Market Report March 2024: Greater Triangle

As reported by the Triangle MLS, U.S. sales of new-residential homes fell for the first time in three months, sliding 0.3% month-over-month to a seasonally adjusted annual rate of 662,000 units, according to the Census Bureau, as the previous month’s sales pace was revised up to 664,000 units from 661,000 units. Despite the decline, new-home sales were up 5.9% compared to the same time last year. For the 12-month period spanning April 2023 through March 2024, Under Contract Sales in Triangle area were down 4.9 percent overall. The price range with the largest gain in sales was the $245,000 to $344,999 range, where they increased 1.6 percent.

The overall Median Sales Price was down 1.2 percent to $400,000. The property type with the smallest price decline was the Single Family Homes segment, where prices decreased 0.2 percent to $424,000. The price range that tended to sell the quickest was the $345,000 to $469,999 range at 37 days; the price range that tended to sell the slowest was the $244,999 or Less range a t 63 days.
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Market-wide, inventory levels were down 12.0 percent. The property type that gained the most inventory was the Townhouse-Condo segment, where it increased 8.4 percent. That amounts to 1.9 months supply for Single Family homes and 1.9 months supply for Townhouse-Condo.

In Chatham County, there was a 7.7% decrease in the number of new listings in March, year to date, compared to last year, which decreased from 143 to 132. The number of closed sales decreased from 107 to 79 or by 26.2%. Meanwhile the median sales price increased by 22.9%. In March, Chatham County median sales price exceeded the median sales price for all MLS listings.

In Durham County, new listings and closed sales decreased by 5.2% and 17.9% respectively. The median sales price increased 2.5% from this time last year, moving from $399,900 to $409,823. The average sales price also increased, by 7.7% year to date. In March, the Durham County median sales price exceeded the median sales price for all MLS listings. 

The number of listings in Orange County increased 1.2%, from 173 new listings year to date last year to 175 new listings this year. There was a 10% increase in closed sales. Additionally, the median sales price increased 22.3%, from $410,000 to $501,328. Overall, the Orange County median sales price exceeded the median sales price for all MLS listings. 

The number of listings in Person County decreased 13% from 46 to 40 over last year at this time. There was a 2.7% decrease in closed sales. The median sales price, however, increased from $242,990 to $291,945 or by 20.1% year-to-date. Overall, the Person County median sales price was well below the median sales price for all MLS listings, though. 

​In Wake County, there was an increase of 3.1% in the number of new listings year to date compared to last year, which rose from 1,715 to 1,768. The number of closed sales, meanwhile, dropped 16.5% from 1,583 to 1,322. The median sales prices increased 5.5%.  Compared to the median sales price for all MLS listings, the Wake County median sales price was higher in March.

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.