Local realtors say they’ve never seen anything like it. I ve been doing this for 23 years, Cindy Dudley with the Dudley Realty Group said. This is the craziest market. We ve never seen a market like this.
Bill Sargeson with Allen Tate Realtors echoed similar thoughts, calling the market unprecedented and incredibly competitive.
In early 2020 as the pandemic settled into the US, home sales dropped nearly 40 percent, according to HouseCanary, a real estate technology and analytics company. By May, though, sales had started to recover as many took advantage of the extremely low mortgage rates available.
What s creating the competition?
Dudley said she believes the local spike in the market is caused by two big factors: people moving into North Carolina and people taking advantage of record-low mortgage rates.