Market Continues to Favor Sellers
We are excited to release our 2018 Raleigh-Durham-Chapel Hill Annual Report. This report provides a comprehensive look at how our local market performed not only last year, but in years past, as well. Whether you’re considering selling your current home, buying a home, or just interested in learning more about our local real estate market, we hope this report serves as a valuable tool.
As we head into the the spring market, here’s a Triangle market overview:
- Despite predictions of rising interest rate hikes—rates drop to 4.25% on 30-year fixed rate loans as of January 18th, 2019.
- Prices are trending upward; some markets are seeing double digit appreciation.
- Days-on-market fall as buyers are moving quickly across the market to snatch up the best homes.
- Inventory levels increased slightly.
- Total sales volume increased despite drop in transactions; mostly due to rising prices.
- Wake County, Raleigh, and surrounding communities track very tightly with the overall Triangle market. A robust 7% increase in median price despite 3.33% drop in price per square foot indicates larger homes being sold.
- Durham County inventory remains very low with median prices rising faster than the overall market. Downtown Durham market continues to see influx of investment dollars and gentrification of neighborhoods on the east side.
- Orange County/Chapel Hill transaction count is up against overall trends. Sales volume is up 9% as the inventory of homes and days on market are falling, after lagging behind the rest of the Triangle for the last several years.
- Chatham County sales volume is flat, as prices increased 5% year-over-year.
- Some signs of the market cooling from “red-hot” to “robust.”
- Market inventory levels, while rising, remain low and still favoring sellers.
Be sure to read the full 2018 Raleigh-Durham-Chapel Hill Annual Report below:
Regardless of whether you’re currently in the market to buy or sell a home, we hope you find this report a valuable tool to learn more about our local real estate market. Have questions? Contact your Nest Broker today to find out what this report means for you and to discuss your real estate goals.