We’re in a frenzied seller’s market in the Triangle Area.
What’s the latest news from our Triangle Area real estate market as the fall season winds down?
For the first time ever, October home sales outpaced September home sales, which suggests lower inventory will continue to drive the market toward buyers who are desperately trying to find the right home while interest rates remain at historic lows. For the second consecutive year, the Triangle Area has been named the top real estate market in the entire U.S. If you’re a homeowner, your home has appreciated at an above-average pace during this pandemic. Even better, if you’ve owned your home since 2011, it’s averaged a yearly appreciation of 5% to 6%.
Here are the stats you need to know:
• Year to date, 18,813 homes have been sold in Wake County, which is a 0.5% increase compared to the 17,383 that were sold by this time last year.
• There are 1,875 homes for sale in Wake County and 4,090 homes available in the Triangle Area.
• There are 3,983 pending homes in Wake County and 8,473 pending homes in the Triangle Area.
For the second consecutive year, the Triangle Area has been named the top real estate market in the entire U.S.
This means that the homes sold and under contract (i.e, pending sales) are outpacing homes coming on the market as active new listings. This has created an opportunity for homeowners considering selling to list their homes while demand is at an unusual peak instead of waiting until the new year. In short, we’re in a full-blown seller’s market. In my 30+ years in the real estate business, I can tell you that this is a rare situation indeed.
If you want to sell your home, I’d love to show you how my team’s pre-marketing can secure top dollar for it after it’s listed. Even if you’re not ready to sell, it’s always good to know how much your home is worth. In the active real estate market, value is largely determined by supply and demand. Right now, supply is low and demand is very high. That’s a great position to be in!
If you have any other real estate questions, feel free to reach out to me as well. I’d love to help you, and I hope you have a great day.