Here’s the latest news from our Triangle Area market.
As we head into fall, the Triangle Area is in a strong seller’s market that shows no signs of dissipating. Demand is high while supply is low. Here is the latest year-over-year data you need to know:
- New listings are down 4%
- Homes under contract are up 7.5% (and an amazing 28% in the last month)
- Closed sales are up 2.5% (and 11% last month)
- The average sale price has increased by 4% to $329,000
- The affordability index is up 6.1%
Additionally, the average days on market is around 30 days, and the average months of supply is less than 1.5 months across all price points; in some price points, it’s even less than 30 days.
What does this data mean for you? If you’re a seller, it’s obviously a great time to sell. You have less competition, price points are up (meaning greater returns for you), and you should be able to sell quickly. However, the three Ps—price, preparation, and promotion—are still extremely important.
If you’re a buyer, you need to be well-prepared and ready to act quickly. The good news is, due to historically low interest rates, homes are more affordable than they’ve been in a long time. Like I said, these trends aren’t expected to change in the foreseeable future, so the sooner you can buy, the better off you’ll be. Most importantly, you need an agent who has a proven track record of winning in multiple-offer situations.
What if you need to buy and sell right now? Be sure to check out my next video to find out how. In the meantime, if you have questions about our Triangle Area market, don’t hesitate to call or email me. I’d love to help you.
