DURHAM AREA HOUSING MARKET DATA

There was a decrease in total units sold in October, with 262 sold this month in Durham Area Real Estate versus 300 last month, a decrease of 13%. This month's total units sold was lower than at this time last year, a decrease of 7% versus October 2023.

Versus last year, the total number of homes available this month is lower by 33 units or 4%. The total number of active inventory this October was 729 compared to 762 in October 2023. This month's total of 729 is higher than the previous month's total supply of available inventory of 714, an increase of 2%.

Last October, the median sale price for Durham Area Homes was $425,000. This October, the median sale price was $415,375, a decrease of 2% or $9,625 compared to last year. The current median sold price is 5% lower than in September.

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

In October, there was 2.8 months of supply available in Durham Area. The amount of supply is similar compared to 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.

This month there were 388 homes newly listed for sale in Durham Area compared to 330 in October 2023, an increase of 18%. There were 294 current contracts pending sale this October compared to 268 a year ago. The number of current contracts is 10% higher than last October.

In October, the average sale price in Durham Area was 98.7% of the average list price, which is 1.2% lower than at this time last year.

This month, the average number of days on market was 39, lower than the average last year, which was 105, a decrease of 63%.





FOCUS ON: DURHAM AREA HOUSING MARKET			OCTOBER 2024

Zip Code(s): 27701, 27703, 27704, 27705, 27707, 27712 and 27713
Units Sold 262	Active Inventory 729	Median Sale Price $415,375	Days On Market 39

Down -7% Vs. Year Ago	Down -4% Vs. Year Ago	Down -2% Vs. Year Ago	Down -63% Vs. Year Ago


		Units Sold There was a decrease in total units sold in October, with 262 sold this month in Durham Area Real Estate versus 300 last month, a decrease of 13%. This month's total units sold was lower than at this time last year, a decrease of 7% versus October 2023.
Active Inventory Versus last year, the total number of homes available this month is lower by 33 units or 4%. The total number of active inventory this October was 729 compared to 762 in October 2023. This month's total of 729 is higher than the previous month's total supply of available inventory of 714, an increase of 2%.
		Median Sale Price Last October, the median sale price for Durham Area Homes was $425,000. This October, the median sale price was $415,375, a decrease of 2% or $9,625 compared to last year. The current median sold price is 5% lower than in September. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 388	Current Contracts 294	Sold Vs. List Price 98.7%	Months of Supply 2.8

Up 18% Vs. Year Ago	Up 10% Vs. Year Ago	Down -1.2% Vs. Year Ago	No Change Vs. Year Ago


		Months of Supply In October, there was 2.8 months of supply available in Durham Area. The amount of supply is similar compared to 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 388 homes newly listed for sale in Durham Area compared to 330 in October 2023, an increase of 18%. There were 294 current contracts pending sale this October compared to 268 a year ago. The number of current contracts is 10% higher than last October.
		Sale Price to List Price Ratio In October, the average sale price in Durham Area was 98.7% of the average list price, which is 1.2% lower than at this time last year. Days on Market This month, the average number of days on market was 39, lower than the average last year, which was 105, a decrease of 63%.


	Durham Area are defined as properties listed in zip code/s 27701, 27703, 27704, 27705, 27707, 27712 and 27713.
	*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.
	Information 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.