$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 Q1 2021 106 - Q2 2021 183 - Q3 2021 150 - Q4 2021 187
Number of Sales Q1 2022 178 - Q2 2022 299 - Q3 2022 197 - Q4 2022 221
Number of Sales Q1 2023 114 (through 2/28/2023)
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, cash deals were 21% of the $1m plus market in 2022 and 23% YTD 2023.
Showings in this market are up 50% vs. this time last year.
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.