Published May 29, 2020

Triangle Housing Market Steady Amid COVID-19 Pandemic

Written by Dana Ben

Triangle Housing Market Steady Amid COVID-19 Pandemic header image.

The Triangle Housing Market is doing awesome despite the coronavirus pandemic. Interest rates continue to plunge to historic lows weekly. According to Freddie Mac, the average 30-year Fixed Rate Mortgage is now at 3.24% down from 3.28% a week ago!

Across the country, experts predicted that home sales could fall by 35% this spring, but here in the Triangle this prediction has not come true. For instance, there was an increase by 6.2% in closed sales between March 2019 and March 2020 (Figure. 1). In addition, there is an 8.1% decrease in the number of days homes are on the market before going under contract.

Data for Triangle Region

+0.3%

4.781/4.792

+6.2%

3.435/3.648

+6.3%

$270k/$287k

-12.3%

8,262/7,245

-20.0%

2.5/2.0

-8.1%

37/34

Change in New listings Mar. 19/20

Change in Closed sales Mar. 19/20

Change in Median Sales Price Mar. 19/20

Change in Inventory Mar.19/20

Month’s Supply Inventory Mar. 19/20

Days on Market Mar. 19/20

Figure 1. Data Comparing March 2019 to March 2020. Source: Durham Regional Association of Realtors/Triangle MLS

Economists say this is a good time to buy or sell your home as long as you have secure income. For example, an economist from NC State, Michael Walden, said "Sellers, because there's fear out there, they may be willing to negotiate more on price, so if I was on the market to buy a house I'd be out there looking."

As North Carolina reopens, expect increased inventory (i.e. more homes on the market), traditional open houses, less days on the market, and an increase in multiple offers.

Jennifer Stevenson, Expert Real Estate Advisor Dana Ben Realty Group/Keller Williams Preferred