2nd Quarter Market Update 2022
We have officially made it half-way through the year and the market is keeping us on our toes! We are still seeing super low inventory across the board, and I have never seen sales prices so far above list prices. Homes are closing at 110-125% of their asking prices in this resale market! With our recent rate hikes, and more on the way, we are seeing inventory staying around just a little longer and I am sure the buyers are not going to continue to overpay like they have.
As of the end of last quarter, we only had 195 total homes on the market in Fuquay-Varina and Holly Springs which is almost identical to the 2nd Q of 2021. As of this writing, we have 343 total homes for sale and approximately half of those are new construction. Click here to view report. Homes are staying on the market longer and new construction neighborhoods are offering more inventory spec home incentives for buyers. It will be interesting to see how quickly the market shifts towards a more balanced market over the coming months. Let’s just hope it stops at balanced and doesn’t leap into an extreme buyer’s market that we have all been through before.
With pricing increasing so much, I plan to expand Fuquay-Varina, Harnett County price ranges for next quarter’s report. I believe our housing market is going to continue to be busy with low inventory despite rising rates and inflation. We still have such a surplus of people moving into the entire Triangle area, we cannot house them all! Buyers right now are coming from New England areas, the West Coast, and Florida and of course we always have local renters, empty nesters and growing families. Please consider Front Porch Realty YOUR LOCAL go to real estate company and follow all of our social media!