Local Market Update - July 2022

Per the July report from Triangle MLS:
"New Listings in the Triangle region were up 1 percent to 4,815. Under Contract Sales were down 14.7 percent to 3,478. Inventory levels went up 68.9 percent to 5,628 units. Closed sales were down 12.6 percent to 3,684.

The Median Sales Price increased by 18.3 percent to $420,000. Days on Market was up 33.3 percent to 12 days. Sellers were encouraged as Months' Supply of Inventory was up 87.5 percent to 1.5 months."

In Chatham County, there was a 2.2% decrease in new listings in July. The number of closed sales decreased between 2021 and 2022, dropping from 927 to 765. Median sales prices also increased by 22.2 percent. In July, Chatham County median sales price was higher than the median sales price for all MLS listings.

In Durham County, closed sales have decreased 6.2 percent year to date. Median sales price has increased 24.9 percent when compared to July last year, moving from $329,210 to $411,250. Average sales price increased by 18.9% year to date. In July, the Durham County median sales price was slightly lower compared to the median sales price of all MLS listings.

The number of listings in Orange County has decreased by 13.8 percent, from 1,432 new listings year to date last year to 1,235 new listings this year. There was a year to date 12.3 percent decrease in closed sales. Additionally, median sales price increased by 10.8 percent, from $415,000 to $460,000. In July, Orange County median sales price were above the median sales price for all MLS listings.

The number of listings in Person County has increased by 9.0 percent, from 299 new listings year to date last year to 326 new listings this year. There was a 4.7 percent decrease in closed sales. Additionally, median sales price increased by 18.6 percent, from $218,325 to $259,000. In July, Person County median sales price was below the median sales price for all MLS listings.

In Wake County, there was a decrease of 3.0 percent in the number of new listings year to date compared to last year. The number of closed sales decreased 13.4 percent. Median sales prices increased by 23.7 percent year to date, rising to $470,000. Compared to the median sales price for all MLS listings, Wake County median sales price were slightly higher for July.

Are you getting ready to list your home for sale? Read our resource section on Seller First Impressions HERE to learn how the best possible response from showings! ​