Local Market Update – May 2021
As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.
New Listings in the Triangle region increased 0.3 percent to 4,380. Under Contract Sales were up 2.5 percent to 4,762. Inventory levels fell 69.6 percent to 2,175 units.
Prices continued to gain traction. The Median Sales Price increased 19.8 percent to $345,000. Days on Market was down 53.8 percent to 12 days. Sellers were encouraged as Months Supply of Inventory was down 75.0 percent to 0.5 months.
With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.
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.
