Raleigh Real Estate Market Update June, 2015
June 2015 showed some interesting numbers. As the temperatures rise so did this sellers market. If you're considering selling your home now is a great time do so, because it's tough to find a home if you're a buyer. For anyone with a property that could potentially be tough to sell, you'll have an excellent chance at selling your property in this market.
Last week we sold two homes at 99.5% list to close price and had two happy sellers with great things to say. One home was on Leesville in North Raleigh and it was an expired listing. It sat on the market for a long time in 2014 and early 2015 before selling for FULL asking price here in June.
So without further ado, here is the June Raleigh Real Estate report:
Raleigh Real Estate Market Trends - June, 2015
The year over year appreciation for the month of June (6.43%) was a point less than in May (7.48%) for residential homes in the city of Raleigh.
What jumps out the screen at me is the fact homes in Raleigh are selling for $24,000 more and 11 days faster than they were in April. June rewarded sellers' as the best time to sell here in Raleigh, NC with an average sales price of more than $284,00. That increase in average value of sales price is crazy and it happened in less than sixty days.
Homes that Sold in Raleigh
Homes are selling for $284,000 which is $12,000 more than they sold for in May and $24,000 more than they sold for in April. If you check out the Raleigh Real Estate Market Report's from April and May you will see some significant changes.
Now is the Time to Sell in Raleigh
Raleigh Real Estate Market Activity
The Raleigh Real Estate Market is hot. 885 residential homes sold in the month of May 2015.
June 2015 Numbers
$289,357 - The average listing price for homes that sold in June 2015
$284,171 - The average sale price for homes that sold in June 2015
98.21% - The list to close price ratio for homes that sold in June 2015
47 – Average Days on Market in June 2015
Raleigh Real Estate Market Analysis June 2015
In this section we breakdown what the data means and discuss the trends from month to month, as well as year over year. It's clear to see that it's a great time to be a seller in Raleigh. What if you want to buy Raleigh, NC real estate? Well it's a great time for that too with mortgage rates as low as they are. However, if you're looking at the homes for sale in Raleigh right now you'll notice that there isn't any! Just kidding. There is some, just not as many homes as you would expect to be for sale.
Selling a Home in Raleigh?
If you're selling a home in the Raleigh area, you're a huge benefactor of the sellers market that is upon us. Anyone wants to list their home in the next 6-12 months should consider selling it today and just having the closing date scheduled further out. It's tough to imagine the market favoring the selling side more than it already is however the trends are showing no indication of slowing down.
So it's obviously a great market for sellers, what about buyers?
Right now buyers are receiving some great interest rates of right around 4.2%, making it a great time to apply for a mortgage. It also creates a significant amount more of purchasing for power when rates are this low.
With that being said, we created a great guide to buying a house, and tips for buying a new construction home. So if you're considering purchasing a home in Raleigh here's everything you need to know about mortgages.
Data is prepared by a local Raleigh Realtor. These numbers are specific to the city of Raleigh and do not include the surrounding areas of Durham, Chapel Hill, Cary, Apex, Holly Springs, Morrisville, Fuquay-Varina, Garner, Clayton, Wake Forest, and Hillsborough.
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Big thanks to the and for the data used in this report!
Hi there! I'm Ryan Fitzgerald, a REALTOR in Raleigh-Durham, NC and the owner of Raleigh Realty. Chances are you and I share a similar passion, Real Estate! I also have a passion for technology, sports, and people. Would love to hear from you. Drop me a note in the comments section below and feel free to share this article socially!