Market Report - Raleigh NC
North Raleigh New Home Listings Down 20%
Only 9 New Homes Available Under $400K!
Looking for a new home in the Falls Lake area? Thinking the choices have gotten a little thinner? You're right....
New Home inventory in North Raleigh NC was down 20% in third quarter 2009 versus third quarter 2008. And North Raleigh continues to be one of the most sought after areas of the Triangle, with land and home values that have risen accordingly.
New Home Listings by Price Point in North Raleigh NC
There were fewer new home listings in North Raleigh NC in nearly every price point.
- $500 to $599K homes saw a slight increase, from 41 to 45 homes listed.
- Townhomes in North Raleigh saw a slight increase, from 63 to 66 homes listed.
North Raleigh remains one of the most popular (and valuable) areas in the Triangle.
- New homes under $400K reduced from 16 listings last year to only 9 listings this year.
- Available inventory in the $400-499K point in North Raleigh was down 21%, from 19 to 15 listings.
- Available inventory in the $600-699K point in North Raleigh was down 38%, from 86 to 53 listings.
Overall New Home Listings in North Raleigh NC Third Quarter
In third quarter 2008, there were 335 new homes listed in North Raleigh NC.
In third quarter 2009, there were only 268 new homes listed in North Raleigh NC.
Builders are building fewer "speculative" homes, and more home buyers are opting for completely custom packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications).
What Price Points are getting the most showings in North Raleigh?
If you're looking to purchase in these price points, you'll have more competition for your new home.
Which price points are most popular in North Raleigh?
- North Raleigh new homes in the $600-799K price range saw the most showings in September 2009.
- North Raleigh new homes in the $500-599K price range followed closely.
- North Raleigh new homes under $400K saw TWICE THE AVERAGE number of showings per home - very few listings in this range.
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Article copyright Stanton Homes 2010. Provided for informational purposes only, no claims are made by Stanton Homes regarding the validity of any statements. Please note: all listing information per MLS, and current as of posting date. Information subject to change. Stanton Homes does not make claims to ownership of above lot listings, but can work with homebuyers to purchase lots and build. Home plans to be approved on an individual basis, subject to neighborhood restrictive covenants and lot restrictions. Ask for further information regarding any community, lot or floor plan. Photos represent typical homes and details of each neighborhood, to help highlight different options available in the Raleigh/Triangle area. No claim of ownership is made to homes or land pictured.
Great recap Penny of N. Raleigh and Falls Lake area. It will be interesting to see how the year ends up there. Great area and terrific homes!