Raleigh Real Estate Market Report – August 2014

Downtown RaleighCheck out the residential real estate market trends around the NC Triangle for the month of August:

Homes Sales

The market is leveling off after double-digit gains last year. With 2,947 homes sold in August, Triangle home sales were up 1 percent when compared to the same month last year and down 8 percent when compared to July.

While sales increased by a steep 24 percent in 2013, the first 8 months of this year have only seen a 2 percent jump. “I really do think we’re seeing a return to a more normal seasonal market where it tends to slow down in the fall, it’s kind of dead in the winter, and busy in the spring,” said Jason Graves, an agent with Triangle Real Estate Group.

Housing Inventory

Low housing inventory numbers are still a great concern for the Triangle. Many homeowners are unwilling to list their property, either because they still owe more on their mortgage than their house is currently worth or they are not yet satisfied with the market value.

Stagnate home values aren’t pushing homeowner to sell. The median sales prices of homes in August dropped by 0.4 percent to $207,205, while the average sales price rose by 2 percent to $249,323 compared to the year prior. “It’s something you have to educate sellers about,” said Carol McCormick, an agent with Allen Tate Real Estate. “It’s a tough message sometimes because some times the right price is not the price they want to hear.”

For buyers, the competition for a quality property may create a bit of a headache, as sought-after homes are often scooped up within days and receive multiple offers. Like Graves said, “You price it right, you market it right – put it in the right place at the right time – and it will fly off the shelves.

To check out homes and neighborhoods in the Greater Raleigh area, visit our City Search or call us with any questions at 919-981-5795.