Anne gives a quick video recap of what happened in our frenzied real estate market in the year of 2021.
The seller’s market was strong all year, and I certainly felt that there were not enough homes available for sale to satisfy homes buyers. 161 less homes closed in Wake County this year compared to last year, and this looks even more significant when we contrast 2020, when 1,484 more homes sold then its previous year.
The average number of days a home stayed for sale in Wake County before going under contract was only 7, compared to 16 days in 2020. The best confirmation of the 2020 real estate market hysteria was this: Going back as far as 1998 (because that’s as far as I could find MLS data,) I could not find a year where homes on average, ever sold for more than they were listed at. But looking in 2021 Wake County homes not only sold for more than their list price, but it was by an average of $13,578 more!
In my personal practice, the best example of this frenzy was a client whose home I helped to sell in Apex that went for $106,000 over our listed price. The appraisal gap was paid by the buyer. On the buyer side, I helped a young couple win a home that had 35 offers on it.
This year was definitely challenging for buyers, but one thing is for sure it’s still a great time to buy because home values and prices are only going up from here, and interest rates are still low.
Here’s to a happy and healthy New Year for all of us!