If you've been an upper bracket homeowner looking to sell your home, the past decade has been a rough one for you. Not only had your home lost value, but potential buyers found it nearly impossible to secure financing.
Times they have a-changed. Sales of homes of over $500,000 rose a staggering 20% last year That's the only price bracket that had an increase in inventory, currently at 10 months.
Market-wide, the average is only 3 months of inventory.
While that overabundance of luxury inventory means good news for buyers, a new crop of people wanting to move up into this bracket balances the supply and gives sellers some control as well.
Developers are starting to take notice of this trend, too. A new million-dollar neighborhood named Avalaire is on the books for North Raleigh on 160 acres just outside 540. The first of the 90 homes will break ground later this year, and I expect they would be ready for next spring's market.