local market update - january 2023

Per the January report from Triangle MLS:
Across the entire Triangle region, the median sales price went from $370,575 to $385,000, which is a nearly 4% increase compared to January of last year. New listings were down, though, by less than 1%. Also decreased was the number of closed sales, which were 1,964.

In ​Chatham County, year-to-date, there was a 10.7% increase in new listings, while the number of closed sales decreased by 22.7%. The median sales prices also dropped, by 5.1%. The average sales price increased to $643,629.

In Durham County, closed sales have decreased 28.8% year to date. The average sales price increased by 1.1% to $411,715, while the median sales price showed no change at all. New listings decreased to 321 or 9.6%. The inventory of homes for sale went up by nearly 44% to 477 homes.

The number of listings in Orange County has decreased by 44.7%, from 132 new listings year-to-date last year to 73 new listings this year. There was a year-to-date 43.3% decrease in closed sales. The median sales price, however, increased by 5.9%, from $392,900 to $416,175.

The number of listings in Person County decreased by 3.2%. There was 21.4% decrease also in closed sales. But the median sales price increased by 40.6% to $246,740. The inventory of homes for sale went up by nearly 104% to 49 homes.

In Wake County, the median sales price increased by 6.2% to $426,000. But there was a decrease of 1.6% in the number of new listings year-to-date compared to last year and a nearly 30% drop of closed sales. 

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