Median Price Change & Competing Offers
Median Price
It’s always great to keep in mind that median prices change a lot, especially when looking at small sample sizes. For example, only 14 homes sold in Morrisville this March. The smaller the town, the less significant the information is. Cary, Apex and Durham are large enough towns that those median home price increases should be taken seriously.
Competing Offers
And it’s not surprising with those price increases that we’re seeing a large percentage of competing offers. That’s what we are seeing in our practice as well. It’s a competitive market right now!! Sign up for our newsletter to be kept in the loop.
| Triangle Area Town | Median Price | % Change: Year over Year | % Competing Offers |
|---|---|---|---|
| Apex | 680,000 | 21.80% | 24.75% |
| Cary | 645,000 | 17.27% | 30.36% |
| Chapel Hill | 735,000 | 20.87% | 32.65% |
| Clayton | 360,000 | 0.00% | 9.60% |
| Durham | 409,322 | 2.36% | 21.79% |
| Fuquay-Varina | 444,455 | -1.23% | 8.40% |
| Garner | 393,000 | 3.43% | 9.84% |
| Holly Springs | 579,000 | -4.69% | 28.57% |
| Knightdale | 437,000 | 10.63% | 6.12% |
| Morrisville | 532,000 | 13.19% | 50.00% |
| Raleigh | 433,500 | 9.75% | 18.62% |
| Wake Forest | 539,000 | 19.91% | 12.20% |
| Wendell | 397,500 | -0.38% | 3.26% |
| Zebulon | 344,500 | -1.56% | 9.68% |
Expired Listings
Expired listings are a key metric in determining the health of the real estate market. And this months data is very interesting. Like the data above, the smaller the number of listings, the less valuable the information is. However, we ARE seeing an increase in expired listings. The highest year for expired listings in March after the 2008 crash was 2009. Raleigh had 229 listings expire without selling in March of that year. About 3x less than this year. And while expired listings all but went away during the Pandemic, these current numbers are looking more similar to 2013 – 2015. This is something to keep an eye on. We will see what happens next month.
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| Triangle Area Town | Expired Listings 2023 | Expired Listings 2024 | Percent Change |
|---|---|---|---|
| Apex | 6 | 10 | 66.67% |
| Cary | 10 | 19 | 90.00% |
| Chapel Hill | 7 | 8 | 14.29% |
| Clayton | 17 | 11 | -35.29% |
| Durham | 16 | 46 | 187.50% |
| Fuquay-Varina | 8 | 13 | 62.50% |
| Garner | 5 | 9 | 80.00% |
| Holly Springs | 5 | 4 | -20.00% |
| Knightdale | 1 | 6 | 500.00% |
| Morrisville | 3 | 3 | 0.00% |
| Raleigh | 40 | 74 | 85.00% |
| Wake Forest | 10 | 12 | 20.00% |
| Wendell | 5 | 11 | 120.00% |
| Zebulon | 16 | 11 | -31.25% |
View homes for sale in each Triangle Town, City, or County HERE.
Just Listed Homes in the Triangle
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