Luxury Real Estate Market Continues to Thrive in the Triangle

RALEIGH, N.C. (June 18, 2020) – Hodge & Kittrell Sotheby’s International Realty, a residential real estate firm with offices in Raleigh and Chapel Hill, announced today that its average transaction price has increased by 12 percent in 2020 compared to its average transaction price in 2019. The company also reports its contingent sales volume increased by 26 percent during May 2020 as compared to May 2019. 

Recent Sale – 2817 Anderson Drive, Raleigh, NC – Hodge and Kittrell SIR

Gilliam Kittrell, Owner and Broker at Hodge & Kittrell, said, “We have seen a steady increase in real estate activity since the end of April at our Raleigh and Chapel Hill offices. I believe the recent stay-at-home order has led to a new appreciation for quality of life within one’s home, as well as a pursuit to find quality real estate agents who can quickly adapt to the changes in our industry.” Gilliam notes that brokers at Hodge & Kittrell Sotheby’s International Realty are taking extra steps to keep clients safe at this time, some of which include hosting virtual open houses and taking extra precautions during in-person showings. 

Stacey Anfindsen, a residential market analyst who runs the Triangle Area Residential Report, said, “In spite of unprecedented social and economic headwinds, residential real estate in the overall RTP market continues to be in demand. Pending listings during the first five months of this year were down 1 percent with the majority of the decrease attributed to pandemic onset during the last two weeks of March and the first two weeks of April. Pending listings during January, February and May were above 2019 levels. The pandemic has influenced market participants based upon price bracket. Pending listings priced between $500,000 to $1 million were up 4 percent compared to 2019.”

After a brief slowdown in March, many real estate brokers are reporting a swift recovery in business. Sheri Hagerty, Raleigh-based Real Estate Broker at Hodge & Kittrell Sotheby’s International Realty and Vice President of the Triangle’s Luxury Home Marketing Group, said, “Deciding if now is the right time to sell is completely determined by the comfort level of my clients. However, when there is less new inventory entering the market, what follows is an increased demand for homes that have stayed on the market, much like we’re seeing now.  A recent $1.4 million listing of mine received an offer quickly, when, just last year, the same house was removed from the market at the same list price. There are buyers out there in the luxury price point right now who have to make a move.” 

Hodge Kittrell Sotheby’s International Realty Office in Raleigh, N.C.

About Hodge & Kittrell Sotheby’s International Realty

Founded in 1968 to provide superior real estate services to clients in the Triangle area, Hodge & Kittrell Sotheby’s International Realty remains a leader in the local real estate market. With offices in Raleigh and Chapel Hill, the Company’s agents specialize in the Triangle luxury real estate market. The Sotheby’s International Realty affiliation provides a powerful marketing, technology and relocation support system. 

For additional information, please contact Mallory Sikes at (919) 876-7411

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