Your November 2021 Real Estate Market Update
Let’s look at the November 2021 market to see where we are today.
I know it’s already January, but I want to quickly flashback to November 2021 and give you a market update. Looking at those numbers can give us some insight into where we’re at today.
In November 2021, the economy was improving, unemployment was falling, and our market stayed strong despite entering the holiday season. Buyer demand was still high because the attractive mortgage rates and low inventory created a sense of urgency.
In November 2021, the average sales price sat at $415,000, which was up 18.5% compared to November 2020. The average home spent 11 days on the market, and that was down by 42%. Total inventory was also down by 40%, and closed sales were up by 6%.
Our market is not softening; prices are going up and up.
Where does that leave us in January of 2022? Some reports just came out that Raleigh is expected to be the third hottest market in the U.S. Things are not softening; they are going up and up. The average price point is expected to rise to over $450,000 by November this year.
Now is the time to buy, and if you’re looking to sell, it’s still a great time to take advantage of the appreciation we saw last year. If we can be of assistance, call us at 919-578-3128 or check us out at our website. You can also text SAVVY to 21000 to find out the value of your home. We look forward to hearing from you!