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Weekly Market Velocity 1/26/2024 Wake County

What a January.

Wake County Real Estate market is January 2023 all over again. Every metric is nearly spot on from a year ago.

It all starts with showings:

Wake County showings on all homes:

January 2023 20,957

January 2024 19,528 (projected)

Then contracts:

Contracts accepted on Wake County homes:

January 2023, 1033 average list price $529,000

January 2024 1043 average list price $534,000

Then closings:

January 2023 (through 1/25) 640

January 2024 MTD 596 (there will be another 25-30 entered for closings before 1/25)

What to expect.

Properly marketed homes are moving. I hate to oversimplify, but that is it. If value is proven, people are paying across all price points. Poorly marketed homes and slightly out-of-line prices are left out, including name-brand areas and subdivisions.

The price reductions this week are interesting. Some great homes are on the market, taking significant decreases; conversely, some overpriced homes are still 30% out of the ballpark.

Some great deals are out there. Homes that missed a quick sale, because they lacked the right paint, appropriate staging, or proper marketing, are now on clearance. It is easy to save $100k on a home that needs $30k to be perfect.

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