Raleigh’s “Weak and Declining” Real Estate Market
The last piece I like to look at is Days On Market (DOM). This number reflects the number of days that a home has been offered for sale before closing.
Unlike in other markets in North Carolina or around the country, Raleigh is not a cash market. In other words, most people buying a home in Wake County need to take out a mortgage loan to complete the sale. When looking at this number it’s important to keep in mind that in June 2014 the average number of days to close all loans increased for the third straight month to an average of 41 days.
Any increase of DOM in Raleigh during the first quarter of 2014 could be attributed to new mortgage underwriting rules which began in January but as you can see, they have been steadily trending downwards ever since.
If you are selling a home in Raleigh and have priced it to sell, then you should expect your home to be on the market for about 40 days before an accepted offer is received and another 40 days before it is a closed sale.