Real Estate Market Update February 2025

Reference https://doorifymls.com/statistics and https://www.bankrate.com/mortgages/mortgage-rates/

Mortgage Payment example: If you bought a $430,000 home with a 5% down payment, for a loan amount of $408,500, with a 30 year term at a fixed rate of 6.91%, you would make 360 payments of $2,693.00.

*Please Note - Payment stated does not include taxes and insurance, and other potential fees (PMI, HOA) which will result in a higher payment.

Wake, Durham, & Johnston County Real Estate Market Update

In November 2024, sales of new single-family homes rose by nearly 6%, and they're up almost 9% compared to last year. Builders have significantly increased their supply of completed homes, making it a great time for buyers to find more options on the market.

For Buyers

There’s more good news: the average price of new homes has dropped by over 6% in the past year. This isn’t just because builders are offering smaller, more affordable homes—prices per square foot have also decreased, giving you more value for your investment.

For Sellers

Take note: with home sales improving and a strong economy driving demand, there are plenty of motivated buyers in the market. Pricing your home competitively can attract attention in this shifting landscape.

For Investors

The combination of rising inventory and falling prices creates opportunities to acquire properties at more attractive price points, potentially yielding strong returns as the market builds momentum heading into the new year.

The information provided is a compilation of the latest market stats for the Wake, Durham, & Johnson county real estate markets pulled directly from the TMLS (Triangle Multiple Listing Service). If there are any questions about trends in your local or prospective market, please reach out to me directly!