North Raleigh Real Estate Market Snapshot
August 16th, 2007 Categories: North Raleigh, Real Estate Market Trends
The residential real estate market is booming in North Raleigh! Take a look at the change in average sell price for a home in this area from July 2006 to July 2007. Using these metrics, the average sell price of a home in North Raleigh has increased by a whopping $53,853, or 18.8%.
Keep in mind that these numbers are a snapshot of a small moment in time. Also remember that this is an analysis of price change, which is not necessarily the same thing as price appreciation. Average prices can be dramatically affected by builders choosing to build higher priced homes and many other things that can skew actual resale appreciation. That being said, these numbers remain a very strong indication that resale home appreciation in North Raleigh has increased significantly in the past year.
With inventory levels at only 3.9 months the really nice homes are selling quickly. My own experience with homes I have listed and buyers I am working with is that a well priced and professionally marketed home in all price ranges under $600K typically sells in 2–4 weeks. If the location or any critical feature of the home is deficient this time can stretch out to maybe 8 weeks.
Another important trend is the discounting off list price. Although it is up a little compared to July of 2006, it still remains very low overall at only 1.8%.
What does this mean for someone wanting to sell a home in North Raleigh? This is a very good time for you! Price your home at full market value, stage and present it well, hire a professional to market it for all it’s worth, and go for full price.
How about someone wanting to buy a home in North Raleigh? Well, you’re going to pay more than you would have last year, but the good news for you is that there is nothing to indicate that this kind of price appreciation cannot continue. Many sellers are following the advice in the previous paragraph and we have many well maintained, well presented homes for sale in North Raleigh at market value. Get in now and enjoy the future benefits of a healthy real estate market.
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