Local Market Update – December 2020
December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.
New Listings in the Triangle region increased 20.9 percent to 2,851. Under Contract Sales were up 30.9 percent to 3,198. Inventory levels fell 53.7 percent to 3,587 units. Prices continued to gain traction.
The Median Sales Price increased 8.4 percent to $300,000. Days on Market was down 48.7 percent to 20 days. Sellers were encouraged as Months Supply of Inventory was down 59.1 percent to 0.9 months.
With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.
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.
