Local Market Update - March 2022

Per the Triangle MLS: "Nationally, existing home sales recently dropped to a 6-month low, falling 7.2% as buyers struggled to find a home amid rising prices and historic low inventory. Pending sales are also down, declining 4.1% as of last measure, according to the National Association of REALTORS®. Builders are working hard to ramp up production—the U.S. Census Bureau reports housing starts are up 22.3% compared to a year ago—but higher construction costs and increasing sales prices continue to hamper new home sales, despite high demand for additional supply."

In Chatham County, there was a 19.9% decrease in new listings in March. The number of closed sales decreased 11.2% between 2021 and 2022. Median sales prices also increased by 27.3 percent. In March, Chatham County median sales price was on part with the median sales price for all MLS listings.

In Durham County, closed sales have decreased 9.7 percent year to date. Median sales price has increased 0.7 percent when compared to March last year, moving from $304,900 to $395,000. Average sales price increased by 22.4% year to date. In March, the Durham County median sales price was much higher compared to the median sales price of all MLS listings.

The number of listings in Orange County has decreased by 18.8 percent, from 528 new listings year to date last year to 429 new listings this year. There was a 1.3 percent decrease in closed sales. Additionally, median sales price increased by 16.7 percent, from $365,000 to $426,000. In March, Orange County median sales price were below the median sales price for all MLS listings.

In Wake County, there was a decrease of 16.6 percent in the number of new listings year to date compared to last year. The number of closed sales decreased 11.6 percent. Median sales prices increased by 23.9 percent year to date, rising to $440,000. Compared to the median sales price for all MLS listings, Wake County median sales price were on par for March.

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