With the real estate market ever changing and summer winding down, we want to keep you informed on where the Wake Forest real estate market stands. Whether you’re looking to buy a home, sell a home or invest in real estate – it’s important to take a look at the market from time to time and have an understanding of where things stand. It can be overwhelming when digging deep and talking about these statistics, so we break it down for you.
Days On Market (DOM) – how many days the average home is listed in the Triangle Multiple Listing Service, specific to Wake Forest
Median Days on Market: May – August 2016: 18 vs May – August 2017: 22
Median Days on Market: August Only for 2016: 19 vs August Only for 2017: 27
What does this mean? While days are market are seemingly growing per these stats, they are mainly growing in specific price points. Contact us for details on Days On Market.
Average List Price – what the average price of a home is in the Triangle Multiple Listing Service, specific to Wake Forest
Average List Price: May – August 2016: $333,942 vs May – August 2017: $346,833
Average List Price: August 2016: $332,027 vs August 2017: $346,309
What does this mean? The average price point of a home in the Wake Forest market has shifted along with the market from 2016 and has increased accordingly.
Sales to List Price – the actual sales price of the property verses the list price of the home as it was listed in the Triangle Multiple Listing Service, specific to Wake Forest
Average Sales to List Price: May – August 2016: 98.73% vs May – August 2017: 99.15%
Average Sales to List Price: August 2016: 98.43% vs August 2017: 99.27%
What does this mean? Sellers are getting closer to the actual list price of their home vs the sales price of their home in 2017 over the same time in 2016.
Overall, the Triangle/Wake Forest area is a strong real estate market. As always, there are ebbs and flows with the real estate market with seasonality and market shifts, but having a strong team and knowledgeable Realtor® helping you along the way is very important. Now is a great time to list and sell your home.
As a buyer, now is also a crucial time to have a buyers agent/Realtor® on your side vs going at the home buying process alone. Whether you are a first time homebuyer, seasoned home buyer or investor, as the market shifts it’s important to have a team who is experience in the process be able to explain and help in the entire home buying process.
Are you interested in seeing where your home fits in the real estate market? Contact our team and let’s have a chat about your home OR get the process started by clicking HERE for a no obligation home valuation. Or give us a call at (919) 263-2888 – we’d be honored to help you in the process!