We have experienced some really hot weather this year! Are we still in Spring or has Summer arrived early? The local housing market has not been as volatile and is tracking about the same as it has for the last many months.
The local numbers are in for April 2024 and here is what is happening:
- The average price of single-family homes continues to increase.
- The mortgage rate for a 30-year fixed is staying above 7%.
Contrary to what you might hear on the news, I don’t expect significant home price decreases as long as the number of homes listed remains low.
Here is an update for the end of April:
A year ago, the average sale price of a single-family home in the Triangle was $496,792 and increased $35,890 to $532,682 by the end of April. That is a 7.2% increase.
The number of homes for sale was 5,330 a year ago and declined by 409 to 4,921 by the end of April for a decrease of 7.7%. 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 2.1 months in April. Six months is considered a balanced market, so we are still experiencing a “sellers” market.
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.
