DURHAM – The median sale price for a home sold in Durham County was $400,000 in December 2021. That’s up 33.3% from December 2020, when the median home sale price was $300,000, according to the latest data from Triangle Multiple Listing Service, TMLS, which released the monthly reports late last week.
That 33.3% increase is the largest 12-month rise in median home sale values of any of the four counties for which TMLS releases county-level reports, though each of the four counties have seen an increase of monthly median home sale prices in excess of 22% when comparing December 2021 to December 2020. There were 547 properties sold in Durham County in December 2021, which is more than the 526 sold in December 2020, but the number of new listings plummeted in 2021 compared to 2020, as just 340 new homes came on the market.
Also on the rise? Johnston County’s median home sale price has increased by 31.1%, as the median home sale price in December 2021 was $335,000 compared to $255,450 the prior year, with 501 homes sold in December 2021. Johnston County Office of Economic Development recently launched an initiative with the stated purpose of connecting talented workers living in Johnston County with employers in the region, as firms like Amazon, Berry Global, Bartlett Milling and AdvanceTEC all added or expanded operations in the county in 2021. According to Chris Johnson, the director of Johnston County Office of Economic Development, the county’s workforce increased by 5.4% in 2021.
The median sale price of the 157 Orange County properties sold in December 2021 was $409,000, up 24.3% from the year prior, when the median home sale price was $329,100 in the county, according to the TMLS report.
Wake County saw the highest median sale price across all four counties for which data is compiled into monthly reports by TMLS, with a median sale price of $425,000 in December 2021. That’s up from a median sale price of $346,100 the year prior, or an increase of 22.8%.
Across the Triangle, the 4,089 homes sold in December 2021, the median sale price was $370,000, up 23.3% from December 2020, when the median home sold for $300,000 across 4,212 transactions.
The region could continue to see home value appreciation, as a recent Zillow forecast anticipated the growth of the Raleigh metropolitan statistical area, which is Wake, Johnston, and Franklin Counties, to be 24% between November 2021 and November 2022, even as the Federal Reserve appears ready to inch up interest rates that could indicate an increase in mortgage loan rates as well.
Across the calendar year, and across the entire Triangle region, 2021 saw a 16.9% increase in median sales price, up to $345,000 on 47,787 sale transactions compared to $295,000 during 2020 on 45,864.
In Durham County, the median sale price for all of 2021 was $349,187, up 20.4% from the median sale price in 2020 of $290,000. In Wake County, the median sale price during the 2021 calendar year was $395,000, up 17.0% from the median sale price of $337,581 in 2020. In Johnston County, the median sale price rose 19% in 2021 compared to all of 2020, rising from $250,099 to $299,840. And, by this measure, Orange County median prices increased by 23.5%, as median home price jumped from $328,000 during 2020 to $405,072 in 2021.