Median Price
The big problem with prices is that they aren't coming down in the way people would hope. Economists say interest rates are likely to remain high, creating a “lock-in effect” that keeps homeowners from selling because they don't want to lose their 2% or 3% mortgage rates. The downside to the lock-in effect is that needed inventory isn't coming onto the market, which is what's driving up prices.
Holly Springs had the highest year-over-year price increase at 20%. Cary had the highest percentage of homes with the most intense bidding wars, with 34% of homes sold receiving multiple bids.
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Triangle Area Town Median Price Change:
Year-over-year % Competing Offers Apex 615,072 2.68% 27.82% Cary 650,000 7.44% 34.57% Chapel Hill 667,500 – 1.84% 26.54% Clayton 370,0000.00% 9.58% Durham 430,000 3.61% 23.81% Fuquay-Varina 475,000 5.46% 7.38% Garner 410,000 – 0.34% 9.95% Holly Springs 687,488 20.87% 20.18% Knightdale 419,000 13.68% 16.36% Morrisville 500,750 – 6.05% 31.08% Lowry 455,000 4.60% 21.19% Wake Forest 515,000 3.03% 12.01% Wendell 391,075 – 4.61% 7.83% Zebulon 343,097 – 4.69% 4.60%
Expired listings
In Cary, there was a 121% increase in expired listings from the spring of 2023 to the spring of 2024. Spring is the most active time of the real estate market, so it's a big deal when a property expires without selling during the listing period. In 2023, there were 19 properties that expired during this period, and in 2024, there were 42. After a little more digging, we found that 59% of the expired properties were condos or townhouses. Looking at properties that closed during the same period, only 25% were linked homes. This shows that while land prices are rising and more dense housing is being built, people still want to live in a single-family home in Apex, Holly Springs, or Fuquay-Varina rather than live in a linked home in Cary. These suburbs have similar access to great parks, greenways, and other amenities, but they don't have as high a percentage of expired properties as Cary. See additional data in the chart below.
If you'd like to discuss anything about these graphs, feel free to contact me. I always love thinking about potential root causes of the housing market.
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Triangle Area Towns 2023 Expiring Properties 2024 Expiring Properties Percentage Change Apex 2014-30.00% Cary 1942121.05% Chapel Hill 1433135.71% Clayton 273218.52% Durham 6711267.16% Fuquay-Varina 27283.70% Garner 169-43.75% Holly Springs 1211-8.33% Knightdale 39200.00% Morrisville 39200.00% Raleigh 11520275.65% Wake Forest 254372.00% Wendell 318500.00% Zebulon 182011.11%
View homes for sale in each Triangle town, city and county here.
New listings in the Triangle
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