Local Market Update – November 2024
Good news for the housing market! U.S. home sales rose 3.4% in October compared to the previous month and were up 2.9% from last year, marking the first annual increase since mid-2021 and exceeding economists’ expectations for the month, according to the National Association of REALTORS®. Lower mortgage rates in late summer and early fall gave buyers a boost, with sales improving in every region.
More homes are hitting the market too—1.37 million were available in November, up 19.1% from last year. However, prices remain high, with the median home price reaching $407,200, a 4% jump from 2022. More options, but affordability challenges persist!
In our local market, New Listings in the doorify™ MLS service region increased 24.3 percent to 3,127. Under Contract Sales increased 25.1 percent to 2,799. Inventory increased 9.5 percent to 8,487. Median Sales Price remained flat at $399,983. Days on Market decreased 33.3 percent to 24.
Click on the links below for more detailed information about the Real Estate Markets in Durham, Orange & Chatham counties:
Durham County
Orange County & Chapel Hill
Chatham County
Want more in-depth market statistics? Check out the interactive market activity dashboard for the doorify™ MLS service region.
For information about how the local market affects your real estate needs, contact any of the real estate experts at Peak Swirles & Cavallito Properties.
*All data from Doorify Multiple Listing Service, Inc. ©2024
