Wake Forest Real Estate Market Conditions & Reports, Wake Forest Market Trends, North Carolina

Market Commentary Provided by Nancy Lovette
North Carolina is consistently ranking in the top 5 in many different categories! Cary, NC (about 10 minutes from Raleigh, NC) has just been cited as the number one relocation city in the US! We have many different factors that create the perfect environment for home ownership but some of the best reasons to move to The Triangle are good variety of employment and industry...higher education (University of North Carolina Chapel Hill...Duke...NC State) top rated medical and research centers both in cancer and heart health...mild climate...close proximity to both the coast and the mountains....affordable housing...low cost of living index...reasonable taxes...favorable to new business & development...just to name a few! Though our housing prices have experienced the downward pressure, we are still one of the last remaining states to be considered

Report Date

Fall 2009

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CONNECT WITH A LOCAL PROFESSIONAL

Nancy Lovette
Keller Williams Realty
Cary, North Carolina
919-413-7664
nancylovette@kw.com
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Nearest Metro Area

Raleigh

Buyers’ or Sellers’ Market

More buyers than sellers

Average Time on Market

90-120 days

Market Trend

Increasing

Housing Inventory

Good supply - Some Prices

Average Home Price

$375,000 - View Graph Trend

Best Selling Price Range

$250,000 - $299,000

Worst Selling Price Range

$1,000,000+

Compared to Last Year

Down 0-5%

Prices As % of Asking Price

95-100%

Multiple Offers?

Greatest Activity

Repeat Buyers

Buyer Activity for the past 90 days in Wake Forest is

Increasing

Seller Activity for the past 90 days in Wake Forest is

No Change

Is Financing Available For Qualified Buyers in Wake Forest?

Yes

Comments on Financing For Qualified Buyers

FHA Loans are still the biggest draw for home buyers in our market. Wake County has an FHA loan limit of $295,000 and requires 3.5% down payment, so homes under $300k still have the broadest appeal and the strongest showing activity.

Existing Home Prices for the past 90 days are

No Change

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?

5-10%

Housing Hot Spots

Housing Hotspots: Heritage Wake Forest, Falls River, Bedford @ Falls River, Wakefield Plantation, Crenshaw Plantation, Falls Lake, North Ridge, Harrington Grove!

Reason to Buy/Sell

Population Growth

Average Sold Price

$375,000 - View Graph Trend

National Real Estate Market

National Summary: National Housing Market Recovery Near?

Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit

Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there.

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