Triangle Region Market Update | May 2020
With each passing month comes a shift in the local real estate market that changes 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 area's real estate market.
Here’s a glance at the Triangle region’s real estate market activity during May using data provided by Triangle Multiple Listing Service, Inc.
The number of new listings entering the market during May totaled 4,331. Compared to last May’s 5,360 listings, this number reflects a 19.2% decrease in new listings hitting the market year-over-year.
Closed Home Sales
Last month, there were 3,383 closed home sales—a 20.6% decrease in total closed home sales compared to the previous May’s 4,260 closed sales. On average, homes that sold this May sold for $330,366. This price reflects a 2.4% increase in average sales price from last May ’s $322,593.
Days on Market
Based on May’s trends, the average number of days that a home spent on the market before selling was 26. Last May, the average number of days a home spent on the market was 27— a 3.7% decrease year-over-year.
Inventory of Homes
Wondering what our local market offers when it comes to the inventory of homes? 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 6,537 active listings for sale in the Triangle region. Compared to last year, our local market has seen a 27.7% decrease in inventory from the 9,043 active listings available in May of last year.
List Price Specs
On average, individuals that sold their home during May of this year received 98.4% of the original list price for their home. This is a 0.1% decrease compared to last May ’s 98.5%. In situations where the price was altered from the original list price, 99.2% 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.