Is Orange County, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Orange County has remained a Seller's Market.
Key Takeaway
Orange County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Orange County, NC
How much do homes in Orange County, NC cost?
Median Sold Price
$598,481
$267/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Orange County have sold for 6.8% more than they did a year ago.
Summary: The median home sold price in Orange County was $598,481 in May 2024, up 6.8% from last year, and the median price per square foot was $267.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $318.5K | $330.1K | +3.7% |
| 2 Bedrooms | $292.2K | $331.7K | +13.5% |
| 3 Bedrooms | $461.6K | $514.3K | +11.4% |
| 4 Bedrooms | $705K | $765K | +8.5% |
| 5+ Bedrooms | $896.6K | $940K | +4.8% |
Summary: Orange County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.7%, 2 bedroom homes increased by 13.5%, 3 bedroom homes increased by 11.4%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 4.8%.
Median Sold Price Compared To Nearby Counties
| Caswell County | $215K | $247.5K | +15.1% |
| Orange County | $560.4K | $598.4K | +6.8% |
| Person County | $284.9K | $300.1K | +5.4% |
| Durham County | $402.2K | $412.5K | +2.6% |
| Alamance County | $319.6K | $316.5K | -1.0% |
Housing Supply in Orange County, NC
How many homes are available in Orange County, NC?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 566 | 606 | +7.1% |
Summary: The Orange County real estate market had 606 homes for sale in May 2024, a 7.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 16 | 14 | -12.5% |
| 2 Bedrooms | 75 | 78 | +4.0% |
| 3 Bedrooms | 205 | 217 | +5.9% |
| 4 Bedrooms | 173 | 195 | +12.7% |
| 5+ Bedrooms | 97 | 102 | +5.2% |
Summary: The Orange County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 12.5%, 2 bedroom homes increased by 4%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 12.7%, and 5+ bedroom homes increased by 5.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 153 | 172 | +12.4% |
Asking Price vs. Sold Price
49 Homes Were Sold
Under Asking
30 Homes Were Sold
At Asking
93 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Orange County, you could pay more than the asking price. 54.1% of homes here sold above asking price last month.
Summary: A total of 172 homes were sold or pending in Orange County in May 2024, up by 12.4% month-over-month. Of the 172 sold homes, 28% were sold under asking, 17% were sold at asking, and 54% were sold over asking.
Days on Market for Orange County, NC
How long does it take to sell a home in Orange County, NC?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 56 Days | 13 Days | -76.7% |
Summary: Homes in Orange County had an average of 13 days on market in May 2024, down by 76.7% compared to last year.
Breakdown of Home Sale Times
149 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Orange County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 172 homes were sold in Orange County; 87% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
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Copyright © 2024 Triad Multiple Listing Service, Inc. All rights reserved. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed. This site will be monitored for ‘scraping’ and any use of search facilities of data on the site other than by potential buyers/sellers is prohibited. All Sale data is for informational purposes only and is not an indication of a market analysis or appraisal. Properties marked with the Triad MLS, Inc. icon are provided courtesy of the Triad MLS, Inc.’s, Internet Data Exchange Database.