Local Market Update – April 2021
April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.
New Listings in the Triangle region increased 24.9 percent to 4,709. Under Contract Sales were up 37.0 percent to 4,532. Inventory levels fell 66.5 percent to 2,646 units.
Prices continued to gain traction. The Median Sales Price increased 13.8 percent to $329,900. Days on Market was down 46.2 percent to 14 days. Sellers were encouraged as Months Supply of Inventory was down 72.7 percent to 0.6 months.
In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
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.
