Local Market Update – October 2024
Home sales in the U.S. are at their lowest point in over a decade, dropping 1% from last month and 3.5% compared to last year, according to the National Association of REALTORS®. Even though mortgage rates have dipped and there are more homes on the market—1.39 million in October, up 23% from last year—buyers seem hesitant to make a move.
Meanwhile, home prices continue to rise. The median price for a home hit $404,500 in October, up 3% from last year. So, while there’s more to choose from, homes are still pricey, leaving many buyers on the sidelines.
In our local market, New Listings in the doorify™ MLS service region increased 16.8 percent to 4,120. Under Contract Sales increased 17.6 percent to 3,176. Inventory increased 10.0 percent to 8,794. Median Sales Price increased 1.3 percent from $400,000 to $405,000. Days on Market decreased 36.1 percent to 23. Months Supply of Inventory increased 7.4 percent to 2.9.
Click on the links below for more detailed information about the Real Estate Markets in Durham, Orange & Chatham counties:
Durham County
Orange County & Chapel Hill
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.
