Here are some more mid-year Raleigh-area real estate stats from Triangle MLS. Halfway through 2024 some major trends continue. Like most markets, inventory is so low that prices are still creeping up despite relatively high inflation and mortgage rates.
“Months of Inventory” is a popular metric since it provides a rare forward-looking guide to the market’s direction. At 1.8, both Wake County (including the city of Raleigh) and Durham County will run out of houses to sell in around 7 weeks if no new listings come on the market. There will be new listings of course, but the rate will not improve until more houses come on the market than are sold. This metric should be 4-6 months, so it must double or triple to return to historic norms.
Land costs go down as you drive away from Raleigh-Durham International Airport (RDU) so the picture improves somewhat. Lee, Harnett, Warren, Nash, and Franklin all have three or more months of inventory. Closer in, Orange, Chatham, Johnston, Alamance, and even Person and Granville have less than three months.
More on the pullback in the overall dollar volume later this week. *Halifax is an outlier because the sold data is so thin and can be excluded.
Matt Fowler 