Market Update: October 2020
To say Raleigh's real estate market is "hot" simply doesn't do the market justice. We're talking surface of the sun-level hot!! A recent national survey ranked Raleigh as the #1 market for new home prospects in the entire country - surpassing Nashville, TN.
In this blog, we'll break down Wake County's fast-paced, money-generating real estate economy which has increased sales by at least 22% each quarter so far in 2020.
Looking back at the most recent available data, September 2020 was another landmark month capping off a record-breaking quarter in Raleigh. A recent Triangle Business Journal article featuring Marshall Rich and Rich Realty Group states: "Last quarter, the Triangle housing market broke records in showings, home listings, pending listings, closed listings, overall sales price, average re-sale sale price and months of housing supply, according to an MLS data analysis."
The most mind-boggling part of all? YOY data from TMLS shows that in September 2020, average days on market were down 26.7%, inventory was down 47.4% but closed sales were up 33.3%! "Inventory is down, and total closed sales are up. It kinda doesn't make sense," says Rich Realty Group's owner, Marshall Rich.
Raleigh/Durham has been growing at a nice clip for years, but the recent uptick in sales and showings, could be attributed to "the Great American Move," the large influx of residents from northern states like New York, New Jersey and Illinois as part of a response to the COVID-19 pandemic.
Let's dive deeper into these numbers with Marshall + Ryan to understand what it means for buyers and sellers, and where we think Raleigh real estate is heading as we go into 2021.
Don't forget, it's a great day to buy real estate! Call us if you want to get in on this record-breaking real estate market. (919) 710-0256