Vance County Real Estate: December 2024
As we approach 2025, Vance County, North Carolina, presents a real estate market characterized by modest growth, improved efficiency, and returning to pre-pandemic levels of stability. Recent data provides a nuanced view of a market adapting to shifting conditions while maintaining its appeal for buyers and sellers alike.
Sales Prices: Modest Year-over-Year Growth
Median Sales Price: Increased from $214,450 in November 2023 to $230,000 in November 2024.
Average Sales Price: Grew from $217,895 to $224,365 in the same period.
This growth reflects steady demand and resilient buyer interest, particularly in a market known for affordability.
Inventory Levels: Tightening but Stable
Months Supply of Homes:
Year-over-year, inventory rose from 2.9 months in November 2023 to 3.9 months in November 2024.
Month-over-month, supply decreased from 4.3 months in October to 3.9 months in November 2024.
Context: Supply remains well below the all-time high of 23.0 months in May 2011, aligning more closely with pre-pandemic levels of around 4 months in 2019.
This slight inventory increase suggests a balanced market, with supply constraints gradually easing but still favoring sellers.
Efficiency Metrics: Faster Turnaround and Moderate Activity
Days on Market (DOM):
Year-over-year, the average DOM improved significantly, dropping from 56 days in November 2023 to 33 days in November 2024.
Month-over-month, DOM increased slightly, from 25 days in October to 33 days in November 2024.
Other Market Indicators
New Listings:
Year-over-year, new listings rose from 26 in November 2023 to 32 in November 2024, reflecting increased seller activity.
Homes are selling faster than last year, indicating strong buyer interest, even with slight monthly fluctuations.
Median Price per Square Foot:
Remained relatively flat year-over-year, inching up from $147 to $148.
Showings Per Listing:
Increased slightly year-over-year from 2.4 to 2.6, though levels have remained flat compared to 2023. A notable drop-off occurred from the peak demand in 2022.
These figures reflect steady buyer interest but suggest a more balanced market compared to the frenzy of previous years.
Historical Context: A Return to Normalcy
Market Insights and 2025 Predictions
Price Growth Likely to Moderate:
With inventory normalizing and buyer activity holding steady, sales price growth is expected to continue at a modest pace, with increases of 2-4% projected for 2025.
Balanced Supply:
Months supply is likely to remain around 3.5-4.5 months, offering a balanced market that slightly favors sellers but provides opportunities for buyers.
Efficiency to Stabilize:
The pace of sales may slow slightly as the market adjusts to steady supply and demand, with average days on market hovering around 30-35 days.
Buyer Demand Resilient:
Showings per listing and price per square foot are likely to remain stable, reflecting sustained interest but not the heightened competition seen during the pandemic peak.
Economic Conditions as a Wildcard:
Local economic growth and broader interest rate trends will significantly influence market activity. Favorable rates could draw more buyers, while economic stagnation could temper demand.
Conclusion
The Vance County real estate market is heading into 2025 on a stable footing, with modest price growth, balanced inventory, and efficient sales activity. These conditions offer opportunities for both buyers and sellers, as affordability remains a key attraction. For sellers, rising prices and faster sales highlight strong demand. For buyers, the slight easing of inventory offers more options without the intense competition of past years.
As the market continues to stabilize, Vance County stands as a resilient and promising area for real estate activity, benefiting from its affordability and alignment with broader pre-pandemic trends.