Market Report - Chapel Hill New Homes

Chapel Hill/Carrboro New Home Listings DOWN 32%

Chapel Hill Offers Fewer New Homes

Looking for a new home in Chapel Hill?  Thinking the choices have gotten a little thinner?  You're right....

New Home inventory in Chapel Hill/Carrboro was down 32% in November 2009 versus November 2008.  Chapel Hill has long been one of the most coveted places to live in the Triangle area.

Chapel Hill new home inventory prices will also be affected by the recent increases in impact fees.  The impact fees for a home built in Chapel Hill or Carrboro school districts just increased to $7616.  And it will go up further, to $9,520, for any home beginning construction after Jan 1, 2011.   This is the highest impact fee by far for any location in the Triangle.

New Home Listings by Price Point Chapel Hill NC

There were fewer new home listings in Chapel Hill/Carrboro in nearly every price point.

• Under $300K Chapel Hill new home inventory showed only 4 homes available.
• $300-399K Chapel Hill new home inventory reduced from 13 homes to only 4 homes.
• $400-499K Chapel Hill new home inventory increased from 5 homes to 11 homes.
• $500-599K Chapel Hill new home inventory decreased from 11 homes to 6 homes. 
• Townhomes and condos are the most common kind of new construction in Chapel Hill. 

There are fewer "affordable" homes in Chapel Hill than in any other area.  Homebuyers who work in Chapel Hill often consider Chatham County, Hillsborough, or Durham for their new home. 

 Overall New Home Listings Chapel Hill November 2009

On December 1 2008, there were 181 new homes listed in Chapel Hill/Carrboro.

On December 1 2009, there were only 123 new homes listed in Chapel Hill/Carrboro.

Of those 123 new homes, 73, or 62%, were condos or townhomes.  This area has the highest percentage of townhomes and condos for available new homes.  Raleigh inside the beltline has the second highest at 54%, and Durham County has the third highest percentage, at 44%. 

Builders are building fewer "speculative" homes, and more home buyers are opting for completely custom packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications). 

What Price Points are getting the most showings Inside the Beltline?

If you're looking to purchase in these price points, you'll have more competition for your new home.

Which price points are most popular inside the beltline?

• Chapel Hill homes in the $1 million+ range saw the most showings in November 2009.
• Chapel Hill new homes in the $600-799K range saw the most showings PER HOME.
• Condos inside the beltline saw the least showings per home.

How does the new home market in Chapel Hill compare to the rest of the Triangle?

Triangle New Home Market Reports - Dec 1 2009 

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Market Report - Raleigh New Homes ITB (Inside the Beltline)

Raleigh Inside the Beltline New Home Listings DOWN 32%

New Home Inventory Down Another 8% Since September 2009

Looking for a new home inside the beltline in Raleigh?  Thinking the choices have gotten a little thinner?  You're right....

New Home inventory ITB Raleigh was down 32% in November 2009 versus November 2008.  Inside the Beltline is one of the most popular designations in the Triangle area.

"Inside the Beltline" does cover a fairly wide range of territory.  Most of the new home listings under $300K are on the "east" side, with some on the "south" side near Garner.  There is a bare handful of new homes on the North side between $300K and $400K, and none below $300K.    

New Home Listings by Price Point Inside the Beltline Raleigh

There were fewer new home listings inside the beltline in Raleigh in every price point but one.

• Under $200K Raleigh inside the beltline new home inventory showed only 2 homes available.
• $200-299K Inside the Beltline Raleigh New Home inventory increased by 100%
• $300-399K Inside the Beltline Raleigh New Home inventory reduced by 58%
• $400-499K Inside the Beltline Raleigh New Home inventory reduced by 64%
• Townhomes and condos are the most common kind of new construction inside the beltline. 

Homes inside the beltline under $400K tend to be smaller or simpler, because the cost of land is much higher in this desirable area.  North Raleigh inside the beltline is the top requested location, and most new homes in that area are well above $400K. 

 Overall New Home Listings Raleigh Inside the Beltline November 2009

On December 1 2008, there were 256 new homes listed Inside the Beltline

On December 1 2009, there were only 175 new homes listed Inside the Beltline. 

Of those 175 new homes, 94, or 54%, were condos or townhomes.  This area has the highest percentage of townhomes and condos for available new homes.  Durham County has the second highest percentage, at 44%. 

Builders are building fewer "speculative" homes, and more home buyers are opting for completely custom packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications). 

What Price Points are getting the most showings Inside the Beltline?

If you're looking to purchase in these price points, you'll have more competition for your new home.

Which price points are most popular inside the beltline?

• Inside the Beltline homes in the $1 million+ range saw the most showings in November 2009, both overall and per home.
• Inside the Beltline new homes in the $600-799K range saw the second most showings overall, and the second most showings PER HOME.
• Condos inside the beltline saw the least showings per home.

How does the new home market Raleigh - Inside the Beltline compare to the rest of the Triangle?

Triangle New Home Market Reports - Dec 1 2009 

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More Raleigh Market Reports   

Market Report - Durham New Homes

Durham New Home Listings DOWN 31%

Available New Home Inventory Decreasing

Looking for a new home in the Durham area?  Thinking the choices have gotten a little thinner?  You're right....

New Home inventory in Durham NC was down 32% in November 2009 versus November 2008.  Durham is one of the more affordable areas of the Triangle, with more new homes available under $300K.  

New Home Listings by Price Point in Durham  NC

There were fewer new home listings in Durham NC in nearly every price point.

• $200-299K Durham New Home inventory reduced by 45%
• $150-199K Durham New Home inventory reduced by 41%
• $300-399K Durham new home inventory reduced by 21%
• Townhome inventory reduced by the lowest percentage - only a 9% reduction was seen.

Durham remains one of the more affordable areas of the Triangle.

 Overall New Home Listings in Durham  NC November 2009

On December 1 2008, there were 430 new homes listed in Durham NC.

On December 1 2009, there were only 295 new homes listed in Durham NC.

Builders are building fewer "speculative" homes, and more home buyers are opting for completely custom packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications). 

What Price Points are getting the most showings in Durham ?

If you're looking to purchase in these price points, you'll have more competition for your new home.

Which price points are most popular in Durham ?

• Durham townhomes saw the most showings in November 2009.
• Durham new homes under $200K saw the most showings PER HOME. 
• Durham condos saw the least showings PER HOME. 

How does the Durham  new home market compare to the rest of the Triangle?

Triangle New Home Market Reports - Dec 1 2009 

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More Raleigh Market Reports   

Market Report - Raleigh NC

North Raleigh New Home Listings DOWN 32%

New Home Showings UP 23% to September

Looking for a new home in the Falls Lake area?  Thinking the choices have gotten a little thinner?  You're right....

New Home inventory in North Raleigh NC was down 32% in November 2009 versus November 2008.  And North Raleigh continues to be one of the most sought after areas of the Triangle, with land and home values that have risen accordingly.

New Home Listings by Price Point in North Raleigh NC

There were fewer new home listings in North Raleigh NC in nearly every price point.

• $400 to $499K homes saw a slight increase, from 13 to 14 homes listed.

North Raleigh remains one of the most popular (and valuable) areas in the Triangle.

• New homes under $400K reduced from 13 listings last year to only 11 listings this year.
• Available inventory in the $500-599K point in North Raleigh was down 31%, from 52 to 36 listings.
• Available inventory in the $600-699K point in North Raleigh was down 35%, from 78 to 51 listings.

The luxury market continues to struggle with a high months of supply, but new homes under $400K are very hard to find and have a very low months of supply. 

 Overall New Home Listings in North Raleigh NC November 2009

On December 1 2008, there were 363 new homes listed in North Raleigh NC.

On December 1 2009, there were only 247 new homes listed in North Raleigh NC.

This is another 8% reduction in new home inventory levels from two months previous.

Builders are building fewer "speculative" homes, and more home buyers are opting for completely custom packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications). 

What Price Points are getting the most showings in North Raleigh?

If you're looking to purchase in these price points, you'll have more competition for your new home.

Which price points are most popular in North Raleigh?

• North Raleigh new homes in the $600-799K price range saw the most showings in November 2009.
• North Raleigh new homes in the $500-599K price range followed closely.
• North Raleigh new homes under $400K saw TWICE THE AVERAGE number of showings per home - not many listings in this range.

Overall, showings were UP 23% to September 2009, in a month that usually sees decreased activity.

How does the North Raleigh new home market compare to the rest of the Triangle?

Triangle New Home Market Reports - Dec 1 2009 

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More Raleigh Market Reports   

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Market Report - Raleigh NC

Cary/Apex/Morrisville New Home Listings Down 34%

Number of New Homes Available Continues to Decrease

Looking for a new home in the Raleigh area?  Thinking the choices have gotten a little thinner?  You're right....

New Home inventory in the Cary/Apex/Morrisville market area was down 34% in November 2009 versus November 2008.  Cary has been a top destination for over a decade, and Apex and Morrisville have both been highly sought after, particularly in the last five years.

In September 2009, new home inventory was down 29% to September 2008 - inventory has slipped another 5% in the past two months. 

New Home Listings by Price Point in Cary/Apex/Morrisville

Cary/Apex/Morrisville saw reduced inventory in every price bucket across the board.  

• New homes in the Cary area under $300K remain hardest to find, in these top choices for relocation.  There were a total of only 28 new homes in these price points previously - December 1st 2009 saw only 23 new homes under $300K. 
• New homes in the Cary/Apex area in the $600-799K price point saw the most significant percentage reduction.  Luxury home buyers are starting to move through existing inventory.  Number of new homes available reduced from 53 to 22 homes, a 58% inventory reduction.
• Cary/Apex/Morrisville new homes in the $300-399K price point saw the second biggest unit reduction - from 85 homes to 55 homes available across the three jurisdictions, a 35% reduction in available inventory. 

Overall New Home Listings Available in Cary/Apex/Morrisville

New home inventory in Cary/Apex/Morrisville dropped from 533 new homes at this time last year to 351 new homes on December 1, 2009, a 34% new home inventory reduction.

New Home Showings in Cary/Apex/Morrisville

Is anyone looking at new homes in Cary, Apex, and Morrisville?  Yes, quite a few of them!  Here's a breakdown by price point:

Overall, showings were UP 38% versus September 2009.  This is a huge increase, particularly for a time of year that is traditionally much slower.  Is it possible that many of these lookers are move up buyers who sold their first home to a "first time homebuyer" this fall?

New homes in the $500-599K price point saw the most showings per home, on average.

New homes in the $400-$499K price range saw the most showings overall.  This is a big increase from September - showings in this price point almost doubled! 

New homes in the $300-399K price range also saw significant traffic. 

How does Cary compare to the rest of the Triangle?

Triangle New Home Market Reports - Dec 1 2009 

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More Raleigh Market Reports   

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Market Report - Wake Forest NC

Wake Forest New Home Inventory Dropped Over 40%

Fewer New Home Choices in November 2009

Looking for a new home in Wake Forest NC?  Thinking the choices have gotten a little thinner?  You're right....

New Home inventory in Wake Forest NC was down 41% in November 2009 versus November 2008.

New Home Listings by Price Point in Wake Forest NC

There were fewer new home listings in Wake Forest NC in every price point.

Only seven single family homes were listed in Wake Forest NC under $200K. 

The $800-999K price range had the most significant percentage reduction of Wake Forest NC new home choices, down by 71% (from 17 to 5 homes).

Wake Forest NC new homes in the $200-299K range saw a 31% reduction in inventory levels, from 74 to 51 new homes.

Wake Forest new home listings in the $300-399K price range saw a 24% reduction, from 103 homes to 78 homes.

New Homes in Wake Forest in the $400-499K price range saw a 60% reduction, from 80 homes last year to only 32 homes this year.

 Overall New Home Listings in Wake Forest NC November 2009

In November 2008, there were 515 new homes listed in Wake Forest NC.

In November 2009, there were only 303 new homes listed in Wake Forest NC.

Wake Forest new home inventory is down 41% to the same time last year.

Wake Forest new home selections are continuing downward - new home inventory is down another 7% compared to September 2009, two months ago. 

Builders are building fewer homes, and more home buyers are opting for completely custom packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications). 

What Price Points are getting the most showings in Wake Forest?

If you're looking to purchase in these price points, you'll have more competition for your new home.

$300-399K new homes in Wake Forest were the most popular.

$400-499K new homes saw the most showings per home.

Wake Forest townhomes were the least popular, with the fewest showings per home.

Compare With Other Areas of the Triangle

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Want to see the most recent Raleigh area market reports?

Market Report - Raleigh NC

Chatham County New Home Listings Down 23% to Last Year

New Homes Under $300K Show Biggest Drop

Looking for a new home in the Raleigh area?  Thinking the choices have gotten a little thinner?  You're right....

New Home inventory in Chatham County NC was down 23% in November 2009 versus November 2008.

In September 2009, new home inventory was only down 16% to the same period in 2008.

Chatham County, which includes areas around Jordan Lake, south of Chapel Hill, Pittsboro, and Siler City, has been lauded for rolling, wooded hills and unspoiled terrain. 

New Home Listings by Price Point in Chatham County NC

Chatham County saw some shifts in new home inventory levels.  Some price points saw more inventory, while others saw decreased inventory.   

• New homes in Chatham County under $300K reduced from 33 listings last year to only 16 listings this year, a 52% reduction in new homes at this price point.
• New homes in Chatham County from $300K to $399K decreased 30%, from 27 listings in November 2008 to only 19 listings in November 2009.
• Chatham County new homes in the $400-499K price point saw the only single family home increase, from 26 to 31 homes. 

There have still been a significant number of sales in these price points - the increased inventory at these levels may be partially reflecting an increased demand. 

 Overall New Home Listings in Chatham County NC November 2009

In November 2008, there were 217 new homes listed in Chatham County NC.

In November 2009, there were only 168 new homes listed in Chatham County NC.  Some of these new homes may be just beginning construction, or may be home and land presale packages - the number of completed new homes is much lower.

New Home Showings in Chatham County November 2009

New home showings in November were UP 20% versus September.  This is a time of year that we usually see decreased showings. Compare With Other Areas of the Triangle

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Market Report - Raleigh NC

New Home Inventory Continues to Drop in November 2009

Triangle New Home Inventory Down 38% to Last Year

If you've been looking at new homes in the Triangle, you may have noticed something... or rather, less of something.  New Home listings have been steadily decreasing, even as the new home market has been starting to gather speed again.

Here's an overview of new home listings in the Triangle, this year and last year:

New home listings are down in every market area of the Triangle.  In the areas that are significantly down, buyers may be hard pressed to find a bargain - or even the style or floor plan they have in mind.  Areas down less significantly may be somewhat more negotiable, depending on location, type of home, price point, and amenities.

Want to find out how your top choice of Triangle areas are performing, by price point?  Check out all the info here: 

• Johnston County New Homes Market Report
• SW Cary/Holly Springs/Fuquay Varina New Homes Market Report
• Wake Forest New Homes Market Report
• Cary/Apex/Morrisville New Homes Market Report
• North Raleigh/Falls Lake New Homes Market Report
• Durham County New Homes Market Report
• Inside the Beltline Raleigh New Homes Market Report
• Chatham County New Homes Market Report
• East Wake County New Homes Market Report
• Southeast Raleigh/Garner New Homes Market Report
• Chapel Hill/Carrboro New Homes Market Report
• Northeast Raleigh New Homes Market Report

In November 2008, there were 4360 new homes listed in the Triangle.

In November 2009, there were only 2699 new homes listed in the Triangle, across four counties and a multitude of cities.

Triangle new home inventory has dropped by 38% from this time last year.

Builders are building fewer "speculative" homes, and more home buyers are opting for completely custom new home packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications). 

Looking for more information on new homes in the Triangle/Fort Bragg area?

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Market Report - Johnston County NC

Johnston County New Home Listings Down 51%

Choices Getting Slimmer for New Home Buyers in Winter 2009

Looking for a new home in the Clayton NC area?  Thinking the choices have gotten a little thinner?  You're right....

New Home inventory in Johnston County NC was down 51% in November 2009 vs November 2008.

Clayton NC area new homes are also down an additional 7% over inventory levels from just two months ago. 

New Home Listings by Price Point in Johnston County NC

There were fewer new home listings in Johnston County NC in every price point.

There were 39 single family homes were listed in the Clayton NC/Johnston County area under $150K, making Johnston County NC one of the most affordable areas in the Triangle. 

The under $150K price range had the most significant reduction of Johnston County NC new home choices - from 115 homes in 2008 to only 39 homes on December 1st 2009, a new home inventory reduction of 66%. 

Clayton NC area new homes in the $200-299K range saw a 47% reduction in inventory levels, from 247 to 130 new homes.

And new home listings in the $300-399K range saw a 59% reduction, from 94 homes to just 39 homes.

 Overall New Home Listings in Johnston County NC November 2009

In November 2008, there were 776 new homes listed in Johnston County NC.

In November 2009, there were only 383 new homes listed in Johnston County NC.

In September 2009, there were 411 new homes in the Clayton NC area - inventory has reduced by another 7% since September, and 51% over the same time last year. 

Builders are building fewer "speculative" homes, and more home buyers are opting for completely custom packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications). 

What Price Points are getting the most showings in Johnston County?

If you're looking to purchase in these price points, you'll have more competition for your new home.

$200-299K new homes in Johnston County were the most popular price point/area combination in the entire Triangle area for November 2009.  Clayton NC new homes continue to be a big draw for homebuyers looking for affordable homes with an easy commute, plenty of shopping, and good schools.

$300-399K new homes in Johnston County saw a lot of interest for the number of homes available.  Besides homes under $150K, this price point saw the most showings per home in November 2009.

 Compare With Other Areas of the Triangle

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Market Report - Holly Springs Area Southwest Cary NC

Holly Springs Area New Home Inventory Down 39%

Homebuyers have fewer choices - New Home Listings Down Significantly

Looking for a new home in Holly Springs, Fuquay Varina, or southwest Cary NC?  Thinking the choices have gotten a little thinner?  You're right....

New Home inventory in Holly Springs Area and Southwest Cary was down 39% in November 2009 versus November 2008.

New Home Listings by Price Point in Holly Springs/SW Cary/Fuquay Varina

There was less Cary/Holly Springs/Fuquay Varina new home inventory in every price point except for the million dollar plus range, which increased from 6 to 10 homes. 

No single family new homes were available under $150,000 in Cary/Holly Springs/Fuquay Varina.

The $500-599K price range had the most significant reduction of Holly Springs Area new home choices - from 47 homes in 2008 to only 23 homes in third quarter 2009, a new home inventory reduction of 51%. 

Holly Springs area new homes in the $600-799K range saw a 46% reduction in inventory levels.

And new home listings in the $400-499K price range saw a 45% reduction, from 88 homes to 48 homes, while Holly Springs area new homes in the $300-399K price range saw a 43% reduction in available homes, from 133 homes to 76 homes. 

Overall New Home Listings in Cary/Holly Springs/Fuquay Varina November 2009

On December 1, 2008, there were 602 new homes listed in the Holly Springs Area Southwest Cary area.

On December 1, 2009, there were only 366 new homes listed in the Holly Springs Area Southwest Cary area.

Builders are building fewer homes, and more home buyers are opting for completely custom packages, in every price point. 

What Price Points are getting the most showings in Holly Springs Area and Southwest Cary?

Showings in November 2009 were UP 7% to showings in September 2009.  We normally see a seasonal decline in November.

If you're looking to purchase in these price points, you'll have more competition for your new home.

Holly Springs area new homes in the $200-299K price point were most active in November.  These homes saw 28% of all showings.

$300-399K new homes in Holly Springs/Fuquay/SW Cary area were the second most active.  But on a "showings per home" basis, they saw the most competition for new homes.  27% of showings were in this price point, but only 21% of the available new home inventory is in this price range. 

 Compare With Other Areas of the Triangle

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