Today is Durham's day to shine and it's shining even brighter than Wake County.
We're deep into seller's market territory with only 2.1 months of inventory throughout the entire county. That plus the sheer amount of investor activity is causing home prices to escalate at a staggering 7% rate. That's a bit more than I like to see in terms of it being a "healthy" market. It's not dangerous, but it really can't be sustained for too long and once investors run out of affordable housing they can flip and make a profit on, I expect that to calm down.
Homes aren't staying on the market that long as those investors swoop in. Just a month on average and I personally know of several homes that are going under contract in just days - so if you're in the position to sell a property in Durham, now it the best time to do it.
With inventory dropping, each new listing gets a TON of traffic if priced attractively and often times multiple bids drive that price up to over asking price. Look at this month's "Percent of Original List Price Received". 99.1% is a big number. When you factor in the homes that go for under list price, many properties are selling for at least list.