Home News Home sale profits hit record high in equity rich Triangle – up 42% from 2021

Home sale profits hit record high in equity rich Triangle – up 42% from 2021

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RALEIGH – Despite signs of economic slowdown, profit margins on home sales in the Triangle and US detached homes and condominiums hit record highs in the second quarter of 2022. New report From ATTOM Data Solutions.

How high is it? For homeowners in the Raleigh Metropolis Statistics Area who sold their homes in the quarter, the typical gain on sale was $ 167,750, an increase of 42% over the previous year.

The report is coming as home prices continue to skyrocket across the region.

According to ATTOM data obtained by WRAL TechWire, a typical homeowner who sold a home in the Raleigh area in the second quarter of this year achieved a 64.3% return on the sale of the property.

Also, homeowners in the Durham-Chapelhill Metropolitan Statistical Area typically saw a net income of $ 172,000 and a profit margin of 73.7% when selling real estate, making them even more profitable elsewhere in the triangle. ..

Both of these data points are the highest ever in a dataset dating back to the first quarter of 2008. Overall, the average quarterly data on the rate of return on sale of real estate in the Raleigh region is 15.2%, including: In the latest quarter and in the Durham region, it is 15.6%.

Report: Charlotte, Wilmington, and Triad Homeowners Make Record Profit on Sales

Data from Triangle multi-list service (TMLS) shows that the median selling prices of real estate in Triangle, Wake, Dallam, and Orange County continue to rise, as shown in the following graph. It shows the moving average of the data for the last 3 months of each month’s data points. Orange County fell in the fall and winter months of 2021 and early 2022, after which the median selling price rose dramatically, surpassing the previous highs observed in July 2021. rice field.

Therefore, the median selling price of mutual datasets is also increasing.

Homeowners are rich in equity

So what’s happening here?

As the value of a home increases, individual homeowners may acquire a stake in the home. This is the difference between the value of a home in the open market minus the money owned for the property. It is usually offered in the form of a mortgage, but it may also include a mortgage loan facility or another unpaid lien of real estate.

However, the value of homes has skyrocketed across North Carolina and in the triangle, with homes in the Raleigh area. Added an estimated $ 50 billion value According to a Zillow report, in 2021 alone. In other words, this is about 25% of Raleigh’s total real estate value, which Zillow estimates is $ 210 billion in a calendar year.

As the housing market booms, more North Carolina homeowners have become “equity rich”

And it has brought about positive changes in the individual balance sheets of property owners in the region. For some, it made a big difference.

A previous report from ATTOM Record number of homeowners It was considered “equity rich” throughout North Carolina. That is, their home was worth at least twice the total balance of unpaid loans. The report, published in February 2022, tracking data from 2021 found that 49.4% of homeowners in Wake County are now considered to have unpaid loans on their assets. Did.

Median home sales in Wake County will rise to a high in June: $ 493,161

Real estate market is still hot

Since the beginning of this year, the real estate market has Recent pause At the Wake County real estate market earlier this summer. now, Median selling price Despite being, it is again at record height Signs that the market may be shiftingA little away from the seller.

According to ATTOM, homeowners’ tenure, the time they spend living or renting before selling real estate, is now approaching record lows. National average 5.87 years home.

The only quarter with the lowest holding period was 5.71, the first quarter of the second lowest year since the first quarter of 2012. (Editor’s Note: The ATTOM dataset does not contain data for the North Carolina metropolitan area. )

Of course, homeowners want to profit from equity, and Tap the value of their homeIncludes new tech-enabled companies that have set up shops in the region.

Many triangle homeowners are now “equity rich”.Here’s how to monetize

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