In the March 12, 2020, edition of Triangle Business Journal, reporter David Purtell shared with readers a breakdown of Triangle-area housing market stats that honed in exclusively on the luxury category – a space where HREG Team Leader Renee Hillman is expertly positioned to support your buying and selling efforts.
2019 Triangle-Area Market Luxury Housing Listings
- Median List Price: $765,000
- Median Sale Price: $719,000
- Median Days on Market: 3
- Total Sold: 2,035
Source: Coldwell Banker 2020 Global Luxury Report Produced in Collaboration with the Institute for Luxury Home Marketing
Curious about how the most luxurious of the luxe listings stand up in the market? The top list price in 2019 was a lofty $9.9 million while the top sale price of the same year came in just a touch lower at a more modest $4.53 million. 😉
Our Look at First Quarter 2020 Data
While the luxury report tells one perspective of the luxury story, we want to dig in a little deeper into what our local market saw during the first three months of this year. We took a look at Wake County and Durham county resale numbers, exclusively, because new construction homes have a “days on market” count of zero which skews the average days on market lower as a result.
In Wake County, luxury listings priced at $500,000 and above stayed on the market for an average of 63 days with an average price of $689,000. The sale price ratio? 98%, meaning that these homes ended up closing at a final price just two percent lower than the list price. These numbers represent 386 sales transactions in total with the highest selling at $1.835 million. (For comparison, new construction luxury netted 363 sales during the same first-quarter period with the highest sale price of $2.78 million.)
In Durham County, 44 sales occurred during the first quarter at $500,000+ with an average price of $704,000 and average days on the market of 53. The list to sell price ratio comes in at 99% with the highest sale price of $1.565 million. New construction luxury listings slightly outpaced resale in Durham County in total sales with 54 total sales and a 101% list to sale price ratio with the top-priced sale coming in at $1.34 million.
Breaking it Down Further by Community
How do individual areas of our market fare in terms of quickly moving luxury transactions? Let’s take a look inside the beltline, in Cary/Morrisville, and Southern Wake/Apex/Holly Springs for a luxe deep dive…
- ITB Raleigh – $500,000-$1M+ – Average Days on Market: 86
- Cary/Morrisville – $500,000-$1M+ – Average Days on Market: 86
- Southern Wake County/Apex/Holly Springs – $500,000-$1M+ – Average Days on Market: 91
Ready to List Your Luxury Property?
As a Certified Luxury Home Marketing Specialist® (CLHMS), HREG Team Leader Renee Hillman, and the entire Hillman Real Estate Group at eXp Realty team are committed to providing tailored service while delivering exceptional results. We do this by thinking outside of the typical stereotypes of real estate and continually develop smarter ways to sell homes. When we prepare to bring a luxury listing to the market, we create a lifestyle profile to make sure that we are targeting the right audiences. Contact us at 919-868-4383, by email at Renee@HREGSells.com, or via the form below to review recent sales in your local area and what your house may be worth in the current market.
Interested in Purchasing a Luxury Listing?
New listings are coming to the market daily. The best way to stay on top of new listings so that you can move quickly (remember the stat from above, the median days on market last year for luxury listings was just three short days!) is to contact our team to set up a custom search or view the listings below, where you can easily save your favorites and receive market updates daily when new listings match your unique search criteria.