Local Market Update – September 2020
Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.
New Listings in the Triangle region increased 6.6 percent to 4,218. Under Contract Sales were up 33.3 percent to 4,363. Inventory levels fell 47.4 percent to 4,874 units.
Prices continued to gain traction. The Median Sales Price increased 8.5 percent to $299,900. Days on Market was down 26.7 percent to 22 days. Sellers were encouraged as Months Supply of Inventory was down 51.9 percent to 1.3 months.
While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.
Click on the links below for more detailed information about the Real Estate Markets in Durham, Orange & Chatham counties:
Durham County
Orange County
Chatham County
For information about how the local market affects your real estate needs, contact any of the real estate experts at Peak Swirles & Cavallito Properties.
