A Look At The Numbers

The National Association of Realtors just shared their February 2024 end of month stats and it’s really interesting… It got me thinking…. I was curious about how our local communities of Durham, Chapel Hill- Carrboro, Hillsborough &  Pittsboro have been doing compared to this time last year.

NAR shared this past week that existing home sales rose 9.5% in February to a seasonally adjusted annual rate of 4.38 million, the largest monthly increase since february 2023. Sales declined 3.3% from the previous year. The median existing-home sale price rose 5.7% from February 2023 to $384,500. That is the eighth consecutive month of year over year price gains.

Inventory of unsold existing homes also rose 5.9% from a month ago to the equivalent of a 2.9 month supply at the current monthly sales pace.

Im sharing their national  numbers but it’s the local perspective; what’s happening right here in OUR home town communities of  Durham, Orange and Chatham Counties, for  the families we know and care about that I REALLY care about. To be sure, the National numbers are important stats for ‘big picture large framework info’ but they are generalities when it comes to your own home value. 

If Big Weather on our local TV News Channel said “ The Avg National temperature is 65 degrees and I expect wind gusts avg 25 mph” how would that affect your clothing choice that day? The truth is, it wouldn’t affect it at all. 

You would never base your clothing choices on the “avg national weather temperature”. It’s the same for home sale and equity value info. It’s critical to know your community and especially your own neighborhood values when making real estate investments. So let’s get down to the most recent monthly info for areas we all know and care about- OUR COMMUNITIES! 

Here are the Stats for Durham, Orange and Chatham Counties:

It REALLY is important to know how your own home stacks up against the local and neighborhood sales.  Diving deep into your neighborhood is how we provide sound advice on real estate sales. If you are curious about your specific home sale value or have some life plans /changes coming up, let’s chat about it and create a plan that works for your family!