The Long & Foster Market Minute

FOCUS ON: CARY AREA HOUSING MARKET MAY 2024

Zip Code(s): 27519, 27513, 27511 and, 27518
Units Sold
194
Active Inventory
183
Median Sale Price
$620,000
Days On Market
17
Up 15%
Vs. Year Ago
Up 3%
Vs. Year Ago
Down -5%
Vs. Year Ago
Down -69%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 194 sold this month in Cary Area Real Estate versus 169 last month, an increase of 15%. This month's total units sold was higher than at this time last year, an increase of 15% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 5 units or 3%. The total number of active inventory this May was 183 compared to 178 in May 2023. This month's total of 183 is higher than the previous month's total supply of available inventory of 143, an increase of 28%.

Median Sale Price
Last May, the median sale price for Cary Area Homes was $651,375. This May, the median sale price was $620,000, a decrease of 5% or $31,375 compared to last year. The current median sold price is 5% lower than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
246
Current Contracts
181
Sold Vs. List Price
101.6%
Months of Supply
0.9
Up 30%
Vs. Year Ago
Up 4%
Vs. Year Ago
No Change
Vs. Year Ago
Down -11%
Vs. Year Ago

Months of Supply
In May, there was 0.9 months of supply available in Cary Area, compared to 1.1 in May 2023. That is a decrease of 11% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 246 homes newly listed for sale in Cary Area compared to 189 in May 2023, an increase of 30%. There were 181 current contracts pending sale this May compared to 174 a year ago. The number of current contracts is 4% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Cary Area was 101.6% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 17, lower than the average last year, which was 55, a decrease of 69%.

The Long & Foster Market Minute Cary Area are defined as properties listed in zip code/s 27519, 27513, 27511 and, 27518.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by TRIANGLE and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TRIANGLE or Long & Foster Real Estate, Inc.