Local Market Update – December 2019
In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.
New Listings in the Triangle region increased 4.9 percent to 2,323. Under Contract Sales were up 21.1 percent to 2,597. Inventory levels fell 13.1 percent to 7,198 units.
Prices continued to gain traction. The Median Sales Price increased 2.2 percent to $276,000. Days on Market was up 14.7 percent to 39 days. Sellers were encouraged as Months Supply of Inventory was down 20.0 percent to 2.0 months.
With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.
Click on the links below for more detailed information about the Real Estate Markets in Durham, Orange & Chatham counties:
Durham County
Orange County
Chatham County
For information about how the local market affects your real estate needs, contact any of the real estate experts at Peak Swirles & Cavallito Properties.
