National Association of Realtors Says Future Looks Bright for Selling a Home in Raleigh

Real Estate Agent with Keller Williams Realty
The National Association of Realtors (NAR) just released its monthly market forecast and Raleigh home sales are given special mention for outperforming the rest of the country.  According to NAR Senior Economist Lawrence Yun, “markets like Austin, Salt Lake City andraleigh home sales are up Raleigh have been outperforming recently and will continue to do well next year.”

As I’ve written here before, our local numbers confirm this.  The average sell price is up 8.4% for closed sales in September compared with same period in 2006.  The average sell price for a home in Wake County, which includes Raleigh, Cary and Wake Forest, was $277,451 in September compared with $255,963 in 2006.

Now before we start to jump for joy and declare that we are in a total seller’s market, consider the decline in showing activity and closed sales in recent months.  Real estate markets are driven by supply and demand and we cannot ignore the drop off in demand. 

So what difference is the lower demand making?  The immediate impact is that supply has been pushed up to over 8,300 listings in Wake County which is a 26% increase over the same period last year.  The good news is the market is still absorbing the increase with current inventory at 4.9 months.  And as we can see from the NAR forecast and our own local numbers, prices are up by a healthy amount.

I still believe that the slowdown in people wanting to relocate to the Raleigh area, due to the difficulties sellers in other markets are having selling their homes, is what is responsible for the reduced demand.  So far sellers are okay waiting another 30 days or so to sell their homes and therefore the pressure on price has not materialized.

Accurate pricing, proper preparation, and targeted marketing are more important that ever for Raleigh home sellers.  If you want to get full price without having to wait an extended period of time to find a buyer, make sure your Realtor knows how to create the right mix of these things.

If you are planning to sell your home and want to know how to use the current market conditions to your advantage, give me a call at 919–602–7000, or send me an email and I’ll be happy to discuss this with you.

Want to read more articles like this?  Head on over to 

Comments (1)

Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina
Good post.  I just joined Active Rain and am finding there is great information here on the Raleigh market - hard to find positive information in the general media, even though we are still going strong!
Nov 17, 2007 02:56 AM