 to 2.0 year over year in October, up slightly from last month’s 1.8. With the historical average normally around 6 months, these numbers are still historically low. October 2022 saw the number of new listings decline by 25.9% year over year, further reflecting that homes are staying on the market longer. The sale-to-list percentage (how close the actual sale price was to the original list price) decreased by 5.4% to 97.3% in October compared to 102.9% the year prior. This means, on average, homes are selling 2.7% below list where they were selling 2.9% above list last year. To capitalize on your investment, you want to work with a real estate expert who understands how to strategically price and market your home so you get maximum return.
Median Sale Price Continues to Decline
When correctly priced and positioned well on the market, homes are selling right around list price while the time it takes a house to sell has risen to 24 days, up 140% from 10 days the year before and back in line with the 20 days on market in October 2020. While the median sale price is coming down from its highs, it has climbed to $395,000, up from $365,000 the year before but down from last month’s $402,000. This means low inventory is keeping prices from falling sharply, but homes are taking longer to sell. These stats really add up when you are selling your largest financial asset–and that’s exactly why you deserve a custom strategic marketing plan.
Less Homes Selling With Multiple Offers
The market is reacting to higher interest rates and seasonality. Multiple offers are not uncommon but are reduced from a few months ago. With the right strategic plan, pricing, and positioning for your property and your goals, we can attract maximum offers and get your home sold for the highest possible price in the fewest days on the market.
As a homeowner, what does this mean for you?
If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.
When I work with my clients, I offer a 360-degree experience. I help them prepare their home so that it’s shown in its best light, competitively price it, and anticipate and plan for potential roadblocks that may appear. My proactive approach, attention to detail, and commitment to service are precisely why my Raleigh area clients trust me with their largest financial asset.
If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 919-446-8484
We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.
Call Today → 919-446-8484
Raleigh Market Highlights
|
Single-Family Home Stats |
Oct. ‘21 vs. Oct. ‘22 |
Analysis |
|
Median Sale Price |
↑ Up 8.2% |
Median sale price is now at $395,000, up 8.2% from $365,000 in October 2021 but down from last month’s $402,000. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible. |
|
Average Days on Market |
↑ Up 140% |
Average days on market are exceptionally low, at 24 in October. Slowing demand due to interest rates and low supply play a major role, especially when compared to October 2021’s statistic of a meager 10. Strategic pricing and marketing ensure your home sells for top dollar in the shortest time on market. |
|
Sale-to-List Price Ratio |
↓ Down 5.4% |
Correctly priced, strategically marketed homes are selling right around list price – 97.3% in October 2022 compared to 102.9% the year prior - making it especially important to start with an expert strategy from day one to sell for the highest possible price in the fewest days on market. |
|
Months of Inventory |
↑ Up 122.2% |
Inventory remains low but interest rates have pushed some buyers out resulting in the market starting to level. Supply of inventory in October 2022 was 2.0 compared with a historically low 0.9 the year before, further highlighting the importance of correctly pricing and positioning your home from the beginning so you can get top dollar as “best in class” rather than languishing on the market. |
Source: All data from Triangle Multiple Listing Service, Inc.
Looking Ahead
Here’s what we’ll be watching over the coming months:
1. Low Supply of Available Homes
Though a 122.2% increase in the supply of inventory sounds like a lot, October’s 2.0 months of inventory compares with an even lower 0.9 in October 2021. The increase is likely due to rising interest rates reducing the number of buyers. But don’t be deceived, low inventory is keeping prices from declining significantly so we will be watching for increases in the number of listings. With inventory low and the median sale prices holding their own—up 8.2 % in October compared to October 2021 but down slightly from the $402,000 last month—sellers who work with an expert to properly position themselves on the market can generally expect to secure a nice return.
2. Buyers are Slowing Down
Buyer activity has started to slow. The days on market in October were only 24 days compared with a historical average of 6 months. While this is a 140% increase over last year, days on the market in October 2021 was only 10. With inventory as low as it is, it’s a great time to sell. Regardless of what twists and turns the market takes, to truly maximize your return on investment, it’s crucial that you strategically position your home to buyers.
3. Continued Growth in Raleigh
As Raleigh develops, we’ll continue to see property values increase. Here are just a few things to note:
● Raleigh has a thriving technology sector that is drawing people from across the country. As long as people are moving in, instead of out, demand will remain strong.
● According to PayScale.com, the cost of living in Raleigh is 7% below the national average.
● Raleigh is ranked the #1 city for jobs in the US according to Glassdoor, reports WRAL Tech Wire.
4. What to Expect When Selling Your Home
The market consistently evolves–and you deserve to sell for the highest possible price no matter what. The right marketing strategy, pricing knowledge, and negotiation power are what makes the difference when you’re ready to sell your home and embark on what may be one of the largest financial transactions of your lifetime.
If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 919-446-8484
