Raleigh housing market skyrockets despite the COVID-19 pandemic

RALEIGH (WTVD) -- Homes are flying off the market across the country even as COVID-19 continues to impact the U.S. economy.

Since the start of 2020, houses are selling more than two times faster on average across the country, based on an ABC Owned Television Stations analysis of Zillow data.

Raleigh land valued at nearly $1.5 million being sold for just $1

Raleigh is reporting some of the fastest turn-around times from listing to sale in the country. At the end of June, homes were sold on average just one week after they were listed; a rate 4 times faster than the end of 2019 and 2 times faster than last June.

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The trend extends in every major city included in the analysis from Chicago to Philadelphia to San Francisco.

One of the big factors contributing to the speed is a decrease in supply.

The analysis found since March, more than 46,000 fewer homes are for sale across the U.S.

The number of homes for sale in Raleigh declined by 15 percent between March and June, according to the analysis. Last June, 1,770 more houses were on the market in the Capitol City.

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"Everyone's trying to get to a city that is a little more spread out, but yet offers some of those same things as those more populated cities."

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However, in San Francisco and Los Angeles, more homes entered the market since the pandemic.

Market value of homes remained stable. At the end of June, the average home value in Raleigh was $289,773, around $40,000 more than the U.S. average.

Based on the data, Raleigh's market value increased by 2 percent since the beginning of the year and 4 percent since last June.