This Sub-Market is Thriving.
$1,000,000.00+ Homes in Raleigh seeing Rising Prices and Higher Unit Sales. Seriously, this sub-market is performing better than ever.
In my last post I touched on the $1m plus market in Wake, NC. Here are some quick facts for existing homes sold for over $1m:
Number of Sales Q3 2021 150
Number of Sales Q3 2022 197
Average Sales Price Q3 2021 $1.310m
Average Sales Price Q3 2022 $1.454m
The average size is pretty much the same, actually 236 square feet smaller in 2022, yes price per square foot is up as well. Also noteworthy, the number of cash deals is up 40% Q3-22 vs Q3-21.
Showings in this market are up 45% Month to date vs. last October.
The point is there are a huge price reductions happening in a sub-market that is thriving! If you agent is recommending a price reduction...well, in baseball they have closers enter the game when the starters can't get the job done. Just throwing that out there.
Most agents know what they are told in sales meetings, usually macro data that covers enormous amounts of geography and price points. Rarely is this data scrubbed or analyzed for outliers.
Want more information on what is happening in the market, give me a call or message me.