Huge Crowd Turns Out to See Raleigh Home Listed Under $300,000 :: WRAL.com
Raleigh, North Carolina – A viral video on Facebook provides insight into the intensity of demand for housing in Raleigh, particularly homes under $300,000.
The video, shared by realtor Monique Edwards with NC Living Realty, shows crowds of people showing up to view a home in North Raleigh. A line of cars goes up and down the neighborhood street.
Potential buyers showed up again on Wednesday to view the home on Lafferty Court, which is listed for $260,000.
According to data from Triangle MLS, less than 8.5% of homes listed for sale in 16 North Carolina counties are in the $209,000 to $288,000 price range.
More than 80 people came to Tuesday night’s open house, and Edwards filmed the show, saying, “I just want you to take a look at all the people lined up to see this property.”
Edwards says the crowds are evidence of a “housing crisis” in the Raleigh area. She’s come to show this house to her client – only to have a crush on other home seekers and their agents arrive.
“It’s absolutely ridiculous,” she said. “We need to control these prices in the housing inventory.”
The market is incredibly competitive – an analysis by Zillow found that over the past quarter, Raleigh homes cost 30% or more above list prices. A landlord told WRAL News that a California investor bought a house blindly, seeing no pictures of the interior, for 20% more than the asking price. Some real estate agents said they had bids up to $1 million above the Raleigh market listing price.
The median price of a home in Wake County in January was $434,000.
Edwards said she shot the video to educate potential buyers.
Many first-time home buyers, she says, are “in disbelief” at how long it takes to find a home they can afford in Wake County.
“And people are so desperate to buy a house at a given price,” she said.
Jim Ragland, the home’s listing agent in the video, said the high turnout is proof that low-cost homes – those under $300,000 – are in “incredible demand” at Raleigh.
Thomas Babb of the Triangle MLS says there just aren’t enough homes on the market.
“It’s definitely a seller’s market,” he said. “I think a lot of people, instead of selling, are refinancing to capitalize on rising property values.”
He said he would really encourage people to sell their homes and put more homes in inventory, so there would be more opportunities for people to buy.
Local estate agents also say supply chain issues have led to delays in building new homes. They simply did not follow the request.
Many realtors said in response to the viral video that they weren’t surprised to see such a crowd showing up in front of a home listed for less than $300,000.