October Market Update
Per the October report from Triangle MLS:
"The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates."
In Chatham County, there was a 13.5% percent decrease in new listings in October. Year to date, the number of closed sales decreased from 1,467 to 1,458, a 0.6 percent decrease compared to 2020. Median sales prices increased by 16.7 percent. In October, Chatham County median sales price was comparable to the median sales price for all MLS listings.
In Durham County, closed sales have increased 3.0 percent year to date. Median sales price has increased 18.0 percent from this time last year, moving from $288,000 to $339,900. Average sales price increased by 18.8% year to date. In October, the Durham County median sales price was higher compared to the median sales price of all MLS listings.
The number of listings in Orange County has increased by 6.6 percent. There was a 7.9 percent increase in closed sales year to date. Additionally, median sales price increased by 26.2 percent, from $325,000 to $409,900. In October, Orange County median sales price greatly exceeded the median sales price for all MLS listings.
The number of listings in Person County has increased by 7.7 percent, from 405 new listings year to date last year to 436 new listings this year. There was a 8.9 percent increase in closed sales. Additionally, median sales price increased by 11.0 percent, from $193,750 to $215,000. In October, Person County median sales price was far below the median sales price for all MLS listings.
In Wake County, there was a decrease of 4.5 percent in the number of new listings year to date compared to last year. The number of closed sales increased 0.5 percent from 19,005 to 19,096. Median sales prices also increased by 16.4 percent year to date, rising to $390,000. Compared to the median sales price for all MLS listings, Wake County median sales price were on par for October.
Click here to learn more about Central Durham neighborhoods.
Leave a Reply.