Market Report April 2024: Greater Triangle

As reported by the Triangle MLS, U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines.

Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price in the Triangle Region hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR. New Listings in the Triangle Region increased 22.4 percent to 4,607. Under Contract Sales increased 4.7 percent to 3,684. Inventory decreased 1.8 percent to 6,327. Median Sales Price increased 2.5 percent from $400,000 to $410,000. Days on Market decreased 58.5 percent to 17. Months Supply of Inventory were dead even with last year.

​Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before. 

In April, Chatham County saw a noteworthy 19% surge in new listings, totaling 150 compared to last year's 126. Despite a slight dip of 7.1% in closed sales (105 from 113), the median sales price soared by an impressive 14.4%, surpassing the MLS median.

​Durham County experienced a mixed bag of results, with new listings and closed sales rising by 8.9% and 3.9%, respectively. However, the median sales price dipped slightly by 1.2% to $410,000, while the average sales price increased by 0.5%.

In Orange County, listings shot up by 12.7%, reaching 204 this year. Closed sales saw a 6.7% boost. Although the median sales price saw a slight decrease of 0.5%, Orange County's median sales price still outpaced the MLS median.

Person County saw a commendable 10.6% uptick in listings, totaling 52. Closed sales rose by 3.3%, and the median sales price surged by an impressive 13.7% year-to-date. However, it remained below the MLS median.

Wake County witnessed a remarkable 22.9% surge in new listings, reaching a total of 1,505. Closed sales also saw an uptick of 5.8%. The median sales price increased by 5.3%, signaling a strong market, with Wake County's median exceeding the MLS median in April.

​Did you know? Hiring a realtor can save you time and stress in the home-buying process. Their expertise in the market, negotiation skills, and knowledge of the paperwork can streamline the journey to your dream home, ensuring a smooth and hassle-free experience.

Engaging a seasoned REALTOR like Carl Johnson, who is well-versed in the Greater Triangle area, brings a wealth of negotiation skills to the table. Whether you're buying or selling in Durham, Chapel Hill, Carrboro, or elsewhere in the Greater Triangle, Carl's expertise ensures you get the best deal possible. From navigating counteroffers to securing favorable terms, Carl Johnson’s finesse in negotiations can make a substantial difference in the outcome. Trusting Carl ensures you have a dedicated advocate, maximizing your chances of closing the deal on your terms. Call 919-880-0904 or CLICK HERE today to leverage Carl's expertise in the Greater Triangle.