In the month of September, the Raleigh real estate market, according to triangle MLS, saw 3166 homes closed. These homes that sold averaged 41 days on the market and the median days on the market was 12 days according to Triangle MLS data.
The average sales price for Raleigh real estate in September 2017 was $281,910 in the median price was $245,000. This median price is a decrease from the last five months. At it’s peak median home sales price was $260,000 in June 2017.
That year-over-year difference for average list price is a 6.4 percent increase year-over-year from September 2016 to September 2017. The increase for median price is 5.5% increase.
Interestingly enough, if we go back two years to a comparison with September 2015, the average list price is up 11.2% and the average median sale price is up 11.4% over the last 24 months. Again this is one of the reasons that most homes in the triangle area now have positive equity.
Compared to year-over-year statistics in September 2016 we had 3,158 sales so sales are basically flat. There is also a slight reduction of three days for both average days on the market and median days on the market.
If we take a closer look and focus on the over $400,000 market, this segment made up 16.6% of the total sales with 527 home sold. These homes average 65 days on the market and a median of 30 days on the market. New construction was 34.5% of this over $400,000 market or 182 homes sold.
In other words, if you are in the market to sell a home at 350,000 or below and purchase a home above $400,000 it is the perfect time to make a move.
As we continue through the fourth quarter of 2017, we expect to see sales continue to slow due to a lack of inventory.
Compared to last year, we are down approximately 900 units in inventory from September of 2016 even though inventory has grown over the last 9 months.
As you can see from the graph above, the inventory is gradually growing for the Raleigh real estate market. Although we may see a quick dip, I expect to see this trend continue.