LOCAL MARKET UPDATE - November 2022

Per the November report from Triangle MLS:
"New Listings in the Triangle region were down 24 percent to 2,637. Closed sales were down 32.9 percent to 2,754. But inventory levels went up 111.3 percent to 6,590 units. 
The Median Sales Price increased by 8.4 percent to $400,000. Days on Market was up 154.4 percent to 28 days. Sellers were encouraged as Months' Supply of Inventory was up 150 percent to 2 months."

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In Chatham County, there was a 46.8 percent decrease in new listings in November. The year-to-date number of closed sales decreased between 2021 and 2022, dropping from 1,449 to 1,199. But the median sales prices increased by 1 percent. In November, Chatham County’s inventory levels went up by 73.8 percent to 252 units.

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In Durham County, closed sales decreased 14.7 percent year to date. The median sales price increased 7.5 percent, moving from $381,220 to $410,000.  The average sales price increased by 8 percent to $439,399. In November, the Durham County median sales price was just about the same as the median sales price of all MLS listings.

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In November, the number of listings in Orange County decreased by 31.5 percent. The number of closed sales also decreased by 43.5 percent, while the median sales price rose by 7.1 percent to $410,748. Sellers were encouraged as Months' Supply of Inventory was up 85.7 percent to 1.3 months. In November, the Orange County median sales price was below the median sales price for all MLS listings.

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The number of November listings in Person County decreased by 37.8 percent, down to just 23 units. However, there was no change in the number of closed sales compared to October.  Additionally, the median sales price increased by 3.7 percent, from $233,000 to $241,700. Inventory increased by 8.3 percent, while the November Person County median sales price was notably higher than the median sales price for all MLS listings.

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In Wake County, there was a decrease of nearly 9 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 timeframe decreased by nearly 17 percent. The median sales price rose by 10.6 percent to $470,000. Compared to the median sales price for all MLS listings, the Wake County median sales price was higher for November.

Click here to learn more about Central Durham neighborhoods.