Here’s a quick overview of the Triangle Area market as of August 2019:
In Chapel Hill, the year-to-date closed sales were down by over 9%, average prices increased by 4.4%, and the days on market was about 39 days. Additionally, there were three months of inventory available. That sounds really low, but the reality is that it’s actually a bit higher than surrounding counties except in Chatham County, which has about 4.4 months of inventory available.
In Durham, the number of closed sales was up by around 7%, and the days on market were really low—it took just 22 days for the average home to sell in Durham. In terms of supply, Durham has just under two months of inventory available.
In terms of the averages for the overall Triangle area market, here’s what we saw for September:
- Closed sales are up year over year by 2.6%
- The average sales price is up by 4.3%
- It takes homes an average of 31 days to sell
- The Triangle area has an average of 2.5 months of inventory
The low inventory in our market isn’t necessarily stimulating an uptick in the market, and pundits are saying that it’s due to the lack of affordable inventory and the increase in prices that are holding the market back.
While I agree with that, I also want to add that there are a lot more people out there who are choosing to rent over purchasing a home. So even though inventory is low, there just aren’t as many buyers out there. But you never know what could happen in any given market on any given day at any given price point. Just two days ago, I put a $259,000 home on the market in Chapel Hill (which is a very good entry price for the area) but I got four offers as of shooting this video.
In the end, when the market is slow, I recommend that you find a qualified buyer’s agent or listing agent who will help you navigate the market so that you get the best deal, regardless of market conditions.
If you require such an agent, or you have any questions, reach out to us. This is what we do every day, and we would be more than happy to help.