Local Market Update - June 2022

Per the June report from Triangle MLS:
"Record-high home prices and surging mortgage interest rates are taking their toll on America’s homebuilders, with builder confidence falling for the sixth consecutive month in June and dropping to its lowest level in two years, according to the National Association of Home Builders (NAHB). Buyer traffic is down, and as construction costs increase and housing affordability declines, construction on new homes is slowing, reflecting concerns among builders about current and future sales of new single-family homes in the months ahead. 
Market-wide, inventory levels were up 58.7 percent. The property type that gained the most inventory was the Single Family segment, where it increased 61.3 percent. That amounts to 1.3 months supply for Single Family homes and 1.0 months supply for Townhouse-Condo."

In Chatham County, there was a 12% increase in new listings in June. The number of closed sales decreased between 2021 and 2022, dropping from 780 to 651. Median sales prices also increased by 8.5 percent. In June, Chatham County median sales price was higher than the median sales price for all MLS listings.

In Durham County, closed sales have decreased 3.9 percent year to date. Median sales price has increased 22.2 percent when compared to June last year, moving from $351,744 to $430,000. Average sales price increased by 20.1% year to date. In June, 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 14.3 percent, from 1,216 new listings year to date last year to 1,216 new listings this year. There was a year  to date 8.2 percent decrease in closed sales. Additionally, median sales price increased by 12.3 percent, from $406,539 to $456,558. In June, 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 7.7 percent, from 260 new listings year to date last year to 280 new listings this year. There was a 2.5 percent decrease in closed sales. Additionally, median sales price increased by 14.0 percent, from $215,000 to $245,000. In June, Person County median sales price was below the median sales price for all MLS listings.

In Wake County, there was a decrease of 4.2 percent in the number of new listings year to date compared to last year. The number of closed sales decreased 13.5 percent. Median sales prices increased by 24.2 percent year to date, rising to $466,713. Compared to the median sales price for all MLS listings, Wake County median sales price were slightly higher for June.

Ready to start looking for your new home? Read our resource section on Getting Ready for a Mortgage HERE to learn how to get started on the right foot!