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Raleigh Housing Market
March 2019

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

March
2018
1,684
$341,719
27
3,646

March
2019
1,737
$350,979
32
3,534

Annual
Change
+3.1%
+2.7%
+18.5%
-3.1%

March Brings Spring Weather and Buyers

• Raleigh Closed Sales: Home sales rose this month compared to last March. March sales were up by 3.1%.

• Average Raleigh Sales Price: The average sale price rose this month in relation to last March. The average price of homes sold in March was $350,979. That's an increase of 2.7% over last year.

• Days On Market: The average days on market before a sale rose this month compared to last March. Average days on market for March was 32 days.

• Raleigh Active Listings: Active listings are down this month. Listings dropped 3.1% from last year in March.

Spring Fever

March is the time to look at both how the first Quarter of the year looked and the year to year data. In Raleigh, as in many U.S. markets, the first quarter saw adverse weather effects in the Real Estate market. New Listings in the Triangle region decreased, Under Contract Sales were up, and Inventory levels fell. So, the best description of our first quarter would be a "mixed bag." We had some good news and some news we wished was better.

When looking at our housing market numbers, be it quarterly, yearly, or month to month, it must be stressed that the "average," is not evenly spread across all pricing ranges. For Raleigh, "averages," must have a price range caveat. Raleigh does have a bracketed price break that is somewhat blurred by only looking at averages.

Currently, for homes priced at $300,000 and below the market is really, really hot! In the past, we have be able to look to new construction for help with bolstering the inventory in this price range. However, currently to find new construction homes under $300,000, buyers must go to the outer suburbs and counties. Due to current land prices and construction costs have made it necessary to go further out from Raleigh and our major cities. This is a challenge to affordability.

Resales in the $300,000 and below have some amazing numbers. For Day on Market, 70% were sold between 1-30 days. With list price, 22% sold above list price. Below $200,000 the percentage is even higher. Buyers in this price point must move quickly and expect to be in multiple offer situations.

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 to market and draw people to sellers homes here. 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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