Early Summer Update on the Triangle Housing Market
In case you missed it, the Triangle’s housing market has remained pretty solid in 2019 and especially as we dive deeper into the summer season.
Aided by low interest rates and continued demand from the area’s healthy economy, closed sales throughout the Triangle during the month of May jumped a substantial 5.7 percent compared to the same month last year.
What’s even more encouraging is that home sales increased even despite a 5.5 percent jump in the median sales price, which has now reached $281,500, according to the Triangle MLS.
Perhaps one issue facing Triangle area housing for the rest of 2019 and likely into next year is that lack of available starter homes priced under $250,000.
According to recent statistics, there’s been a huge drop in available homes under $200,000 over the last 5 years and the availability of homes under $150,000 has fallen 93 percent over that same timeframe.