National Housing Statistics Made Local
Let’s compare these national real estate statistics to the Triangle market. What does Angie think about these facts and figures?
What’s the latest when it comes to the housing market? Do these national numbers apply to the Triangle market?
A recent survey found that 72 percent of homeowners would rather make home improvements than sell their house. In many cases, staying in the same home does appeal to homeowners instead of moving. Unless there’s a reason such as moving closer to family or jobs or wanting to downsize, this is true of many Triangle homeowners as well.
Townhouses are being constructed at a higher rate and making up a bigger share of the single-family market homes. More townhomes will fit in a plot of land than single-family homes, which is appealing to builders. Townhouses are often more affordable than a single-family home, which can appeal to buyers.
Is real estate going down? Big real estate companies Redfin and Compass announced workforce cuts in their companies recently. Angie says prices are not declining in the market, but there could be fewer homes sold. In the Triangle, we have over 1,700 real estate agents, but with less homes to sell, some of them may get out of the profession. A Cole Realty is not making any of those cuts though, and is instead serving more clients every year.
The National Association of Realtors revised their 2022 housing forecast. The interest rates were projected to raise by the end of the year, but instead happened much quicker. Another prediction that has changed are that home prices are expected to be higher than originally anticipated. Angie says that at any point something can shift and change in the market, which we’ve seen happen even within this past month.
Listen to the entire episode or skip ahead using the timestamps below.
0:39 - Which of these national stats apply to the Triangle area?
1:05 - 72 percent of homeowners would rather make improvements than sell.
2:44 - Townhouse construction has gone up.
5:27 - Some real estate companies announced workforce cuts.
7:50 - NAR revised its housing forecast.
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