What's Happening in Our Triangle Market?
The latest stats for our Triangle market and how they affect you.
What’s happening in our market? With rising inflation, soaring home prices, and interest rates creeping toward 6%, our housing market has slowed.
From May to June, inventory was up by 34.2% to over 4600 active listings on the market. Closed sales increased by 5.6%, and new listings rose by 6.1%.
Our average sales prices have climbed by 17.5% compared to June 2021, leaving us at an average of $482,000 in our Triangle market. The average days on market is also down by 10% to 9 days, and inventory rose by 58.7%.
"We’re still in a seller’s market, but there are more opportunities for buyers."
With mortgage rates up over 50% compared to last year, home sales are softening and the housing supply is improving. Price growth should slowly moderate. Other parts of the country saw this shift sooner, and I don’t know if we’ll see as large of a change in the Triangle market. I do not believe we will experience a housing recession.
If you’re thinking about selling your home, now is a great time to sell. Multiple offers aren’t common right out of the gate, but homes are still selling for slightly above the list price. This slowdown has also created a lot of opportunities for buyers since there are more homes to view.
We’d love to discuss your buying or selling plans further. Just visit our website or call us directly. If you want to know what your home is worth, you can always text SAVVY to 21000 to find out.