A quick look at the year end numbers for the four counties making up Triangle real estate in 2015 shows our market finishing the year with a bang. Durham leads the counties with closed sales up a whopping 29.8% and median prices up 17.2% over 2014, securing its spot as the hottest, in-demand locale in our market. The trend towards downtown urban living is alive and well in Durham NC!
Wake County saw prices jump 11% over last year, while actual closed sales were up 9.1%. Not as strong as Durham, but strong enough to celebrate!
Chatham and Orange Counties pulled in a robust 23.4% and 19.4% increase in closed sales, but median prices rose only 3.7% for Chatham and a disappointing -3.3% for Orange, the only county in the Triangle to see a decrease in median price. An ageing inventory and limited new construction is continuing to apply downward pressure in that area of the Triangle.
But overall, there is much to be happy about! For Triangle real estate in total, closed sales increased 13.1% and median prices rose by 9.8% over 2014. There are many parts of the country whose residents would be green with envy about those numbers, and we are fortunate to have a thriving local real estate market.
Judging by the amount of development under way and in the planning stages for Triangle real estate, continued growth is expected. Our relatively warm climate, strong job market, proximity to the mountains and ocean, good schools, quality retirement centers, and plethora of cultural activities will continue to lure families to the Triangle.
We’ll continue to give monthly updates on the Triangle real estate market as we move into 2016. If you would like to follow the stats for your particular neighborhood or county, or have questions about buying or selling a home, just shoot us an email at firstname.lastname@example.org. We’d love to talk with you!