August Market Update
Per the August report from Triangle MLS:
"With housing prices soaring and record-low inventory throughout much of the country, many prospective buyers have opted to rent for the time being, only to find conditions much the same in the rental market. Indeed, competition for rental properties is strong: the national median rent has increased 11.4% since January, and rent growth this year is surpassing the average growth over the same months from 2017 – 2019 in 98 out of the 100 largest cities in the nation, according to Apartment List. For the 12- month period spanning September 2020 through August 2021, Under Contract Sales in Triangle area were up 8.2 percent overall."
In Chatham County, there was a 3.8% percent increase in new listings in August, while the year to date new listings, compared to last year, decreased from 1,183 to 1,165. The number of closed sales increased from 925 to 1,063, a 16.8 percent increase. Median sales prices also increased by 16.3 percent. In August, Chatham County median sales price was slightly above the median sales price for all MLS listings.
In Durham County, new listings decreased by 0.5 percent and closed sales have increased 2 percent year to date. Median sales price has increased 16.1 percent from this time last year, moving from $285,304 to $331,100. Average sales price increased by 18.5% year to date. In August, the Durham County median sales price was slightly higher compared to the median sales price of all MLS listings.
The number of listings in Orange County has increased by 8.1 percent, from 1,479 new listings year to date last year to 1,599 new listings this year. There was a 14.8 percent increase in closed sales. Additionally, median sales price increased by 27.4 percent, from $325,000 to $414,100. In August, Orange County median sales price greatly exceeded the median sales price for all MLS listings.
The number of listings in Person County has increased by 13.1 percent, from 314 new listings year to date last year to 355 new listings this year. There was a 13.7 percent increase in closed sales. Additionally, median sales price increased by 11.7 percent, from $195,000 to $217,750. In August, Person County median sales price was below the median sales price for all MLS listings.
In Wake County, there was a decrease of 4.7 percent in the number of new listings year to date compared to last year. The number of closed sales increased 4.3 percent from 14,743 to 15,381. Median sales prices also increased by 14.7 percent year to date, rising to $383,000. Compared to the median sales price for all MLS listings, Wake County median sales price were slightly lower for August.
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