Get the latest on Triangle housing trends, mortgage rates, and other expert advice to boost your home’s affordability today.

The Raleigh-Durham-Chapel Hill is slightly outperforming the national average. Historically, we've lagged behind national trends, but we’re holding our own for now. What’s causing this change? Let’s look at some factors affecting today’s local and national markets.

Inventory. Redfin reports we have five months of inventory available nationally, the highest level we’ve seen since before the pandemic. While buyer demand is down, showings are actually up. This means people are looking at homes but not necessarily buying them right away.

The housing inventory in our Triangle area is a bit tight right now. We don’t have any locations at the 5% inventory level, but Chatham County is close, with about four and a half months available. Areas like Cary, Apex, and Mooresville have even less, ranging from 1.7 to 3 months of inventory. To summarize, while home sales are down by 4% nationally, they’re actually up by 5.7% here.

With rising prices and fluctuating mortgage rates, it's tough to navigate the housing market.

Home prices and days on market. Median prices are rising, but overall sales have dropped by 9%. When we take a closer look at our Triangle area, some interesting trends emerge. The days homes spend on the market have increased significantly, ranging from 43% to 388%. For instance, in Orange County, homes are typically on the market for about 30 days, while in North Chatham, it can take up to 64 days.

Home sales. On a positive note, closed sales have increased by 5.7% across the Triangle. In Durham, sales are up by 2.9%, while Orange County is experiencing a strong 18% increase. Overall, median prices have risen by 4%, with North Chatham seeing an impressive 20% jump. However, it’s worth noting that prices in Durham and Chapel Hill have fallen by 1.7% and 23.5%, respectively.

Mortgage rates. Recent info from the HousingWire shows rates hovering around 7%. However, I've seen them dip below that, making things a bit unpredictable.

If you’re looking to buy a home, I recommend talking to a lender to find the best loan. I suggest Teresa Parker from Union Home Mortgage and she often has lower rates. For instance, with a credit score of 780 or higher and by paying one point, you could get a 30-year rate at 6.375% or a 15-year rate at 5.625%. That’s a solid deal. You can reach her at (919) 697-2598 or [email protected].

For any questions about real estate or personalized advice, reach out to me directly at (919) 759-6359 or [email protected]. If you want to discuss your home-buying strategy, feel free to click the link below to set up a time to chat with me.

Schedule a one-on-one session with me.

I look forward to talking with you.