Union County, NC Housing Market Report

The average sale price of all the homes that closed in May.

This metric is calculated by adding up the total value of all homes sold in May, then dividing by the number of homes that were sold.

The median days on market (DOM) is the “middle DOM,” meaning roughly half of the homes that went under contract during May accept an offer faster and half took longer.

This metric is calculated by lining up all homes that went under contract from fastest to slowest, then selecting the middle number.

Here's what this means for you:

• Sellers: 50% of homes went under contract in this many days or less. If you're selling and your home has been on the market longer than this median without a price adjustment, it might be time to reconsider your pricing strategy!
• Buyers: if you're looking to place an offer on a home that's been on the market longer than the median DOM without a price reduction, you should consider submitting a below-ask offer (leveraging the Original List To Sale Price ratio!)

Months of inventory represents how long it would take to deplete the current inventory, assuming no new homes are put on the market. It's commonly used to determine the health of a particular market.

• Between 0-4 months of inventory is considered a seller's market because supply is relatively low, which means that sellers have more control to set terms or raise prices.
• 5-7 months signals a balanced market - there is a healthy mix of buyers and sellers.
• 8 or more months of inventory indicates a buyer's market, which means buyers have more negotiating power.

This is the total number of homes that listed for sale during May.

This is the total number of homes that sold (closed) during May.

This is the total number of homes that went under contract during May (ie: went from an Active status to a Pending/Under Contract status).

The average list to sale price ratio based on the home's price at the time the offer was made.

Here's an example:

1. If a home lists for $1,000,000, then
2. reduces its price to $500,000, then
3. goes under contract at $500,000, and
4. closes for $500,000