According to MLS data, the median sale price of real estate sold in June 2022 was $493,161 and the average sale price was $563,911 in Wake County. Coldwell Banker Howard Perry and Walston marketing director Matt Horton explained what the new record means for homebuyers and sellers.
NEWS COVERAGE YOU CAN COUNT ON. >> WAKE COUNTY SALES BROKE YET ANOTHER RECORD. NEW REPORTS SHOW THE MEDIAN PRICE HIT A NEW HIGH OF NEARLY HALF A MILLION DOLLARS AT 493,161 IN JUNE. THAT’S A JUMP OF MORE THAN $8,000 FROM THE MONTH BEFORE THE AVERAGE SALE PRICE EVEN HIGHER AT NEARLY 564,000. JOINING US NOW TO TALK ABOUT IT IS MATT HORTON, THE DIRECTOR OF MARKETING FOR COLDWELL BANKER, HOW WE PAIR HOWARD PERRY AND WALSTON. MATT, THANK YOU SO MUCH FOR BEING WITH US. YOU KNOW, MANY PEOPLE ARE CLOSELY FOLLOWING THE MARKET HERE IN THE TRIANGLE AREA. WE THOUGHT THINGS WERE STARTING TO COOL DOWN WITH INTEREST RATES GOING UP AND SOME SELLERS COMING OFF OF THE PRICES. WHAT DO YOU MAKE OF THIS NEW MEDIUM HIGH? >> SO IT IT SPEAKS TO THE COMMUNITY AND IN THE BAY THAT WE’VE HAD FOR A LONG TIME LIVING IN THE TRIANGLE AREA. WHAT WE’RE SEEING NOW THE MARKET ACTUALLY BECOMING MORE VERSUS WHAT IT’S BEEN VERY VOLATILE SINCE COVID STARTED. WHO DOES THAT HELP THE SELLER OF THE BUYER WHEN IT LEVELS LIKE THIS? >> AND ACTUALLY HELPS BO BOTH OF FOR THE YOU’VE GOT A LITTLE BIT MORE INVENTORY TO LOOK BECAUSE SOME OF THE FOLKS HAVE STEPPED OUT OF THE POOL BECAUSE OF HIGHER IT HELPS HIM. >> THE MARKET IS VERY SO THERE ARE STILL AREAS THAT ARE GOING VERY, VERY WELL BUT FOR SELLERS, THEY’RE STILL GOING TOP DOLLAR RIGHT NOW IN OUR MARK. >> YOU KNOW WHAT TO EXPECT TO SEE IN THE COMING MONTHS. MATT, YOU KNOW, WE’RE GOING CONTINUE TO SEE THIS COOLDOWN. COULD WE SEE ANOTHER RECORD IN TERMS OF THE MEDIAN PRICE OF THE AVERAGE SALE PRICES? >> I THINK WE’RE GOING TO SEE A STABILIZATION OF THE MARKET. I THINK WE’RE GOING TO SEE SOME MORE STUFF COME ON MARKET FOR US, WHICH WOULD BE GREAT FOR THE HOME BUYERS. I THINK THE AVERAGE US PRICE IS GOING TO STAY RIGHT AROUND WHERE IT’S AT. YOU LOOK AT THE NUMBER OF COMPANIES RELOCATING TO THE AREA, THE NUMBER OF ECONOMIC DEALS COMING THE MARCUS STILL GOING TO BE RIGHT THERE FOR FOLKS. THERE ARE PEOPLE WATCHING THIS NEWSCAST RIGHT NOW WHO ARE EITHER GETTING READY TO BUY? >> OR GETTING READY TO SELL? I WANT YOU TO GIVE THEM SOME ADVICE. GREAT. >> IF YOU’RE GETTING READY TO BUY, GET YOURSELF MAKE SURE YOU KNOW, THE INTEREST RATE IS AND WHAT YOU CAN AFFORD THAT WE DON’T WASTE YOUR TIME OUT THERE. LOOKING IF YOU’RE A SELLER, THERE IS STILL DEMAND FOR YOUR WE’RE SEEING, YOU KNOW, TIME ON MARKET LEVEL OUT A LITTLE BIT MORE. IT’S NOT 31 DAYS LIKE IT WAS. IT’S GOT A LITTLE BIT BUT MAKE SURE YOUR PRICE RIGHT HERE HE IS IN THE FINAL PRICE. A LOT OF TIMES THE ONLINE PRICE MAY NOT BE WHAT THE ACTUAL MARKET IS RIGHT NOW. >> MADDIE SEEING NEW TALKED ABOUT INVENTORY LITTLE WHILE AGO. I MEAN, IF YOU’RE LOOKING FOR A HOME, IT’S TOUGH TO FIND SOMETHING THAT FITS YOU JUST PERFECTLY. MIGHT THAT CHANGE AND HOW LONG YOU THINK IT WILL TAKE FOR THAT TO HAPPEN? >> SO WE’RE SEEING AVERAGE TIME ON MARKET JOE, GO UP A LITTLE BIT MORE. SO THERE IS MORE ON THE MARKET WITH FOLKS TAKING A STEP BACK BASED ON HIGHER INTEREST THE KEY IS TO TO LOOK, MAKE SURE YOU FIND EXACTLY LOOKING FOR AND THEN WORK WITH AN AGENT TO MAKE SURE YOU GET WHAT YOU’RE LOOKING FOR. IS THE ECONOMY STRONGER WHEN THE BUYER HAS THE UPPER HAND WHEN THE SELLER HAS THE UPPER HAND GOOD QUESTION. IT’S ACTUALLY ONE OF THOSE TILTING SEE, YOU BOTH HAVE TO HAVE A GOOD THING IN THERE. THE HIGHER THE INTEREST IT’S A LITTLE BIT TOUGHER. UM, BUT WE’RE SEEING A NORMAL MARKET NOW WHICH WILL ALLOW FOR BOTH SIDES TO TO BE A LITTLE MORE COMPETITIVE VERSUS JUST A SALE SIGN. IF YOU REMEMBER A COUPLE MONTHS YOU KNOW, EVERYBODY’S CLAMORING OVER SO WE’RE SEEING A KIND OF LEVEL OUT. IT’S A GOOD THING FOR US. ALL RIGHT. REAL ESTATE EXPERT MATT HORTON, THANK YOU SO MUCH FOR YOUR TIME TONIGHT.
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