RALEIGH, N.C. — There is a shortage of homes in the Triangle.
According to the latest statistics from Triangle MLS, in March and April of 2021, the average amount of days on the market for any type of property was just three days.
“If you talk to other builders and other realtors they'll tell you the same thing — they could use more inventory for people. The demand is certainly there,” said custom home builder Mike Poupard of Grayson Homes.
Right now there is less than a one-month supply of homes on the market. A balanced market should have a six-month supply.
Poupard says the best advice he can give buyers is to be patient. “We haven’t seen it like this in quite a long time where there's a shortage like this, so believe the stories and stick with your realtor,” Poupard said.
The worry is that big tech like Apple coming to town is going to put an even greater strain on the market.
“Just the announcement itself sparked the market, it seemed to really take off when that announcement was made. It’s always been a popular place to invest. Investors for commercial properties, residential, you name it, they’re trying to put it into the Triangle,” said Marshall Rich, owner of Rich Realty Group.
If you are buying now, you should also expect to pay a bit more. According to TMLS, average sale prices are up 15% from April 2020.