Triangle Real Estate Market Update

Well, my friends, the local numbers are in for February 2024, and I am sure that you have been hearing the news about the National Association of Realtors® (NAR) settlement of a class action lawsuit.

As far as the NAR settlement goes, how this will impact our local market is yet to be determined. I will clarify a couple of things that have been highlighted by the media and are misleading.

• The commission rate is and always has been negotiable, not fixed.
• Unlike many other states, the North Carolina Real Estate Commission requires that the commission paid to both the seller’s and the buyer’s agents be clearly disclosed on the listing agreement.

Now for some local Real Estate news:

• The average price of single-family homes is up a little.
• Mortgage rates are down from last year’s highs but remain high compared to previous years.

Here is an update for the end of February:

A year ago, the average sale price of a single-family home in the Triangle was $461,271 and increased $28,562 to $489,833 by the end of February. That is a 6.2% increase.

To be accurate, it has not been a steady increase. In fact, sale prices peaked in July at $528,051 for a 14.5% increase over February of last year. Over the last 6 months prices have been declining slightly.

The number of homes for sale was 5691 a year ago and declined by 1065 to 4626 by the end of February for a decrease of 18.7%. This is considered extremely low for the Triangle real estate market.

 The month’s supply of homes listed on the local market was 2.0 months in January.

6 months is considered a balanced market, so we are still experiencing a “sellers” market.

Contact me at 919-357-4641 or Hilda at 919-357-4649 for assistance with your real estate buying or selling needs!

Bill Harrison, Realtor®
Parlér Properties Real Estate Services

Data sourced from InfoSparks, Triangle MLS