May 20, 2015
The last several weeks have been a bit of a mixed bag for the real estate markets in Raleigh, Durham and Chapel Hill.
While home prices in Raleigh increased, they actually decreased in the Durham and Chapel Hill areas.
This is important data for anyone thinking of entering the Triangle housing market anytime soon. So if you’re a current buyer or seller, continue reading to learn more.
An Overview of the Local Triangle Housing Market
Here’ an overview of the most recent data report from data analysis provider CoreLogic:
- Home prices, including distressed sales, increased 5.4 percent in Raleigh.
- In the Durham-Chapel Hill area, they fell 0.7 percent.
- Home price increases in Raleigh were actually slower than they were in February, when prices increased 5.9 percent compared to February 2014.
- Home prices rose 1 percent in the Durham-Chapel Hill market in February after decreasing over seven months.
- On a macro level, home prices increased 5.9 percent nationwide in March, marking the 37th consecutive month that home prices increased.
- There remains a shortage of homes for sale on the market. For instance, at the end of March, the number of existing homes for sale in the Triangle region was 57 percent below where it was four years ago.
- The average overall sales price of the homes that sold in the first quarter was $253,915, up 2 percent from the same period last year.
We’re Your Dedicated Wake County REALTORS
As you can see, it’s definitely an exciting time to be navigating the local housing market in the Triangle.
To learn more about recent activity on the market and how it impacts you as a buyer or seller, please contact us at The Rachel Kendall Team, today. We would be happy to assist you!
Until next time,