Local Market Update – September 2019
With the kids back in school and the weather cooling, the housing market begins its annual cooldown as well. Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy. The market fundamentals suggest no significant changes from recent trends, other than the seasonally tempered pace we see this time of year. As we move into the final three months of 2019, buyers will find fewer homes coming on the market, but also less competition for those homes.
New Listings in the Triangle region increased 18.2 percent to 3,876. Under Contract Sales were up 35.2 percent to 3,443. Inventory levels fell 7.9 percent to 8,626 units. Prices continued to gain traction.
The Median Sales Price increased 5.1 percent to $276,000. Days on Market was up 3.4 percent to 30 days. Sellers were encouraged as Months Supply of Inventory was down 10.7 percent to 2.5 months.
In Washington there are discussions around a broad overhaul of the housing finance system including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and eventual changes will take months or years to be implemented and their impact is not yet clear. While Halloween decorations are beginning to adorn homes around the country, the real estate market this fall is looking far from scary.
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.
