Raleigh expects to be the USA’s 3rd largest housing market. Following this, Zillow predicted the housing prices to rise by around 23.7% through November 2022.
Raleigh’s real estate market condition can be owed to the increasing demand, not backed by enough supply.
To give you some context, Triangle MLS recently reported that the number of houses for sale has kept decreasing in the entire Triangle region. It has dropped down by 63.3% in February 2021, and further by 46.4% by January 2022. This falling trend was catalyzed by the pandemic-induced uncertainty in the market.
This creates a heavy surplus of demand, pushing up the prices and offers. Consequently, Raleigh’s real estate market is not going to pipe down anytime soon.
This fact was confirmed in February when a video went viral featuring the showing of a house. Q Monique Edwards, a Triangle real estate agent, shared the video of the $260,000 property, showing dozens of cars lined up outside for the house.
This goes to represent the crazy Raleigh real estate market. The particular home, many say, is a symbol of the wild state of the current housing market condition at the Triangle. It depicted accurately how high the demand for a good piece is.
According to statements made by the realtor of the house, the property received over 30 offers on the day post the open house. Each offer overshot the asking price. Some were even willing for a full-cash deal!
This is a feat like no other.
Real estate experts claim that the high offers are not surprising considering the high demand and contracting supply. Brian Holt, with Logan Group, tells sellers to expect an overwhelming amount of offers after the showings are completed.
After countless tempting offers, the viral house was eventually sold out for $70K above the asking price. Talk about high demand!