September Market Update

Per the September report from Triangle MLS:
"Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search."

In Chatham County, there was a 21.1% percent increase in new listings in September. The number of closed sales increased from 1,062 to 1,185, a 16.3 percent increase. Median sales prices also increased by 16.3 percent. In September, Chatham County median sales price was slightly above the median sales price for all MLS listings.

In Durham County, closed sales have increased 4.6 percent year to date. Median sales price has increased 16.8 percent from this time last year, moving from $286,908 to $335,000. Average sales price increased by 18.7% year to date. In September, 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 10.1 percent, from 1,647 new listings year to date last year to 1,814 new listings this year. There was a 9.0 percent increase in closed sales. Additionally, median sales price increased by 26.2 percent, from $325,000 to $410,000. In September, 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 11.4 percent, from 359 new listings year to date last year to 400 new listings this year. There was a 13.5 percent increase in closed sales. Additionally, median sales price increased by 10.3 percent, from $195,000 to $215,000. In September, Person County median sales price was far below the median sales price for all MLS listings.

In Wake County, there was a decrease of 4.0 percent in the number of new listings year to date compared to last year. The number of closed sales increased 1.6 percent from 16,868 to 17,145. Median sales prices also increased by 15.2 percent year to date, rising to $386,000. Compared to the median sales price for all MLS listings, Wake County median sales price were on par for September.

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