Triangle Region Market Update: September
Each new month brings a shift in the area's real estate market that alters the way home buyers and sellers approach their next step. Whether you're currently in the market, thinking about buying or selling a home, or simply own a home in the Triangle, it's important to understand what's happening in the local real estate sphere.
Here’s a peek at the Triangle region’s real estate market activity during August using data provided by Triangle Multiple Listing Service, Inc.
The number of new listings entering the market during August totaled 4,452. Compared to last August's 4,336 listings, this number reflects a 2.0% increase in new listings hitting the market year-over-year.
Closed Home Sales
Last month, there were 3,930 closed home sales - a 0.5% decrease in total closed home sales compared to the previous August’s 3,951 closed sales. On average, homes that sold this August sold for $319,960. This price reflects a 5.5% increase in average sales price from last August’s $303,180.
Days on Market
Based on August’s trends, the average number of days that a home spent on the market before selling was 30. Last August, the average number of days a home spent on the market was 27 - a 11.1% 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 8,542 active listings for sale in the Triangle region. Compared to last year, our local market has seen a 7.5% decrease in inventory from the 9,234 active listings available in August of last year.
List Price Specs
On average, individuals that sold their home during August of this year received 97.9% of the original list price for their home. This is a 0.6% decrease compared to last August’s 98.5%. In situations where the price was altered from the original list price, 99.0% of the final list price was received.
We hope this information proves helpful as you navigate the local market. If you have any questions about the Triangle's real estate market, visit our contact page here.