January Market Update

Per the January report from Triangle MLS:
"The 2022 real estate market begins where 2021 left off, in which existing home sales reached their highest level since 2006, with the National Association of REALTORS® reporting sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates. Home sales would’ve been even greater were it not for soaring sales prices and a shortage of homes for sale in many markets, forcing a multitude of buyers to temporarily put their home purchase plans on hold."

In Chatham County, there was a 21.7% decrease in new listings in January. The number of closed sales was the same between 2021 and 2022. Median sales prices also increased by 33.7 percent. In January, Chatham County median sales price was on par with the median sales price for all MLS listings.

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In Durham County, closed sales have increased 5.2 percent year to date. Median sales price has increased 28.8 percent when compared to January last year, moving from $291,00 to $374,950. Average sales price increased by 22.6% year to date. In January, the Durham County median sales price was higher compared to the median sales price of all MLS listings.

The number of listings in Orange County has decreased by 17.9 percent, from 162 new listings year to date last year to 133 new listings this year. There was a 0.8 percent increase in closed sales. Additionally, median sales price increased by 13.4 percent, from $344,500 to $390,500. In January, Orange County median sales price were below the median sales price for all MLS listings.

The number of listings in Person County has decreased by 18.4 percent, from 38 new listings year to date last year to 31 new listings this year. There was a 36.4 percent decrease in closed sales. Additionally, median sales price decreased by 14.4 percent, from $205,000 to $175,500. In January, Person County median sales price was far below the median sales price for all MLS listings.

In Wake County, there was a decrease of 27.1 percent in the number of new listings year to date compared to last year. The number of closed sales decreased 13.6 percent. Median sales prices increased by 25.4 percent year to date, rising to $434,140. Compared to the median sales price for all MLS listings, Wake County median sales price were on par for January.

Durham is booming! Click here to learn about new developments that are proposed and under construction in the area.