October 2021 Raleigh/Durham Housing Market Update:
October's market numbers are an almost mirror image of September's, with 0.8 months of inventory and a roughly 20% year/year price gain. On a positive note at least we didn't have a decrease in inventory!
The average price paid for a house is still around 3% over the asking price, which is amazing when you consider that includes all homes, even overpriced homes and homes that are 45 minutes outside of town.
Usually in the fall we have slight price decreases, however with the extremely low inventory levels prices are going up right now. On a personal note, it has been slightly easier to win bidding wars versus in the spring which likely means fewer buyers are competing compared to 6 months ago.
If we can somehow get some more inventory in conjunction with a decrease in demand then we can finally slow this market down to a more normal "4% gain/year" market.
September 2021 Raleigh/Durham Housing Market Update:
Where's our slower Fall market that we usually get every year? Looks like it may pass us this year, with prices still increasing at a fast rate. 0.8 months of inventory is just incredible when you consider 3 months is a strong seller's market and 2 months is an 'extreme' seller's market. What do you call 0.8 months?
We need a ton of new homes to be listed, or for demand to go to zero for there to be real change in the market. Until that happens prices will continue going up.
*Note explaining "months of inventory:" What this means is if no new homes were listed there would be 0 homes for sale in 0.8 months.
August 2021 Raleigh/Durham Housing Market Update:
The market is staying strong, more so because of very low supply versus high demand. Demand has dropped off a little, but without enough new inventory our market still continues upwards. Since January 1 the average home price has increased by 17.2%, and average days on market is down to 9.
June 2021 Raleigh/Durham Housing Market Update:
With the greatest price increases since 1999, June was another busy month. We are finally getting more inventory, which will hopefully bring the market back to our usual 4-5% yearly appreciation. We just aren't used to these huge California-style price gains!
Supply is still incredibly low, but demand has dropped off from the crazy post-pandemic highs. With an increase in supply it will be a much better market to buy in...that is unless you like competing against 17 other buyers and paying $75,000 over asking price! Fingers crossed it will play out this way.
May 2021 Raleigh/Durham Housing Market Update:
It was the busiest month the Triangle market has ever seen, with the most intense bidding wars as well. This data is being added in early June, and the market is hopefully on a more normal pace now, with things backing off just a touch in the past week. It's too early to tell however.
April 2021 Raleigh/Durham Housing Market Update:
The market is still getting hotter, with as-is addenda more common now as well (this wasn't a thing in the past). Hopefully at some point we will get a little more supply! Homes get anywhere from 5-30 offers in the current market, so lots of competition.
February and March 2021 Raleigh/Durham Housing Market Update:
We are at the 1 year mark now, and if anybody had asked me what I thought the market would have been like I would not have guessed it would be the most extreme seller's market the area has ever experienced. Without a major economic or other drastic change, home prices in the Raleigh/Durham area should go up around 15% this year. This would be a new record! It's all down to supply and demand: we have very few homes to sell and twenty buyers for every one seller. Hopefully with prices increasing it will encourage more homeowners to sell. Fingers crossed!
It's not uncommon for a $400,000 house to go for $465,000 in the current market, with the buyer covering the gap between the appraised value and the contract price. It's a great time for sellers, but a difficult time for buyers.
December 2020 and January 2021 Raleigh/Durham Housing Market Update:
We are not getting the listings we need! There is so little supply that most listings that are well prepped for the market are going over asking price. The rule of thumb for a sellers market is anything under 4 months of inventory supply (meaning if no other homes came on the market then all supply would be exhausted in 4 months). We are now at 0.9 months in some parts of the Triangle. See below table for Durham: