December 2024 Triangle Market Report

In November 2024, the Triangle region experienced notable changes in the real estate market. There was a significant 24.3% increase in new listings compared to the previous month, contributing to a year-to-date rise of 17.3% in new listings.
Additionally, closed sales surged by 6.5% in November, signaling a more active market.
The average sales price in the region saw a modest 0.8% increase, indicating continued demand. The median sales price also saw a slight uptick, moving from an average of $399,983 to exactly $400,000. These trends suggest a stable yet growing market as we approach the end of the year.

In November 2024, Wake County saw a 10.8% increase in new listings, reflecting a growing supply of homes. Despite this, closed sales experienced a slight decline of 5.2%, indicating a possible slowdown in the pace of sales. However, the market showed resilience in terms of pricing: the median sales price rose by 4.1%, while the average sales price increased by 5.3%. These price increases suggest continued demand for properties in Wake County, even as the volume of transactions may have cooled somewhat.

In November 2024, Person County experienced a significant 29.7% decrease in new listings. Despite this drop in new listings, the real estate market has seen positive year-to-date growth in terms of pricing. The average sales price in Person County has increased by 9.6% year to date, suggesting continued demand for properties, even with fewer homes entering the market. This price increase highlights the area's overall strong market performance amid lower inventory.

In Orange County, the real estate market experienced notable shifts in November. New listings surged by 14.3%, indicating a growing supply of homes available for sale. However, closed sales saw a significant decline of 19.6%, reflecting a slowdown in the pace of transactions. Despite this, the market is showing signs of recovery, with a 9.7% increase in the median sales price, suggesting that demand is picking up and buyers are willing to pay more for properties. These mixed trends highlight a transitional period in the local market, where more inventory is becoming available, yet the volume of sales is still adjusting.

In November, Durham County saw a remarkable 37.1% increase in new listings, signaling a substantial rise in the number of homes entering the market. This boost in inventory reflects a growing supply for potential buyers. Additionally, closed sales rose by 1.5%, suggesting that despite the surge in new listings, demand remains steady, and transactions are occurring at a moderate pace. This combination of rising listings and steady sales indicates a balanced market where both buyers and sellers are active, with more options available for those in search of a home.

In Chatham County, new listings saw a notable 19.4% increase in November, indicating a rise in housing supply. Alongside this, the average sales price saw a 5.3% increase in October, bringing the average price to $816,965. This rise in both new listings and the average sales price suggests a robust market where demand is strong, and buyers are willing to pay more for properties. The increase in listings may also reflect efforts to capitalize on the rising prices, further driving activity in the county's real estate market.

Did you know? Hiring a realtor can save you time and stress during the home-buying process. With their expertise in the market, negotiation skills, and knowledge of the process, they will streamline the journey in Real Estate, making the experience smoother and as hassle-free as possible.

Engaging a seasoned REALTOR like Carl Johnson, who is highly experienced in the Greater Triangle area, brings invaluable negotiation skills to the table. Whether you're buying or selling in Durham, Chapel Hill, Carrboro, or elsewhere in the Greater Triangle, Carl’s deep understanding of the local market ensures you get top-tier service. Don't forget we also work at the Crystal Coast of NC. From navigating counteroffers to securing favorable terms, Carl's finesse in negotiations will significantly impact the outcome of your transaction. Trusting Carl means you have a dedicated advocate on your side, maximizing your chances of closing the deal with the best terms possible. 
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Call 919-880-0904 or visit our site today to leverage Carl's expertise in the Greater Triangle & The Crystal Coast.