Local News

Triangle housing boom creates shortage for homebuyers

Posted March 7, 2017 5:55 p.m. EST
Updated July 13, 2018 2:04 p.m. EDT

— There are fewer houses on the market in the Triangle than ever before. In a seller's market, homes are going fast, and people are going to great lengths to buy.

A sold sign is what a home seller wants to see. One home in North Hills sold in just a week for nearly $300,000 more than it sold for five years ago.

Realtor Frank Tangari said the Raleigh real estate market is so hot right now that homes are selling within hours of being on the market, and some people are bidding on homes they've never stepped foot in.

“There have been people bidding -- that are relocating -- that are bidding on houses sight unseen,” Tangari said.

Average price overall

The number of homes on the market has hit a historic low, driving prices and competition up. The average overall sales price increased 5 percent over last year.

Brad Raynor has been house hunting with a realtor since July.

“It’s absolutely insane,” Raynor said. “I’ve put in tons of offers and none of them accepted.”

Average time on market

Raynor is pre-approved and has money for a down payment, but he can't get an offer to stick – even when his offer was above asking price.

“There was house I put an offer on last week," Raynor said. "And when they finally gave an answer on who got the house, there were 14 offers on this house that was on the market for two days. There were 40 showings in one day."

With Raleigh consistently ranked one of the top places to live in the country, real estate experts say the market is not surprising.

“Quality of life here, education, job market. It makes it a valuable place to move,” Frank said.