Triangle Region Market Update: July
Each new month brings a shift in the local real estate market that impacts the way home buyers and sellers make their next move. Whether you're in the market, thinking about entering the market or you simply own a home in the area, it's important to stay current on what's happening in the local real estate world.
Here’s a summary of the Triangle region’s real estate market activity during June using data provided by Triangle Multiple Listing Service, Inc.
The number of new listings entering the market during June totaled 4,481. Compared to last June's 4,615 listings, this number reflects a 2.9% decrease in new listings hitting the market year-over-year.
Closed Home Sales
Last month, there were 4,145 closed home sales - a 3% decrease in total closed home sales compared to the previous June’s 4,274 closed sales. On average, homes that sold this June sold for $327,019. This price reflects a 2.5% increase in average sales price from last June’s $319,003.
Days on Market
Based on June’s trends, the average number of days that a home spent on the market before selling was 25. Last June, the average number of days a home spent on the market was 25 - a 0.0% difference year-over-year.
Inventory of Homes
Wondering what our local market offers as far as inventory of homes goes? Having a grasp on how many homes are actually for sale can help you evaluate the competition you'll face when listing your home or buying a new one.
Last month, there were 8,313 active listings for sale in the Triangle region. Compared to last year, our local market has seen a 8% decrease in inventory from the 9,039 active listings available in June of last year.
List Price Specs
On average, individuals that sold their home during June of this year received 98.5% of the original list price for their home. This is a 0.6% decrease compared to last June’s 99.1%. In situations where the price was altered from the original list price, 99.4% of the final list price was received.
We hope you find this information helpful as you navigate the local market. If you have any questions about our local real estate climate, visit our contact page here.