Local Market Update - April 2022
Per the April report from Triangle MLS:
"As the rising costs of homeownership force many Americans to adjust their budgets, an increasing number of buyers are hoping to help offset the costs by moving from bigger, more expensive cities to smaller areas that offer a more affordable cost of living.
Inventory remains low, with only 2 months supply at present, and home prices continue to rise, with the median existing home at $373,500, a 15% increase from this time last year. Homes are still selling quickly, however, and multiple offers are common in many markets."
In Chatham County, there was a 22.7% decrease in new listings in April. The number of closed sales decreased between 2021 and 2022, dropping from 475 to 381. Median sales prices also increased by 29.0 percent. In April, Chatham County median sales price was slightly higher than the median sales price for all MLS listings.
In Durham County, closed sales have decreased 6.8 percent year to date. Median sales price has increased 30.3 percent when compared to April last year, moving from $308,500 to $402,000. Average sales price increased by 23.2% year to date. In April, 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 21.0 percent, from 781 new listings year to date last year to 617 new listings this year. There was a 1.6 percent decrease in closed sales. Additionally, median sales price increased by 16.2 percent, from $372,000 to $432,140. In April, Orange County median sales price were below the median sales price for all MLS listings.
The number of listings in Person County has increased by 2.4 percent, from 167 new listings year to date last year to 171 new listings this year. There was a 2.7 percent decrease in closed sales. Additionally, median sales price increased by 10.7 percent, from $215,000 to $238,000. In April, Person County median sales price was below the median sales price for all MLS listings.
In Wake County, there was a decrease of 13.5 percent in the number of new listings year to date compared to last year. The number of closed sales decreased 11.4 percent. Median sales prices increased by 24.3 percent year to date, rising to $450,000. Compared to the median sales price for all MLS listings, Wake County median sales price were on par for April.
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