AUGUST 2024 SW Raleigh Real Estate Market UPDATE

What's the latest in SW Raleigh real estate market? Let's take a deep dive into the data for the latest trends!

Understanding real estate trends is essential, even if tracking month-over-month and year-over-year data might not always provide the full picture. However, keeping an eye on median prices can offer a general idea of pricing in specific locations.

In terms of market supply, Morrisville, Cary, and Apex saw an increase to 1.6 months of supply in July 2024, up from 1.5 months in June. Holly Springs and Fuquay-Varina also experienced a rise, with 2.1 months of supply compared to previous months. This indicates a gradual increase in the availability of homes on the market.

When it comes to sales prices, the trend shows that more homes are selling under the list price, particularly in Holly Springs and Fuquay-Varina, where 54% of homes sold below asking in July. Meanwhile, the average days on market also saw a slight increase, with Morrisville, Cary, and Apex homes taking about 6 days to sell, while Holly Springs and Fuquay-Varina homes averaged 10 days.

For buyers, these trends mean more time to consider options, with less pressure to make quick decisions. With increased inventory and a rise in homes selling under list price, buyers can take their time to explore properties, visit homes multiple times, and negotiate better deals.

On the other hand, sellers need to be strategic in this shifting market. With the number of homes on the market growing and fewer selling over list price, it’s crucial for sellers to price their homes competitively and ensure they are well-prepared for showings. While it’s not yet a buyer’s market, the dynamics are certainly changing.

Watch the full video for a detailed breakdown of August 2024 SW Raleigh real estate market data!

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Thanks for watching!

0:00 Intro
1:32 Why Tracking Median Prices is Important?
1:45 Median Prices
2:34 Months of Supply (Morrisville, Cary, and Apex)
2:44 List-to-Sales Price (Morrisville, Cary, and Apex)
3:14 Days on Market (Morrisville, Cary, and Apex)
3:23 Months of Supply (Holly Springs and Fuquay-Varina)
3:33 List-to-Sales Price (Holly Springs and Fuquay-Varina)
3:54 Days on Market (Holly Springs and Fuquay-Varina)
4:22 Importance of Tracking Days of Supply
5:34 What Do the Data Mean?

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