Real Estate Trends To Watch In Durham NC 2022
Looking to buy or sell real estate?
It might be worth checking out homes in North Carolina, where the real estate market is currently attracting a lot of investors. The Triangle area in particular remains hot, especially in Wake and Durham Counties.
If you are a seller, this is great news since there is more equity. If you are a buyer however, this poses a greater challenge, since a price drop may be far from the horizon.
If you are reading this article, you might want to look deeper into one of the counties we’ve mentioned earlier. Let’s look at the real estate trends in Durham, NC.
Real Estate Trends in Durham, NC
Despite what historic real estate market data may suggest about a slowdown or a potential reduction of price premium paid for residential property during the winter months, don’t expect any seasonal variance to dramatically alter the real estate market, said Jim Allen, real estate broker and broker-in-charge of the Jim Allen Group.
According to the latest report by the Triangle Multiple Listing Services (TMLS), the median sale price for a home sold in Durham County was $400,000 in December 2021. That’s a difference of 33.3% from December 2020, when the median home sale price was $300,000
The 33.3% rise is the largest yearly increase in median home sale values of any of the four counties for which TMLS releases county-level reports. Nonetheless, each of the four counties covered have seen an increase in monthly median home prices of 22% when comparing December 2021 vs. December 2020.
To compare, there were 547 properties sold in Durham County in December 2021, which is more than the 526 properties sold in December 2020. However, the number of new listings decreased in 2021, with only 340 new houses up on the market. Real estate news in Durham, NC reports that the average Durham County home listed on TMLS went under contract in nine days, and inventory, a measure of availability, was 0.8 months of supply.
If you are looking to sell your house fast in Durham, NC, you are in luck. Redfin reports that some houses in the county get multiple offers. In addition, average homes sell for about 3% above list price and go pending in around 34 days. If your property can be considered “hot” or very competitive, it can sell for about 8% above list price and go pending in around 8 days.
Due to the incredibly low inventory of existing homes and of new construction homes available, or that could become available in the next few months, property prices could still continue to soar. As such, Durham County could be considered as a seller’s market.
It is also worth noting that even with national trends, or even should mortgage rates tick up, the Triangle markets are not likely to reverse. According to Allen, if anything, they’ll continue to outpace national trends with regard to price appreciation, because there are still dozens of people moving to the region each day.
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