Local Market Update – October 2021
The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single-family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.
New Listings in the Triangle region decreased 3.9 percent to 4,307. Under Contract Sales were up 4.4 percent to 4,423. Inventory levels fell 39.9 percent to 3,153 units.
Prices continued to gain traction. The Median Sales Price increased 21.7 percent to $365,000. Days on Market was down 50.0 percent to 10 days. Sellers were encouraged as Months Supply of Inventory was down 38.5 percent to 0.8 months.
As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.
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.
