| Spring has sprung in the Triangle. The trees and flowers are budding, and the local housing market is tracking about the same as it has for the last many months. The local numbers are in for March 2024 and here is what is happening. The average price of single-family homes is up from a year ago. The mortgage rate for 30-year fixed is still hovering around 7%. Here is an update for the end of March: A year ago, the average sale price of a single-family home in the Triangle was $471,876 and increased $36,976 to $508,852 by the end of March. That is a 7.8% increase. The number of homes for sale was 5,452 a year ago and declined by 987 to 4,465 by the end of March for a decrease of 18.1%. This is considered 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 2.2 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! Data is from InfoSparks,Triangle TMLS. Bill Harrison, Realtor® Parlér Properties Real Estate Services |
November 26, 2024
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