What’s *actually* happening in Moore County real estate? Let us tell you.
We now have the Moore County real estate data available from September and October, so we can gauge the market and see how it’s trending (and maybe play a little Nostradamus along the way… maybe.)
As it sits, here is the current data (provided by Zillow):
- For sale inventory: 634
- New listings: 168
- Median sale to list ratio: .985
- Median sale price: $432,667
- Median list price: $483,317
- Percent of sales over list price: 16.5%
- Percent of sales under list price: 60.0%
- Median days to pending: 38
The biggest data extrapolation that pops up first is the difference between median list and median sale prices: a whopping $50,650 difference in those two numbers tells us this is absolutely a buyer’s market, putting the negotiating powers in their hands.
Secondly, Zillow also tells us the average home value in the county is $408,013, with a 1% increase compared to a year ago. That’s actually slightly lower than the year’s high in March of $409,033. A dip in August has set the stage for a raise again, which we are currently in the midst of. How this translates into the new year is anyone’s guess, but with the average price staying within a few thousand over the last 12 months, it shows signs of a stable market.
We have individualized looks at local areas like Pinehurst, Southern Pines, and Aberdeen – which can tell the story of those areas better – and of course Zillow has them too.
As expected, though, prices are much, much higher than five years ago, and an even larger gap from pre-COVID times until now.
We could sit here and try to predict exactly what will happen, but that would do us no good. As Thanksgiving and the rest of the holiday season approach, it’s important to keep an eye on out how things shape up for the housing market — either continuing the upward trend or a down tick could be indicative of a greater shift in the market in general.
No matter what happens, make sure to follow along with Greenhem as we give you Moore County real estate updates!
