Whether you are buying a new home or selling (or both), one thing is for sure: the Triangle real estate market is hot right now.
Triangle home sellers have been in a good position all year, though it’s been a tough year for buyers, at least in some price ranges. According to the Triangle MLS, the entire Triangle region has seen an increase in the average sales price of a house and the number of new listings.
Homes in the Triangle area are selling at a historically fast rate. Meanwhile, the supply of homes for sale continues to decrease. Specifically, the number of homes under $400,000 are low on inventory. Overall, the average sale price of homes in the Triangle area is $287,278.
That price hit the $300,000 mark in June — a first for the Triangle. Wake County, especially, is experiencing a high influx of people, which, of course, affects their need for homes. One expert likened a house to the last loaf of bread during a snowstorm, with multiple people clamoring. Trulia identified Raleigh as No. 3 on its list of 10 housing markets among the 100 largest U.S. markets poised for growth.
Some other interesting notes from the TMLS report:
- 98 percent of sellers received the original list price (or more)
- Homes were on the market an average of 44 days
- The Triangle has more than 7,000 homes for sale this year, down from 2016
- According to one report, in Wake County, 653 new subdivisions have been approved in the past seven years
Experts agree the Wake County housing market is not just a bubble, but it will slow down. Still, those seeking homes in the next year should expect competition from other buyers.