LOCAL MARKET UPDATE - December 2022

Per the December report from Triangle MLS:
"New Listings in the Triangle region were down nearly 30 percent to 1,966. Closed sales were down by 33 percent to 2,749. But inventory levels went up 113 percent to 5,996 units. 

​The Median Sales Price increased by 7 percent to $395,000. Days on Market was up 154 percent to 33 days. Sellers were encouraged as Months' Supply of Inventory was up 171 percent to 2 months."

In Chatham County, there was a 10 percent decrease in new listings in November. The year-to-date number of closed sales decreased between 2021 and 2022, dropping from 1,572 to 1,283. But the median sales prices increased by 8 percent. In December, Chatham County’s inventory levels went up by 116 percent to 223 units. ​

In Durham County, closed sales decreased 18 percent year to date. The median sales price decreased 1.3 percent, moving from $400,000 to $395,000.  The average sales price decreased by 2.1 percent to $425,538. In December, the Durham County median sales price was lower than the median sales price of all MLS listings.

In December, the number of listings in Orange County decreased by 38 percent. The number of closed sales also decreased by 33 percent, while the median sales price rose by 3.4 percent to $420,000. Sellers were encouraged as Months' Supply of Inventory was up 100 percent to 1.2 months. In December, the Orange County median sales price was below the median sales price for all MLS listings.

The number of December listings in Person County decreased by 19 percent, down to just 21 units. The number of closed sales decreased as well, by 32  percent.  Additionally, the median sales price decreased by 13 percent, from $265,000 to $229,945. Inventory increased by 14 percent, while the December Person County median sales price was on par with the median sales price for all MLS listings.

In Wake County, there was a decrease of 10 percent in the number of new listings year to date compared to last year. The number of closed sales during the same year to date time frame decreased by nearly 18 percent. The median sales price rose by 9 percent to $464,990. Compared to the median sales price for all MLS listings, the Wake County median sales price was higher in December.

2023 is a great year to sell Real Estate.  Click here to learn what to expect.