Real Estate Update | September 2024 | Raleigh, Cary & Durham, North Carolina

Check out my latest video to see what's going on in real estate. Key points include:

Trends for resale homes sales:
The average sales price in Cary, Durham and MLS declined month to month. The average sales price in Raleigh, Durham and the Entire MLS is still up year over year.

Average sales price in July:
Raleigh: $603,677
Cary: $650,467
Durham: $496,141
Entire MLS: $502,663
The months supply of homes has increased, and from what I'm seeing in my business, demand is softer than it was a few months ago. However, the Triangle still has a very low months supply of homes available for sale.
Month supply of homes in July:
Raleigh: 2.2 months
Cary: 1.5 months
Durham: 1.9 months
Entire MLS: 2.3 months

The average days on market is still fast! Average days on market in July:
Raleigh: 25 days
Cary: 18 days
Durham: 21 days
Entire MLS: 27 days

Active and coming soon inventory in Raleigh, Cary and Durham:
Total: 2302
New construction: 678

Under contract in Raleigh, Cary and Durham:
Total: 1700
New construction: 708

Closed in Raleigh, Cary and Durham:
Total: 793
New construction: 105

Update on mortgage rates and home prices:
Fed Chair Powell says the time has come for a September rate cut.
Inflation is approaching the 2% target rate.
Unemployment rose to 4.3% in July.
Rates are starting to come down to where we should start to see Good and Strong buyer demand.
However, here's the reality check. Lower rates does not mean a return to 3%.
Experts are projecting home price appreciation in 2024 and 2025.

If you have any questions on the real estate market, don't hesitate to reach out!

Liz Toth is a dedicated residential real estate agent with EXP Realty, and can help you through the process of buying or selling a home.

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