Local Market Update: The Greater Triangle - May 2024

Published by the Triangle Multiple Listing Service:
U.S. existing-home sales decreased for the second consecutive month, dipping 1.9% both month-over-month and year-over-year, as reported by the National Association of REALTORS® (NAR). Sales declined across all four regions of the country. Despite these figures, the market remains resilient, with home prices continuing to rise nationwide. The median existing-home price recently hit $407,600, marking a 5.7% increase from the same period last year and setting a new record for the month. Higher borrowing costs and rising home prices have influenced demand, prompting some prospective buyers to wait on the sidelines, yet the increase in inventory this year offers promising opportunities for future buyers.

In the Triangle Region, new listings rose by 21.7% to reach 4,862. Sales under contract saw a slight increase of 1.3%, totaling 3,605. Inventory grew by 9.4% to 7,073. The median sales price experienced a minor decline of 1.2%, dropping from $410,000 to $405,000. Days on market significantly decreased by 72.5%, now averaging 11 days. The months supply of inventory increased by 14.3%, reaching 2.4 months.

In Chatham County, new listings saw a notable increase of 30.9%, reaching 161. Inventory experienced a slight decline of 5.6%, dropping to 270. The median sales price fell by 6.6%, from $683,711 to $638,575. Days on market decreased by 39.5%, now averaging 23 days. The months supply of inventory remained steady at 2.9.

In Durham County, new listings rose by 14.1% to 549, while inventory slightly decreased by 1% to 620. The months supply of inventory grew by 11.1% to 2.0. The median sales price increased by 2.9%, although the average sales price fell by 1.4%. The number of closed sales dropped by 7.9%, totaling 396.

In Orange County, new listings grew by 7.2% to 209, while inventory saw a significant rise of 43.4% to 281. The months supply of inventory expanded by 50% to 2.4. Both the median sales price and average sales price increased, by 7.5% and 11%, respectively. The number of closed sales went up by 3.1%, reaching 164.

In Person County, new listings rose by 11.6% to 48, and inventory grew by 35.2% to 73. The months supply of inventory increased by 37.5% to 2.2. Both the median sales price and the average sales price saw substantial increases of 11.2% and 42.6%, respectively. However, the number of closed sales fell by 23.3%, totaling 33.

In Wake County, new listings went up by 25.9% to 2,126, and inventory rose by 5.7% to 2,551. The months supply of inventory increased by 5.6% to 1.9. Both the median sales price and the average sales price experienced growth, with increases of 4.7% and 3.7%, respectively. However, the number of closed sales declined by 4.7%, totaling 1,496.

REALTORS are plugged into the pulse of the real estate market, and Carl Johnson Real Estate takes this to the next level, especially in the Greater Triangle. Carl’s comprehensive understanding of local trends, property values, and neighborhood dynamics gives you a distinct advantage. Whether you're a buyer seeking the perfect location or a seller aiming for the optimal listing price, Carl Johnson Real Estate's market insights are invaluable. 

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