In the past couple of months, we’ve written about how the Raleigh real estate market is primed for sellers. That’s because of a discrepancy between housing demand and housing supply.
When there aren’t enough homes for sale to satisfy buyer demand, home prices rise. In fact, over the past few years, home price appreciation has averaged around 6% across the country. These conditions are known as a “seller’s market.”
So What’s Changing?
The market is starting to level out a bit. Home price growth has begun to cool down, with a recent report by CoreLogic showing that prices have only risen by 4.7% over the last year.
While housing prices have by no means stagnated, many buyers and sellers are still worrying that this recent activity means another housing crash is on the horizon.
Don’t Worry, the Market is Doing Just Fine
Sure, the market is cooling off a bit, but that’s not a bad thing! It also does not indicate that we are headed for a crash.
It means that the real estate market is returning to “normal.” The inventory of homes for sale is growing to meet buyer demand, so housing prices aren’t increasing dramatically.
This is good for buyers: it means that housing prices aren’t skyrocketing, so more people will be able to afford homes in their preferred neighborhood.
Will Housing Prices Go Up Again?
Most likely, yes! The Joint Center for Housing Studies at Harvard University estimates that over 30 million new households will enter the market from now through 2040.
Is Now the Right Time to Buy a Home in Raleigh?
Yes! If you’re interested in buying a home in Raleigh, or anywhere else in the NC Triangle, now is the time to act. Here at Linda Craft & Team REALTORS®, we have the resources and expertise to assist.