| 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. That is a 3.4% increase. The number of homes for sale was 5,360 a year ago and increased slightly by 200 to 5,560 by the end of May for an increase of 3.7%. This continues to be extremely low for the Triangle real estate market, and it has been this way for years. The month’s supply of homes listed on the local market was 2.4 months in May. Six months is considered a balanced market, so we are still experiencing a “sellers” market. This market update is brought to you by Parlér Properties Real Estate Services. We provide real estate assistance for our clients buying or selling needs for residential, commercial and land properties. Contact Bill at 919-357-4641 or Hilda at 919-357-4649 for assistance with your real estate buying or selling needs! Data is from InfoSparks, Triangle TMLS. |
September 18, 2024
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