June Market Update
Per the June report from Triangle MLS "Summer’s here, and with vaccination rates on the rise, buyers continue to flood the market in search of their next home, with rock bottom inventory and record high sales prices reported throughout much of the country. Although closed sales were down nationally, overall demand for housing remains high, in part due to attractively low interest rates, offering buyers some relief and affordability in a fiercely competitive market. For the 12- month period spanning July 2020 through June 2021, Under Contract Sales in Triangle area were up 14.7 percent overall. Market-wide, inventory levels were down 60.0 percent. "
In Chatham County, there was a 3.8 percent increase in new listings in June, similarly the year to date new listings, compared to last year, increased from 847 to 891. The number of closed sales increased from 653 to 779, a 19.3 percent increase. Median sales prices also increased by 16.0 percent. In June, Chatham County median sales price was slightly above the median sales price for all MLS listings.
In Durham County, new listings decreased by 1.2 percent and closed sales have increased 7.5 percent year to date. Median sales price has increased 14.4 percent from this time last year, moving from $283,500 to $324,450. Average sales price increased by 18.7% percent year to date. In June, the Durham County median sales price was comparable to the median sales price of all MLS listings.
The number of listings in Orange County has increased by 8.9 percent, from 1,111 new listings year to date last year to 1,210 new listings this year. There was a 16.6 percent increase in closed sales. Additionally, median sales price increased by 27.5 percent, from $320,000 to $407,935. In June, Orange County median sales price exceeded the median sales price for all MLS listings.
The number of listings in Person County has increased by 7.0 percent, from 243 new listings year to date last year to 260 new listings this year. There was a 23.4 percent increase in closed sales. Additionally, median sales price increased by 13.5 percent, from $189,500 to $215,000. In June, Person County median sales price was comparable to the median sales price for all MLS listings.
In Wake County, there was a decrease of 3.8 percent in the number of new listings year to date compared to last year. The number of closed sales increased 10.5 percent. Median sales prices also increased by 22.2 percent for June 2021 compared to June 2020. Compared to the median sales price for all MLS listings, Wake County median sales price were level in June.
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