Q1 2019 is in the books but the real estate market in the Triangle NC region is looking like a repeat of 2018. Many of the trends in Q1 mimicked those from the same period last year.
What increased? Inventory growth, sale prices & days on market, while inventory within the resale market < $300,000 decreased. Historically March is the hottest month of the year in the resale market and this was true in 2019 in the below $300,000 market.
While new home construction has helped relieve the lack of inventory in other submarkets, due to the cost of land and development costs, there are very few new construction options in the $300,000 and under market across the Triangle.
Quarter1 also saw a welcome decrease in mortgage rates. Current buyers have a stable mortgage rate environment and this is projected to continue throughout 2019.