Raleigh Real Estate Market Report – September 2014

Home for sale and soldThe residential real estate market had its ups and downs this month – Check out the highlights:

Housing Inventory

A struggling home inventory continues to plague the Triangle. The number of homes listed for sale dropped by 3 percent in the third quarter and 44 percent from 4 years ago.

Notable exceptions include:

  1. The new construction market, which is going strong with a 15 percent jump.
  2. Orange County, which actually has an oversupply of homes for sale. Orange county closings fell by 17 percent in September while the home inventory rose by 19 percent.
  3. The luxury home market, which has a 15-month supply of homes for sale compared to 5 months for the Triangle market overall.

Home Sales and Prices

Home sales in the Triangle are on the rise, increasing by 3 percent in the third quarter compared to last year. Pending sales also increased, with a 9 percent jump in September. Nationally, existing home sales were also positive, hitting their highest annual pace this year at 5.17 million – up from 5.05 million in August.

Prices may be softening in some areas of the Triangle as the percentage of listings with price reductions rose from 17 percent to 24 percent. The average list price for new homes has already increased from $309,800 in 2011 to $367,900, but that figure is still well below the peak average list price in 2008 of $395,000. “I think it’s one of those cases where, regardless of price, there are parts of the Triangle where the new home market is soft and there are parts where it is rocking and rolling,” said Stacey Anfindsen, a Cary appraiser.

Explore the Area

To check out homes and neighborhoods in the Greater Raleigh area, visit our City Search.

For more information on Raleigh real estate and events, keep up with Jason & Scott Graves on Facebook and Twitter or call us with any questions at 919-981-5795.