Triangle real estate market update
We are getting into summer and our vegetable garden is thriving. The local housing market hanging in there and is tracking about the same as it has for the last many months. The local numbers are in for May 2024 and here is what is happening: The average price of single-family homes continues to increase and available homes for sale remains low. The mortgage rate for a 30-year fixed is not changing much, staying above 7%. Consequently, current homeowners holding mortgages with significantly lower interest rates have been reluctant to sell. I do not expect significant home price decreases as long as listing inventory remains low. Here is an update for the end of May: A year ago, the average sale price of a single-family home in the Triangle was $518,575 and increased $ 17,798 to $ 536,373 by the end of May.