The latest are numbers in for our real estate market and I’m excited to share them with you today. In the Triangle Area, new listings are down about 2.9% year to date. At the same time, inventory is down 8% and the median sale price is up 3%.
The market has been pretty good so far this year, but there are indications that it’s slowing down. A healthy inflation rate is about 2%, but we’re a little below that now. A certain pressure is being applied on the Federal Reserve to decrease interest rates right now to stimulate the economy.
In the Chapel Hill market, listings are down, closings are down, average prices are up, and days on market remain flat at about 39 days. We currently have about 3 months of inventory right now—a low mark that puts us in a seller’s market.
The indicators in Durham are a little different. This year, listings are up, closings are up, average prices are up, and the average days on market is only about 23 days. They have about 2 months of inventory.
If you’re thinking about selling your home anytime in the near future, it’s smart to plan in advance by reaching out to a local real estate expert early in the process. This will help you plan accordingly, prepare your home, and get the most bang for your buck when it comes time to sell.
If you have any questions for me about the current market or about real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.