North Raleigh/Falls Lake Area New Homes Thinning Out - And Luxury Homes Are Popular!

Market Report - Raleigh NC

North Raleigh New Home Listings Down 20%

Only 9 New Homes Available Under $400K!

Looking for a new home in the Falls Lake area? Thinking the choices have gotten a little thinner? You're right....

New Home inventory in North Raleigh NC was down 20% in third quarter 2009 versus third quarter 2008. And North Raleigh continues to be one of the most sought after areas of the Triangle, with land and home values that have risen accordingly.

New Home Listings by Price Point in North Raleigh NC

There were fewer new home listings in North Raleigh NC in nearly every price point.

• $500 to $599K homes saw a slight increase, from 41 to 45 homes listed.
• Townhomes in North Raleigh saw a slight increase, from 63 to 66 homes listed.

North Raleigh remains one of the most popular (and valuable) areas in the Triangle.

• New homes under $400K reduced from 16 listings last year to only 9 listings this year.
• Available inventory in the $400-499K point in North Raleigh was down 21%, from 19 to 15 listings.
• Available inventory in the $600-699K point in North Raleigh was down 38%, from 86 to 53 listings.

Overall New Home Listings in North Raleigh NC Third Quarter

In third quarter 2008, there were 335 new homes listed in North Raleigh NC.

In third quarter 2009, there were only 268 new homes listed in North Raleigh NC.

Builders are building fewer "speculative" homes, and more home buyers are opting for completely custom packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications).

What Price Points are getting the most showings in North Raleigh?

If you're looking to purchase in these price points, you'll have more competition for your new home.

Which price points are most popular in North Raleigh?

• North Raleigh new homes in the $600-799K price range saw the most showings in September 2009.
• North Raleigh new homes in the $500-599K price range followed closely.
• North Raleigh new homes under $400K saw TWICE THE AVERAGE number of showings per home - very few listings in this range.

Compare With Other Areas of the Triangle

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All statistical information courtesy of Stacey Anfindsen's TARR (Triangle Area Residential Realty) Reports. Anfindsen analyzes sales and inventory of Triangle real estate.

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