For the first time in two years, there are more than 5,000 active listings on the market in the Raleigh/Durham area *.
This morning, according to Triangle MLS, there are 5,028 active listings. The lowest number of active listings this year was on March 15, 2022, when there were 1,280 active listings. That means the number of listings has almost quadrupled in the last 4.5 months.
In June, this site reported 3,670 active listings on the market with a one month Absorption Rate.
The average list price of a home today in the Triangle market is just over $576,000, down from a high of $627,000 on March 28, 2022. Median list price today is $465,000, down from a high of $480,000 in June.
In May, the Triangle MLS also changed their rules for “Coming Soon” listings. Before the rule change, listings in the Coming Soon status did not accrue “days on market.” With the change, Coming Soon listings count the days on the market during the coming soon period.
As a result of this change, average and median Days On Market have increased slightly from 10 DOM average and 3 DOM median before the rule change to 16 DOM average and 8 DOM median today. This is based on Pending listings.
Absorption Rate is the supply of homes available based on how many homes have sold on average, for each of the last three months, divided into the current inventory available.
For the last three months, here are the sold stats for the same area discussed earlier*:
April 3,722
May 3,952
June 4,287
That is a total of 11,962 homes sold combined in April, May and June for an average of 3,987 per month.
If we take the current inventory of 5,028 and divide it by the 3,987, the Absorption Rate is 1.26 months of supply. That means that if zero new homes came on the market, we would run out of homes to sell in 5.5 weeks!
A normal Absorption Rate is between 5 and 6 months. Based on that we would need 20,000 listings to get our market back to what would, historically, be considered a balanced market.
When the national news tells you the market is slowing, this is the local reality here in the Triangle market.
* TMLS stats include homes from Wake, Durham, Chatham, Franklin, Granville, Halifax, Harnett, Johnson, Lee, Nash, Orange, Person, Vance, Warren, Wayne and Wilson counties. These are the same areas we have tracked for years even before the Triangle MLS and Longleaf Pine MLS merged.