Are you wondering whether the housing market in Chapel Hill and Durham is trending up or down? With so many conflicting headlines, it’s tough to tell what’s really happening. As a local expert with nearly 30 years of experience, I’m here to give you a clear picture of the current market and what it means for buyers and sellers alike.

The Big Picture: What’s Going on Now?

In the Triangle area—the region including Durham, Chapel Hill, and surrounding towns—we’re seeing some interesting shifts. Overall, median home prices are slightly down from last year. Closed sales are holding steady, and we’re noticing that sellers are becoming more flexible, often accepting less than their asking price.

Inventory levels have increased but are still well below pre-pandemic numbers. Currently, there’s about two months of inventory available—a figure that indicates we’re still in a relatively balanced market, but with some nuances.

How Do Different Areas Compare?

Here’s where things get really interesting. Prices are not uniform across the region:

  • Chapel Hill: Median prices have dropped about 12% over the past year.
  • Orange County and Chatham County: Surprisingly, prices are up — Orange is up about 6.9%, and Chatham has seen a rise of around 9.3%.

This variation shows how the market can be different even within the same region. It’s essential to look at local data and trends, especially if you’re considering buying or selling in a specific neighborhood.

Buyer’s Market or Seller’s Market?

You might think that low inventory automatically means it’s a seller’s market, but that’s not necessarily the case.
Typically, a seller’s market requires at least 5 months of inventory. Right now, although inventory is low, the number of buyers has cooled off due to global uncertainties, high interest rates, and economic concerns.

So, where does that leave us?
I believe we’re more in a buyer's market—meaning buyers have the upper hand due to fewer competing offers and cautious purchasing.

What Does This Mean for Sellers?

If you’re looking to sell your home, it’s more important than ever to price it correctly from day one. Overpricing during a time when buyer activity is cautious can leave your home sitting on the market longer and could lead to multiple price reductions, which ultimately harms your bottom line.

Remember, the best time to sell is right after listing, when your home gets the most visibility and activity. If your home sits on the market for too long, buyers might start to wonder what’s wrong—and price cuts will be inevitable.

Final Thoughts

Market conditions are always shifting, and the key to success is staying informed. Whether you’re considering buying your first home, upgrading to a larger one, or thinking about selling, understanding where the market stands is crucial.

If you want personalized advice or want to know what your home is currently worth, don’t hesitate to reach out. I’m here to help you navigate these changing times and find the best opportunities.

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