08 Jul Housing Demand Is Still Strong
For the past year, housing markets were ignited in many parts of North Carolina. Some North Carolina communities had increases in median sales upwards of 25%. Since the Federal Reserve hiked interest rates, the No. 1 question I am asked is have I seen a slow down in real estate sales?
I see a cool down. The number of days a home stays on the market is slightly increasing, bidding wars sellers expect and buyers waiving contingencies are changes in the tide but don’t count on the market taking a drastic downhill turn.
North Carolina remains an attractive place to live, work, invest, and build new enterprises. We are one of the fastest growing states in population. Remember, we have record low housing inventories with an average of 100 people moving in daily. We also have a worker shortage and a low unemployment rate. Businesses willing to train folks with little experience are struggling to find workers. I am sure you experienced the effects of the shortage if you took a vacation over July 4th. I recently returned from a beach vacation and witnessed restaurants automatically adding gratuity to the bill in an effort to protect the few workers they do have.
California, New York, New Jersey, the District of Columbia and Connecticut have much-higher unemployment rates. These are a few of the states with the greatest out-flow of residents and guess where they are moving?
North Carolina is going to continue to be a key destination for relocating workers and families. They’ll need homes. That will keep demand strong and prices up.
If you are considering a move across town or across the country, lets connect!