The number of homes for sale across the Triangle continues to grow
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The number of homes for sale across the Triangle continues to increase — bringing some relief to buyers navigating high interest rates and economic uncertainty.
Why it matters: Inventory of for-sale homes across Wake, Durham, Orange, Johnston and Chatham counties has grown by nearly 30% over the past year, according to data collected by Doorify MLS.
- That has, in turn, brought some cooling to home prices — though not by much.
Zoom in: The median sales price for a home across the Triangle's main counties was around $431,000 in February, according to Doorify.
- That was still an increase of 2.6% from a year prior.
- However, the median home price was down from last year's peak of $470,000 in June.
What they're saying: "This market is returning to something that's starting to look like normal," Matt Fowler, executive director of Doorify MLS, told Axios.
- By that, Fowler said he means that homes are not selling as quickly as they did at the peak of the pandemic buying boom. And unlike then, fewer people are willing to pay more than the asking prices right now.
State of play: With interest rates higher than they have been in years, many would-be homebuyers have been staying on the sidelines, Fowler said.
- That has prevented many of the bidding wars that sent prices skyrocketing over the past few years.
What's next: However, Fowler said many folks in the local real estate scene believe that as people get used to 30-year mortgage rates sticking between 5% and 7%, more buyers will return to the market.
- The National Association of Realtors has forecast mortgage rates will average 6.4% in 2025 and 6.1% in 2026.
- If those numbers fall at all, it would likely lead to a spike in sales and prices, Fowler said.
For its part, Doorify has been projecting a strong spring and summer sales season — though uncertainty in the local and national economy could impact that.
- "Prior to the tariff announcements, all of our indicators ... were predicting very strong spring and summer sales season," Fowler said.
- "We've already gotten to $3 billion in sales faster than the two previous years, so it has been a better market than the last couple of years," he added.