Here’s a quick look at how the Triangle market looks right now.
In a normal residential real estate market, determining how the market is doing means checking the months of inventory we have at hand. A balanced market typically has six to seven months. Currently, we have just a 3.4-month average in the U.S., and the Triangle average is just 2.7 months.
This means we have fewer homes on the market than we have buyers. If we sold everything currently active, our inventory would be depleted in less than three months. 46% of the properties that are currently on the market are new construction homes.
Even with the economy on pause, home values and real estate remain steady.
On February 1, our median home price was $269,900. After seven weeks of stay-at-home orders, the median price is $270,000. This indicates that home values have held through the pandemic.
The most interesting indicator is the number of home sales. From January 1 to April 27 of 2019, we had 11,112 closings. From January 1 to April 27 of 2020, there have been 11,645 closings. This is a 4.8% increase in home sales year over year in the Triangle.
Even with the economy on pause, home values and real estate continue to be steady. If you have specific questions about your property or about real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.