What’s the forecast for our 2020 Triangle area market? To answer that question, I’ll share a brief recap of our 2019 market and look at how home prices have fared the past three years.
In November 2019, home showings rose 8% compared to November 2018, pending sales rose 14%, and inventory dropped 3%. Overall, closed sales rose 5% as a whole in 2019, and the average days on market stood at 47 days.
In Chapel Hill, the average price appreciation was 3.5% in 2017, 3.1% in 2018, and 4% in 2019. This type of appreciation is fairly normal in our market.
Durham, meanwhile, has been on fire. In this area, prices appreciated by 7.2% in 2017, 9% in 2018, and 7.6% in 2019. This is why the Durham city government raised property taxes again at the beginning of last year—just two years after they previously raised them. Typically, home values are recalibrated for property tax purposes every four to eight years.
In the Cary/Apex/Morrisville area, price appreciated by 6.4% in 2017, 4.1% in 2018, and 4.3% in 2019. Finally, in Chatham County, prices appreciated by 4.5% in 2017, 4% in 2018, and 5.9% in 2019. All in all, we’ve been doing pretty well in terms of price appreciation.
As we move further into 2020, our market is poised to do well. Interest rates are low, and inventory is extremely low. It’s usually low this time of year, but in this case, it’s lower than low. In most price ranges, we only have a month of inventory. With the economy doing well, conditions are set for us to have a strong, dynamic year.
As always, if you have questions about this or any other real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be happy to help.