The Fonville Morisey Market Minute

Focus On: Durham Area Housing Market August 2023

Zip Code(s): 27701, 27703, 27704, 27705, 27707, 27712 and 27713
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -16%
Vs. Year Ago
Down -28%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 44%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 344 sold this month in Durham Area versus 305 last month, an increase of 13%. This month's total units sold was lower than at this time last year, a decrease of 16% versus August 2022.

Active Inventory
Versus last year, the total number of homes available this month is lower by 209 units or 28%. The total number of active inventory this August was 533 compared to 742 in August 2022. This month's total of 533 is higher than the previous month's total supply of available inventory of 500, an increase of 7%.

Median Sale Price
Last August, the median sale price for Durham Area was $411,745. This August, the median sale price was $423,500, an increase of 3% or $11,755 compared to last year. The current median sold price is 2% higher than in July.

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
Down -24%
Vs. Year Ago
Down -27%
Vs. Year Ago
Down -1.2%
Vs. Year Ago
Down -14%
Vs. Year Ago

Months of Supply
In August, there was 1.5 months of supply available in Durham Area, compared to 1.8 in August 2022. That is a decrease of 15% 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 366 homes newly listed for sale in Durham Area compared to 484 in August 2022, a decrease of 24%. There were 288 current contracts pending sale this August compared to 393 a year ago. The number of current contracts is 27% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Durham Area was 100.0% 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 23, higher than the average last year, which was 16, an increase of 44%.
 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.