Metro Raleigh Market Changes but Remains Strong
Annual Ebb and Flow of Raleigh Real Estate -
This chart shows closed existing home sales in the City of Raleigh, North Carolina by month, average price on top, number of homes sold below. It looks like a heart rate, up and down. Up is usually June, down is usually December. When people start talking about declining sales (including me) this is NOT a warning sign to consumers, the market is very solid and behaving in a way it has every year, accept 2020 which was completely different!
* These numbers differ from previous posts. This graph shows City of Raleigh only, previous posts are Wake County.
All of the data I use is:
Relevant: We only use market driven data, existing home sales. New construction numbers are useful in many ways but prices are set multitude of factors. Existing homes are based on the market. Entire MLS numbers include multiple counties, we focus on county and city levels, results have extreme swings based on areas.
Clean: Real estate data is entered by agents, it can be a hot mess, we clean our data and it makes a big difference.
Local: The markets in Detroit, Las Vegas and Raleigh are not very connected, people move too and within those markets for different reasons. The overall pulse is useful, but not always indicative.
Consumer focused: Everything we do is consumer based. We work with brokers with consumer based ideas. We work with consumers to get best in class sales success.
Accurate: Our prediction for price appreciation in Raleigh metro was 22% everyone else was below 10%. I was spot on, they are changing the price.