RALEIGH REAL ESTATE MARKET
In the Triangle, the recent data from Triangle Multiple Listing Service shows that inventory continues to remain at historically low levels, and the pace and price of the market in Wake County is among the fastest market ever. One property that came on the market this week had dozens of people trying to see it, and a video of the street where people were waiting to view the property went viral.
The result, according to Matt Fowler, the executive director of Triangle Multiple Listing Service, is that while demand by some measures is at an “all-time high,” affordability might be at an “all-time low.”
According to the listing data in the Triangle Multiple Listing Service database, across all residential property types, there are 2,582 detached homes pending sale, 918 attached homes (townhomes) pending sale, and 189 condominiums pending sale.
Compare that to what’s available on the market: 305 detached homes, 63 attached homes, and 36 condominiums.
Here’s what’s coming soon, with a listing date at some point within the next 30 days: 153 detached, 29 attached, and 2 condominiums.
Looking for a home at an affordable price point, perhaps $200,000-300,000?
There’s even fewer of those in Wake County. There are a total of 11 properties listed as coming soon and a total of 42 properties actively listed on the market, according to the database.
INVESTOR ACTIVITY IN RALEIGH
In that context, real estate investors are still looking to acquire property, and the data shared with WRAL TechWire from Redfin indicates that nearly one in every four properties sold in the fourth quarter of 2021 were sold to an investor.
Of all the transactions in the quarter, 1,564 homes were sold to investors, according to Redfin’s data set. That’s 24.5% of market share, and in increase of investor activity of nearly 78% year-over-year.
And the pace of acquisitions accelerated in the area, as well, following the onset of the global coronavirus pandemic. Here are the numbers in the Redfin data set:
- Q2 2020: 528 homes bought by investors in Raleigh, 9.4% of all transactions
- Q3 2020: 657 homes bought by investors in Raleigh, 9.7% of all transactions
- Q4 2020: 879 homes bought by investors in Raleigh, 14.5% of all transactions
- Q1 2021: 915 homes bought by investors in Raleigh, 18.3% of all transactions
- Q2 2021: 1,283 homes bought by investors in Raleigh, 17.2% of all transactions
- Q3 2021: 1,515 homes bought by investors in Raleigh, 21.6% of all transactions
- Q4 2021: 1,564 homes bought by investors in Raleigh, 24.5% of all transactions
DURHAM REAL ESTATE MARKET
In Durham County, there are 478 detached homes pending sale, 368 attached homes pending sale, and 39 condominiums pending sale.
That’s compared to what’s actively listed and coming soon: 114 detached homes, 38 attached homes, and 28 condominiums are actively listed for sale, with 27 detached homes, 13 attached homes, and 1 condominium listed in the database as coming soon.
And at that price range of $200,000-300,000?
Like in Wake County, there are fewer homes listed for sale between $200,000 and $300,000 in Durham County. There are a total of 11 properties listed as coming soon and a total of 42 properties actively listed on the market, according to the database.
INVESTMENT ACTIVITY IN DURHAM
Investors are playing an increasing role in Durham’s real estate market, as well.
In Durham, 20.9% of all residential transactions in the fourth quarter of 2021 were purchases of by investors, and their activity increased by 63% year-over-year in the area.
Since the second quarter of 2020, here’s how investors are playing a role in Durham’s real estate market, according to Redfin’s data set:
- Q2 2020: 255 homes bought by investors in Durham, 11.3% of all transactions
- Q3 2020: 282 homes bought by investors in Durham, 10.9% of all transactions
- Q4 2020: 305 homes bought by investors in Durham, 13.1% of all transactions
- Q1 2021: 311 homes bought by investors in Durham, 16.0% of all transactions
- Q2 2021: 432 homes bought by investors in Durham, 14.4% of all transactions
- Q3 2021: 502 homes bought by investors in Durham, 17.9% of all transactions
- Q4 2021: 497 homes bought by investors in Durham, 20.9% of all transactions
