The Raleigh real estate market was no friend to buyers in 2020, with prices increasing at double the rate of wages. Not only that but real estate inventory dropped from over 4000 homes for sale to only the 2000 range by September. Prices up and inventory down meant increased competition for homebuyers wanting to buy in Wake County.
This from a local ABC News Source:
Raleigh housing market skyrockets despite the COVID-19 pandemic
Thursday, August 6, 20201.00
Homes are flying off the market across the country even as COVID-19 continues to impact the U.S. economy.RALEIGH (WTVD) — Homes are flying off the market across the country even as COVID-19 continues to impact the U.S. economy.
Since the start of 2020, houses are selling more than two times faster on average across the country, based on an ABC Owned Television Stations analysis of Zillow data.
Raleigh is reporting some of the fastest turn-around times from listing to sale in the country. At the end of June, homes were sold on average just one week after they were listed; a rate 4 times faster than the end of 2019 and 2 times faster than last June.
HPW and Market Trends
You can’t go wrong hiring one of the most competent real estate firms in all of the research triangle and the Raleigh market. Professionals who know the market inside and out are the right ones to help you buy a home in this extremely competitive environment. Contact HPW today to find out the best opportunities for homebuying in the Raleigh market.