Raleigh home sales saw another large increase in January, with Triangle MLS reporting a 15.5 percent change in closed sales compared to January 2013. Though few expect the Wake County housing market to continue such rapid growth, Zillow still forecasts a 3.3 percent increase for the remainder of the year.
The Raleigh market has shown itself to be resilient, especially during these winter months when activity usually drops off significantly. Its largest problem, according to the News and Observer, is a lack of homes for sale. There were approximately 6,400 homes for sale in January in the Triangle, down 16 percent since the end of October.
The lack of inventory is fantastic for sellers, who had an average time on the market of 87 days in January 2014, compared to 115 days in January 2013. “We’ve got to figure out a way to get houses on the market because I think demand is going to be close to where it was last year,” says Stacey Anfindsen, a Cary appraiser who analyzes MLS data for area real estate agents.
Raleigh home prices are also rising, which should entice homeowners to put their houses on the market. According to Zillow, North Raleigh saw the largest increase in home values in January, with 27613 and 27614 zip codes gaining .6 percent and .7 percent respectively.