Next up on our grand tour of the Triangle's spring housing stats is Orange County. The little slice of heaven has always been a little anomalous. The area's largest employer - UNC - is protected from economic booms and busts and that trickles down to the housing market. That protection is great during downturns but Chapel Hill is lagging behind Raleigh's and Durham's reassurance mainly because it wasn't as bad here!
With that in mind, this spring is still giving us Realtors some promising signs. More sellers are helping out with the area's housing crunch and home prices are still rising. But the 2% year over year increase might not look that much compared to Durham, that's good news for buyers who might need to wait a little longer before making the big leap into homeownership.
Like all the other break downs so far, its good news! Prices are up, but oddly it's taking two days more this year than last. What's the deal?
While there is demand to live in Orange County, nearby jurisdictions are starting to present some competition. As I mentioned yesterday, Durham wasn't an option for many people just a few years ago. Also, Chatham County is presenting itself as an attractive alternative.
As Briar Chapel speeds along with hundreds of new homes per year, I would expect Orange County houses to sell for a good price, but that competition will cause days on market to plateau at around two months for the foreseeable future.
Over the holiday weekend I'll break down Chatham County and Chapel Hill. Be safe and stay cool!