Durham-Chapel Hill, NC

There is no doubt that the Durham-Chapel Hill, NC metropolitan statistical area (MSA) is one of the hottest housing markets in the country. Home prices have been on the rise for several years, and there is no end in sight. The combination of a strong economy, low interest rates, and a limited supply of homes for sale has created a perfect storm for sellers.

The average sales price of a home in Durham-Chapel Hill was $369,000 in 2017, an increase of 8.5% over 2016. This trend is expected to continue in 2018 as buyers compete for a limited number of homes on the market. The number of homes available for sale fell by 9% in 2017, and inventory levels are expected to remain tight in 2018.

The strong demand for housing is being driven by job growth in the region. The unemployment rate fell to 4% in 2017, down from 5% the previous year. Major employers such as Duke University and UNC Chapel Hill are expanding their operations, which is creating even more jobs. With more people working and wages rising, there is more demand for housing.

Investors are also playing a role in the Durham-Chapel Hill housing market by buying up properties to rent out or sell later at a profit. This has helped to drive up prices even further as they compete with traditional buyers for scarce properties.

If you are thinking about buying a home in Durham-Chapel Hill, now is the time to act. Prices are only going to continue to rise as demand remains strong