May 2024 SW Raleigh Real Estate Market Update
What is the latest in the SW Raleigh real estate market? This post dives into the statistics that will inform your selling or buying decisions, based on data-driven insights about the market conditions. Let’s get started!
Current Real Estate Trends in SW Raleigh, North Carolina
The months of supply is a crucial indicator of the market condition in the SW Raleigh area, or in real estate in general. Good news: the SW Raleigh months of supply remain steady.
There is no significant change in the number of homes available in the Morrisville, Cary and Apex area from the previous month. However, the list price to sales price ratio has gone up slightly at 102%. This statistic shows that homes are not only selling in Morrisville, Cary, and Apex but the sellers are fetching prices above their listed value.
Meanwhile, with only four average days on the market, it is a clear indicator of a seller’s market. It underscores the high demand outpacing the supply in the real estate market in Morrisville, Cary, and Apex.
Moving over to Holly Springs and Fuquay-Varina, the real estate market is also robust. The months of supply went from 1.5 months to 1.3 months, dwindling further as we move into the spring season – the busiest month of the year for real estate.
The drop in supply in Holly Springs and Fuquay-Varina means there is a quick turnover of homes, especially with a noticeable increase in homes being sold above list price. The average days on the market is only five days. In a seller’s market like this, competitive pricing is the norm.
What Does a Seller’s Market Mean for SW Raleigh?
The current state of the real estate market in SW Raleigh areas indicate a strong seller’s market. So, what does this mean for buyers and sellers alike?
With decreasing days on market and a dwindling supply, expect that more homes are going to be sold over list price. Homes are going to get multiple offers, which is favorable for the seller. The limited supply and higher demand drives prices in an upward trend.
However, buyers need not despair because you can expect this trend to be seasonal. This trend will continue toward the late summer.