Local Market Update – November 2022
Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.
New Listings in the Triangle region decreased 24.0 percent to 2,637. Under Contract Sales were down 33.6 percent to 2,361. Inventory levels rose 111.3 percent to 6,590 units.
Prices continued to gain traction. The Median Sales Price increased 8.4 percent to $400,000. Days on Market was up 154.5 percent to 28 days. Buyers felt empowered as Months Supply of Inventory was up 150.0 percent to 2.0 months.
With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.
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.
