Viral video shows reality of Raleigh's competitive housing market
RALEIGH, N.C. (WTVD) -- Raleigh's red-hot real estate market shows no signs of slowing down. A viral video taken by Triangle real estate agent Q Monique Edwards shows the reality of how competitive Raleigh's housing market is with dozens of cars lined up for a showing of a home.
According to the listing agent, the house priced at $260,000 in Raleigh's 27616 ZIP Code led to approximately 30 offers the day after the showing. All offers were above the asking price and several were cash offers.
In the video, Edwards said, "People are so desperate for a home under a particular price point because people don't make as much money -- this is absolutely insane."
Real estate agents say the high offers are the norm in this market. Brian Holt with Logan Group at Keller Williams showed the home and said he tells all sellers the same thing.
"You should expect to go away for the weekend and then have an exorbitant amount of offers that might actually blow your mind when we sit down and talk Sunday night when all the showings are done," Holt said.
The issue is supply and demand. According to the Triangle MLS, in January 2020, the number of houses for the entire Triangle region was already heading in a downward trend year over year with 6,925 homes listed, down 15.8% from 2019.
The pandemic only made the inventory trend worse. In February 2021 the number dropped 63.3 percent to 2,759 homes for sale for the entire Triangle region. In January 2022 there were 1,853 down 46.4% from the year prior.
The housing market doesn't show any signs of getting easier for buyers. Zillow predicts Raleigh home values will rise 23.7% through November, and Raleigh will have the nation's No. 3 housing market this year out of the 50 largest metropolitan areas in the U.S.
