Things are looking up for the Triangle home market—and the broader economy at large.
Unemployment is down, and interest rates are still at historic lows. According to Triangle MLS data for March, inventory is down 27 percent, closed sales rose 11 percent, and pending sales were up 17 percent. March also saw 6,713 showings, the most recorded in a single month since April 2010.
Appraiser Stacey Anfindsen, who analyzes MLS data for area real estate agents, says the biggest issue currently is the amount of inventory on the market. The Triangle now has an 8-month supply of housing at the current pace of sales, down from a 13-month supply a year ago. The price of real estate is based on supply and demand, so as inventory continues to decrease, prices will begin to rise. This is already happening in entry-level homes in Cary and Raleigh…..We have seen multiple offers on well-priced homes below $200,000!