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Originally Posted On: https://www.mikeotranto.com/average-home-prices-wake-county-august-2020/
|August||Year To Date|
|August 2019||August 2020||+/-(%)||2019||2020||+/-(%)|
|Median Sales Price||$315,500||$350,000||+10.9%||$314,900||$334,005||+6.1%|
|Average Sales Price||$361,951||$398,798||+10.2%||$357,733||$377,038||+5.4%|
|% Of Original List Price Received||98.1%||99.5%||1.4%||98.4%||98.8%||+0.4%|
|% Of List Price Received||99.2%||100.01%||+0.9%||99.3%||99.5%||+0.2%|
|Days On Market||27||20||-25.9%||27||26||-3.7%|
|Inventory Of Homes||4,444||2,447||-44.9%||—||—||—|
New Listings in Wake County NC August 2020
There was decrease in houses listed for sale in Wake County. We see a 3.3% drop from August 2019 to August 2020 and a 4.8% drop year to date.
Closed Sales in Wake County NC August 2020
Closed sales increased 6.8% compared with last year which is a positive sign. There was a 2% increase in sales year to date as well.
Median Sales Price of Houses in Wake County August 2020
We saw a large increase in the median sales price in August. Prices are up 10.9% from $315,500 to $350,000 in August 2020! The year to date median price increased 6.1% from 314,900 to $334,005.
Average Sales Price of Houses in Wake County August 2020
The average sales price of houses in Wake County increased by 10.2% from $361,951 $398,798. The average price year to date increased by 5.4% from $357,733 to $377,038.
If you’re curious about the difference between average and median home prices I have a more detailed article on this blog.
Percent of Original List Price Received
The percent of original list price received, meaning there were no changes to the original list price, increased 1.4% from 98.1% to 99.5%. Most sellers are getting what they are asking for on the open market.
This number accounts for changes in listing price, a drop in price for example, and does not include any seller concessions (repair concessions, home warranties, closing costs, etc).
Percent of List Price Received August 2020
We saw a 0.9% increase from 99.2% to 100.1%. The number of the one-hundredth percentile accounts for multiple offers that exceed the current listing price.
Days on Market August 2020
We saw a sharp decrease of 25.0% for days on market. Last years average was 27 and has decreased to 20. Year to date declined by 3.7% from 27 to 26. Home in Wake County are selling more rapidly.
Inventory of Homes for Sale
Inventory declined by 44.9% from 4,444 homes for sale in August 2019 to only 2,447 in August 2020.
Months Supply of Inventory
All things being equal, a balanced market is considered to be one in which there is a 6 month supply of Inventory. This means that if no other inventory hit the market it would take 6 months to see all the available homes listed for sale–make sense.
The current supply of inventory in Wake County as of August 2020 is 1.3 months a 50% decrease from 2.6 months last year! There is still not enough inventory to satisfy demand. This, in my opinion, is what is driving prices so aggressively. There are many buyers who have been trying to buy a house for months, and even years, but have not been able to get one under contract.