Local Market Update – September 2021
Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.
New Listings in the Triangle region increased 8.1 percent to 4,631. Under Contract Sales were down 0.9 percent to 4,136. Inventory levels fell 37.6 percent to 3,387 units.
Prices continued to gain traction. The Median Sales Price increased 17.7 percent to $353,000. Days on Market was down 54.5 percent to 10 days. Sellers were encouraged as Months Supply of Inventory was down 42.9 percent to 0.8 months.
There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over year gains, would be music to the ears of homebuyers throughout the country.
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.
