Frenzied Triangle home market among most competitive in US
RALEIGH, N.C. (WTVD) -- A turbocharged Triangle housing market is continuing a streak of activity with rising home prices.
According to Zillow, homes in Raleigh are selling in just four days. The site ranks Raleigh second in the U.S. for the fewest days a home is officially listed on the market.
That's how long a north Raleigh home was up for sale before Aubrey McCarn and her husband bought it this month. They had been eyeing the home before it went live while navigating the market as first-time homebuyers.
"We saw three properties and we put an offer in on two of them," McCarn, 25, told The News & Observer. "The first one we put an offer on, they only ended up showing it for one day because they had 20 showings and 15 offers in one day. And then that one sold for, I think, $40,000 over asking price."
According to Zillow home value data, the average price of a Raleigh home is around $333, 255.
That's not far off the average U.S. home price of $350,000, an all-time high.
"With the market now, having to offer at least $10,000 (over asking price) and paying due diligence before having the home inspected, it's kind of scary," McCarn said.
According to Charlotte mortgage site LendingTree, Raleigh is the third most competitive market in the U.S., due to the share of its homebuyers having credit scores above 700, putting 20% or more in down payment and shopping for a mortgage before looking for a home.
