Local Market Update – January 2020
For 2020, The National Association of REALTORS® Chief Economist Lawrence Yun sees good news for home prices. “National median home price growth is in no danger of falling due to inventory shortages and will rise by 4%,” the longterm NAR economist predicts. He is also expecting the new-home construction market sales to increase 10%. Yun and others would like to see home builders bring more affordable units to market to help ease shortages and slow price gains in that segment.
New Listings in the Triangle region increased 2.0 percent to 3,904. Under Contract Sales were up 18.4 percent to 3,698. Inventory levels fell 15.8 percent to 6,925 units.
Prices continued to gain traction. The Median Sales Price increased 6.1 percent to $275,900. Days on Market was up 7.7 percent to 42 days. Sellers were encouraged as Months Supply of Inventory was down 24.0 percent to 1.9 months.
We start off the year with continued low interest rates, low unemployment, and rising rents nationally. These factors should encourage healthy buyer demand and sets us up for a strong start to the 2020 housing market and a lot of optimism for the coming spring market.
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.
