The Durham Regional Association of REALTORS® and The Triangle Multiple Listing Service (TMLS) reports the following information pertaining to the Durham housing market in May 2017. The data shown reflects information on properties located in Central, East, North and Southern Durham.
Quick Facts for Durham County May 2016 versus May 2017:
- New listings decreased 2.3 percent to 583
- Inventory levels fell 22.7 percent from 856 to 662 units
- Median Sales Price increased 11.9 percent to $235,000
- Days on Market reflected decrease of 19.4 percent to 29 days
- Supply of Inventory was down 30.4 percent to 1.6 months from 2.3 months
Quick Facts for the Entire Triangle Region May 2016 versus May 2017:
- New Listings in the Triangle region decreased 2.4 percent to 4,608
- Under Contract Sales were up 3.0 percent to 3,881
- Inventory levels fell 12.0 percent to 8,120 units
- Median Sales Price increased 8.7 percent to $252,615
- Days on Market was down 12.5 percent to 25 days
- Months Supply of Inventory was down 19.4 percent to 2.5 months
Home prices across the U.S. are reaching all-time highs, prompting worry over another boom-and-bust scenario like we experienced roughly ten years ago. Yet, as we glance across the state of residential real estate, what is clear compared to the last extended run of price increases is that lending standards are now much stronger than they were before. Incomes must be verified, a reasonable amount of money must be paid toward the home prior to purchase and a more stringent loan approval process is in place to prevent a repeat performance of the Great Recession.
In addition to a stronger base upon which to conduct real estate transactions, the overall economy is in better shape than it was a decade ago. More jobs are available, unemployment is relatively low and workers have more faith in their wages and the potential for wage increases. Although we continue to battle an inventory shortage in much of the country, optimism remains high for a successful summer for buying and selling homes.
Source: Triangle Multiple Listing Services
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing over 1.1 million members involved in all aspects of the residential and commercial real estate industries.
Local market reports for May 2017: