The Fonville Morisey Market Minute

Focus On: Durham Area Housing Market May 2022

Zip Code(s): 27701, 27703, 27704, 27705, 27707, 27712 and 27713
Units Sold
Active Inventory
Median Sale Price
Days On Market
Up 17%
Vs. Year Ago
Up 41%
Vs. Year Ago
Up 24%
Vs. Year Ago
Down -19%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 497 sold this month in Durham Area versus 436 last month, an increase of 14%. This month's total units sold was higher than at this time last year, an increase of 17% versus May 2021.

Active Inventory
Versus last year, the total number of homes available this month is higher by 114 units or 41%. The total number of active inventory this May was 392 compared to 278 in May 2021. This month's total of 392 is higher than the previous month's total supply of available inventory of 376, an increase of 4%.

Median Sale Price
Last May, the median sale price for Durham Area was $340,000. This May, the median sale price was $420,000, an increase of 24% or $80,000 compared to last year. The current median sold price is 2% 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
Current Contracts
Sold Vs. List Price
Months of Supply
Up 6%
Vs. Year Ago
Down -3%
Vs. Year Ago
Up 3.9%
Vs. Year Ago
Up 22%
Vs. Year Ago

Months of Supply
In May, there was 0.8 months of supply available in Durham Area, compared to 0.7 in May 2021. That is an increase of 21% 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 573 homes newly listed for sale in Durham Area compared to 540 in May 2021, an increase of 6%. There were 517 current contracts pending sale this May compared to 532 a year ago. The number of current contracts is 3% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Durham Area was 108.7% of the average list price, which is 4.0% higher than at this time last year.
Days on Market
This month, the average number of days on market was 13, lower than the average last year, which was 16, a decrease of 19%.
 The Fonville Morisey Market Minute 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.
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.