The Long & Foster Market Minute

FOCUS ON: DURHAM AREA HOUSING MARKET MAY 2024

Zip Code(s): 27701, 27703, 27704, 27705, 27707, 27712 and 27713
Units Sold
370
Active Inventory
596
Median Sale Price
$428,250
Days On Market
26
Down -8%
Vs. Year Ago
Down -5%
Vs. Year Ago
Up 3%
Vs. Year Ago
Down -58%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 370 sold this month in Durham Area Real Estate versus 363 last month, an increase of 2%. This month's total units sold was lower than at this time last year, a decrease of 8% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 33 units or 5%. The total number of active inventory this May was 596 compared to 629 in May 2023. This month's total of 596 is higher than the previous month's total supply of available inventory of 513, an increase of 16%.

Median Sale Price
Last May, the median sale price for Durham Area Homes was $415,000. This May, the median sale price was $428,250, an increase of 3% or $13,250 compared to last year. The current median sold price is 4% higher 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
509
Current Contracts
363
Sold Vs. List Price
100.4%
Months of Supply
1.6
Up 9%
Vs. Year Ago
Down -3%
Vs. Year Ago
Down -1.3%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In May, there was 1.6 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 509 homes newly listed for sale in Durham Area compared to 466 in May 2023, an increase of 9%. There were 363 current contracts pending sale this May compared to 376 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 100.4% of the average list price, which is 1.3% lower than at this time last year.

Days on Market
This month, the average number of days on market was 26, lower than the average last year, which was 62, a decrease of 58%.

The Long & Foster 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.