March home sales numbers tell a great story, I will try and be brief.
Sales prices of Wake County homes sold in March 2024 were up:
8% vs. March of 2023
6% vs. February 0f 2024
The average price was $570,827.00 for March 2024. This was basically $1,000.00 over list price on average. Many homes sold for well over list.
The number of homes sold in March 2024 were down:
-16% vs. March 2023
The number of homes sold was 1,335. I will put a big * on this one, due to the last day of the month being Good Friday and this delaying a lot of actual closings. There were a lot of listings scheduled to close on Good Friday, but Register of Deeds was closed for the holiday and many closings were delayed. This shows as early April closings were up 100 units.
So it is likely we end March/April down, but in the single digits, not the 16% everyone will take about, so please take this with a grain of salt.
MLS projects 1,451 Wake County Homes will close in April 2024, a handful of these will fall out of contract, but it is unlikely the actual number will far off the 1,421 closed last year.
FUN FACT: The average list price of a home closed last April was $550,000.00. The homes under contract expected to close in April of 2024 the average list price is $594,146.00. This should be a record for closing prices in Wake County.
There is a lot of additional data to unpack; what I am digging into:
Price Deltas are increasing:
2019 had 19 closings over $2,000,000.00 in Wake County, in the first quarter of 2024 27 homes over $2,000,000.00 were put under contract
The number of homes sold under $300,000.00 is rapidly decreasing.