Ready to give your home its’ day in the sun? Do you want to sell your house, but hesitate because you're worried you won't be able to find your next home in today's market? We want to offer reasons why summer is our favorite time for buying and selling in the Research Triangle Park and insight into a summer buyer journey. Days are longer, the weather is warmer, the inventory is low, and incredible new homes are on the market.
2023 Summer Selling Climate
According to Realtor.com, on average, active inventory in June is 50.6% below pre pandemic levels, 74% of homes sell in under a month, homes receive an average of 3 offers, and the median days on the market is 18. What does this mean? Sellers have had a sustained advantage nationally that is a result of supply issues that persisted well before the pandemic, but have been exacerbated. Locally, especially in the Research Triangle Park, the existing home inventory is very low. If you have considered selling in the past five years, and particularly if you wanted to upgrade to a new home, it is an excellent time to make your move.
Near-Record Percentage of New Home Inventory
Newly built homes today make up a near-record percentage of the total number of homes available for sale. In fact, new homes make up 31% of total national inventory. This is a huge percentage and is up from 13% from 1983-2013. That means the percentage of the total available homes that are newly built is over two times higher than the norm. Particularly in the Research Triangle Park we are seeing entire communities and cities transformed from Pittsboro to Cary to Durham. There are incredible new construction homes from oversize homes, perfect for multigenerational housing, to luxury townhomes, for those looking to downsize, and of course dream homes of every size.
Why This Matters to You
Overall, the supply of homes for sale is still low. And when there’s limited supply, it's important explore all of your available choices, year round. New-home construction has emerged as a game changer with increasing inventory. Recent data also shows it’s gaining even more momentum as more newly built homes are underway and will be coming to the market in the months ahead. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), highlights the importance of newly built homes for those looking to buy in today’s housing market. Dietz states: "With limited available housing inventory, new construction will continue to be a significant part of prospective buyers' search in the quarters ahead."
Don't overlook this growing market segment and risk missing out on great opportunities to find your ideal home this summer. If you are looking to make a move, we cannot recommend a better time to sell, than in the summer. We are here to help you sell to explore newly built options in your area. We have the expertise you need to handle both sides of the process so you can move out of your current house and into your brand-new dream home. Specifically, My NC Homes has decades of experience helping new home buyers and sellers in the Research Triangle Park. If you are looking for reputable Realtors who know how to take advantage of summer selling and buying, contact My NC Homes.Posted by Larry Tollen on