The real estate market continues to face significant headwinds with low inventory and tremendous economic uncertainty. Sales volume for Jan-April was down 7-13% in our local markets compared to Jan-April of 2024*, only Chapel Hill/Carrboro saw a slight volume increase. Prices continue to trend upward 2-5% with new buyers coming into the area daily. 

For Jan-April 2025, the sales price averages were:

CARY: $695K

DURHAM: $471K

RALEIGH: $538K

CHAPEL HILL/CARRBORO: $617K 

The uncertainty over tariffs continues to rattle the economic markets driving mortgage rates in North Carolina up to an average of 6.83% for a 30 year fixed rate loan and 6.15% for a 15 year fixed. Supply chain concerns particularly for new construction, economic uncertainty  and a depressed stock market will continue to affect rates, home prices and the overall supply of housing in the upcoming weeks and months. 

Real Estate conditions in our area are always big news! Here’s a sampling of recent stories:

• The state is projected to increase by 5% (218,160 households) between 2024 and 2029, according to an analysis by Bowen National Research. The result: an estimated housing gap that will grow to 764,478 units — 322,360 rental units and 442,118 for-sale units. The report has spurred calls for reform with NC State legislators considering dozens of bills meant to address the shortfall.

• In a 5-4 vote, Durham approved hundreds of new homes on Wake Forest Highway with developer Thomas and Hutton looking to build 50 single-family homes, 225 town homes, 225 apartments, and 12,000 square feet of retail space.

• Disney is building its second Storyliving by Disney brand community in Chatham County. Pittsboro spokesman Colby Sawyer said the community could be built in nine phases, totaling 4,000 homes between Chatham Park’s Mosaic mixed-use district and the Haw River.

What a beautiful Spring we’ve been having! These recent cool mornings and balmy afternoons are just perfect, hope you’ve had time to enjoy it.

Sources: 

Triangle MLS  5/8/25

bankrate.com 5/8/25

News & Observer 4/28/25, 4/30/25 and 5/6/2025

* For perspective on the broader vs luxury market, property data includes sales of $2M or less