Keep On Rockin’ in the Triangle
We are excited to release the 2018 Triangle Mid-Year Market Report. The first half of the year for the Triangle real estate market has been nothing short of stellar. Home values are up significantly across the board as our median home sales price rose 8% compared to this time last year. The number of closings has decreased slightly, yet we have still seen a dramatic rise in total sales volume with more than $4.7 billion in sales volume for the first six months of the year. What this tells us is that the demand for quality housing in our market is still extremely high.
Recently, we are seeing a flurry of new activity and increase in demand for prime location property with talks of large employers such as Apple and Amazon coming into our market. Notably, Orange County has shown dramatic improvement the last six months compared to its performance the year before with the total number of sales up nearly 10% and a $17,000 rise in the median sales price. Wake, Durham and Orange Counties all showed a slight decrease in number of transactions but a strong rise in home values. Across the Triangle, the average number of days on market is still historically low at only 20 days, and we are looking at a mere six weeks in inventory available in the market. Needless to say, it’s a great time to get into home ownership with rates still highly competitive. New construction continues to be a driving force in our market, providing high-quality options for home buyers.
Be sure to check out the full 2018 Triangle Mid-Year Market Report here for more info on how the market performed in the first half of the year.
Whether buying or selling, it is increasingly important in current market conditions to talk with your Nest broker about how your home fits into the bigger picture. They will advise you and prepare you to make knowledgable decisions and help you achieve your real estate goals. Nest Realty of the Triangle’s location in West Cary is now open, and we would love for you to stop by for a visit!
Have questions? Contact your Nest Broker today.