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How Crazy is Housing Right Now?

Very. Every news media is writing about huge drops in housing prices. If you read my posts you know that spring of 2022 was BIZARRE, and to compare to that is simply foolish. If you do not read my posts here is the story. In April and May the average home buyer was paying 9-10% over asking price for a home. It was out of control and not limited to specific areas. So to compare today's market with inflated interest rates to pure exuberance will look like the world is ending for real estate. Wait until August when the exuberance was waining in 2022, we will be again back on track and the media will be claiming huge jumps.

Above is a screen shot of one of the dash boards we use to analyze our clients homes. we can drill down to neighborhood, size, room count what ever the market is telling us is relevant. Above shows YTD prices vs. 2022 average by zip code, average YTD price by zip code, average sold price by year, and amount of exuberance by year (based on original list price, including price increases and reductions). All of this info is for existing homes, new construction homes are not included.

The take away: even by large areas like zip code some are up almost 10% (Five Points, Raleigh) and some are down by almost 10% (West Cary, 27519). The areas seeing the largest decline are areas that experienced the largest over list sales in spring/summer 2022. We are also seeing places/locations winning. Meaning areas that have a value proposition (walkability, great schools, aspirational amenities) are doing the best. Zip codes heavy in new construction that soared a couple of years ago are starting to slow as the homes age.

A lot of very interesting things happening in Wake County real estate market, and knowing the answers for your home prior to going to market will make a huge difference in the results.

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