Local Market Update – November 2021
The economy is improving, unemployment is falling, and the U.S. real estate market remains strong as we head into the holiday season, a period when activity typically slows as people take time to travel, celebrate, and spend time with loved ones. Although the market is not as frenetic as was seen earlier this year, buyer demand is high, bolstered by attractive mortgage rates and a low supply of inventory.
New Listings in the Triangle region increased 6.7 percent to 3,410. Under Contract Sales were up 6.7 percent to 3,666. Inventory levels fell 39.9 percent to 2,776 units.
Prices continued to gain traction. The Median Sales Price increased 21.0 percent to $369,000. Days on Market was down 42.1 percent to 11 days. Sellers were encouraged as Months Supply of Inventory was down 41.7 percent to 0.7 months.
The most recent data from the National Association of REALTORS® reports the median single-family existing home sales price rose 16% in the third quarter of this year to $363,700, with all four regions of the country experiencing double-digit price growth. In new construction, builder confidence increased in November, surpassing analyst expectations and rising to 83 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), the highest level since spring, despite persistent labor and supply chain challenges and a shortage of available lots.
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.
