Shutdowns earlier this year led to much uncertainty, particularly in the real estate market. Many wondered if 2020 would bring about another housing crash, like the 2008 housing bubble burst. But actually, Wake County real estate has been very active this summer.
Sales Increase Across Wake County Real Estate
An analysis of the July 2020 Wake County real estate market showed surprising results—sales had increased from Quarter 1 in almost all price points. In fact, at some prices, June sales increased significantly over first quarter sales. July showed even more growth.
Here’s what we can learn about 2020 Wake County real estate.
COVID-19 didn’t negatively affect real estate sales
Though April and May sales were dampened by COVID-19 restrictions and overall uncertainty, June and July real estate recovered enough to keep pace with 2018 and 2019 sales. Despite earlier slowdowns, the market has wasted no time picking back up, largely thanks to low interest rates and strong buyer demand.
The graph above shows the number of transactions in July 2020, June 2020, and an average first quarter month. In almost all price ranges, both July and June numbers are higher or significantly higher than in earlier months.
Lower prices were stronger earlier
Earlier this year, sales at lower price points comprised a larger majority of real estate sales. Later in the year, higher prices performed significantly better than their Q1 counterparts. In the first quarter, 47% of sales were below $300,000, while only 42% were in July.
Most sales are at moderate prices
Though June and July saw more activity at higher prices, both Q1 and these months saw the greatest number of sales between $200,000 and $400,000. Below $200,000, earlier months saw a greater number of transactions than June and July. Above $350,000, June and July saw significantly more sales in than in earlier months.
The graph above shows the percentage of transactions that took place in each price range. For example, 15.7% of sales in July occurred in the $250,000 – $300,000 range.
Bottom line: The Wake County market is healthy
This recently released data shows that, despite earlier concerns that the COVID-19 pandemic would negatively affect the housing market, Wake County real estate is healthy and in high demand. There are perks to both buying and selling at this time, so if you’re ready to make a move, the time is right.
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