Raleigh & Wake County Home Prices Set Record (again) in April.
This market is a beast. High mortgage rates? so what... Somewhat limited inventory? who cares...Real Estate industry on the verge of changing the spelling of commission to concession? Big deal.
April home prices in Wake County set a new record in April with the average home selling for $596,826.00 (this will change slightly as closings are still being entered). The previous record was in June of 2023 at $585,739.00.
April prices were up $30,000 from March 2024, a seasonal norm, and $50,000.00 from April 2023, a serious increase.
The majority of April closings went under contract in February and March. What went under contract in April had on average a list price $15,000.00 less than what went under contract in March. The next two months of closing prices will be interesting, and certainly provide great headlines. The number of contracts written April was up slightly from March.
Units sold in April are up from a year ago, only slightly and probably due closings from the end of March being pushed to April do to the holiday weekend.
53% of existing homes sold went under contract in the first week they were on the market. Those listings sold, on average for $13,500.00 over asking price.
The median price of an existing home was $509,500.00 and average was $587,151.00. Both new highs. (yes the median price of new construction is lower than existing - many townhomes)
YTD sales units are 5005 vs. 5021 for 2023 (with additional closings to be added).
What does this mean? Good weekend fire pit conversation and waiting for prices to come down is "no bueno".
What would I do? 1. get in the market, maybe not your dream home, but an asset that we have seen increase in value, it will hedge against the price gains your dream home is experiencing. 2. get creative, buyers agents are still basically free, a creative one will help you see opportunity in the market and there is a lot of it. In spite of record prices there are homes with instant equity on the market right now. QUALITY location is key.
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