In this Cary Spotlight Issue…

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🏡 Cary Real Estate: Properties Sold in Cary Last Week

🔍 FREE Report of the Estimated Selling Price for Your Home

🏡 U.S. Trends and Developments in the Mortgage and Real Estate Markets

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Properties Sold in Cary, NC: Nov 13, 2023 to Nov 17, 2023
(Data source: Redfin)

There were 23 properties sold in Cary, NC during the past week. Please note that we exclude land sales. Here are a few statistics based on the sales from this past week:

The average price for all properties sold is $635,643.

The average size in square feet for houses sold is 2,610.

The average price per square foot for houses that sold is $245.

FREE Report of the Estimated Selling Price for Your Home!

The properties are listed from highest SOLD PRICE to lowest:

Date Sold: Nov 17, 2023
Address: 104 Marseille Pl, Cary, NC 27511
Sold Price: $2,350,000
Beds: 4
Baths: 3.5
Size: 6,266 Sq Ft

Date Sold: Nov 13, 2023
Address: 7108 Gibson Creek Pl, Cary, NC 27519
Sold Price: $1,200,000
Beds: 5
Baths: 5
Size: 4,609 Sq Ft

Date Sold: Nov 16, 2023
Address: 503 Burgwin Wright Way, Cary, NC 27519
Sold Price: $955,000
Beds: 5
Baths: 4.5
Size: 4,149 Sq Ft

Date Sold: Nov 14, 2023
Address: 305 Southglen Dr, Cary, NC 27518
Sold Price: $904,000
Beds: 4
Baths: 3.5
Size: 3,282 Sq Ft

Date Sold: Nov 14, 2023
Address: 506 Greyfriars Ln, Cary, NC 27518
Sold Price: $855,000
Beds: 4
Baths: 3.5
Size: 3,519 Sq Ft

Date Sold: Nov 17, 2023
Address: 505 Windstream Way, Cary, NC 27518
Sold Price: $835,000
Beds: 4
Baths: 3.5
Size: 3,294 Sq Ft

Date Sold: Nov 17, 2023
Address: 106 Spring Needle Ct, Cary, NC 27513
Sold Price: $757,500
Beds: 5
Baths: 3.5
Size: 3,346 Sq Ft

Date Sold: Nov 15, 2023
Address: 4010 Overcup Oak Ln, Cary, NC 27519
Sold Price: $750,000
Beds: 5
Baths: 3.5
Size: 2,963 Sq Ft

Date Sold: Nov 13, 2023
Address: 315 Beckingham Loop, Cary, NC 27519
Sold Price: $740,800
Beds: 3
Baths: 2
Size: 2,501 Sq Ft

Date Sold: Nov 14, 2023
Address: 537 Spring Flower Ct, Cary, NC 27511
Sold Price: $625,000
Beds: 3
Baths: 2.5
Size: 2,253 Sq Ft

Date Sold: Nov 13, 2023
Address: 2565 Legrande Way, Cary, NC 27519
Sold Price: $620,000
Beds: 3
Baths: 3.5
Size: 2,496 Sq Ft

Date Sold: Nov 14, 2023
Address: 220 Great Lake Dr, Cary, NC 27519
Sold Price: $572,000
Beds: 3
Baths: 2.5
Size: 2,313 Sq Ft

Date Sold: Nov 15, 2023
Address: 760 Eldridge Loop, Cary, NC 27519
Sold Price: $570,000
Beds: 2
Baths: 2
Size: 1,765 Sq Ft

Date Sold: Nov 15, 2023
Address: 164 Wildfell Trl, Cary, NC 27513
Sold Price: $550,000
Beds: 4
Baths: 3.5
Size: 2,680 Sq Ft

Date Sold: Nov 16, 2023
Address: 405 Electra Dr, Cary, NC 27513
Sold Price: $530,000
Beds: 3
Baths: 2.5
Size: 1,985 Sq Ft

Date Sold: Nov 15, 2023
Address: 108 Grey Fox Ct, Cary, NC 27511
Sold Price: $464,990
Beds: 4
Baths: 2.5
Size: 2,240 Sq Ft

Date Sold: Nov 17, 2023
Address: 1102 Medlin Dr, Cary, NC 27511
Sold Price: $455,000
Beds: 4
Baths: 2
Size: 1,928 Sq Ft

Date Sold: Nov 13, 2023
Address: 213 Baines Ct #15, Cary, NC 27511
Sold Price: $430,000
Beds: 2
Baths: 2
Size: 1,500 Sq Ft

Date Sold: Nov 13, 2023
Address: 6813 Franklin Heights Rd, Cary, NC 27518
Sold Price: $425,000
Beds: 3
Baths: 2.5
Size: 1,600 Sq Ft

Date Sold: Nov 15, 2023
Address: 402 Sawgrass Ct, Cary, NC 27519
Sold Price: $405,947
Beds: 2
Baths: 2
Size: 1,699 Sq Ft

Date Sold: Nov 16, 2023
Address: 110 Clancy Cir, Cary, NC 27511
Sold Price: $350,000
Beds: 2
Baths: 2
Size: 1,260 Sq Ft

Date Sold: Nov 15, 2023
Address: 223 Danforth Dr, Cary, NC 27511
Sold Price: $318,000
Beds: 2
Baths: 2
Size: 1,218 Sq Ft

Date Sold: Nov 13, 2023
Address: 6820 Rebecca Cir, Cary, NC 27518
Sold Price: $315,000
Beds: 3
Baths: 1
Size: 1,232 Sq Ft

Date Sold: Nov 17, 2023
Address: 1434 Huntly Ct, Cary, NC 27511
Sold Price: $300,000
Beds: 3
Baths: 2
Size: 1,700 Sq Ft

Date Sold: Nov 15, 2023
Address: 113 New Kent Pl #113, Cary, NC 27511
Sold Price: $280,000
Beds: 2
Baths: 2
Size: 947 Sq Ft

Note: Listings not located in Cary, NC have been excluded.

FREE Report of the Estimated Selling Price for Your Home!

U.S. Trends and Developments in the Mortgage and Real Estate Markets

Recent national news stories for the week of 18 Nov 2023 have highlighted various trends and developments in the mortgage and real estate markets:

1. Decline in Mortgage Rates: Mortgage rates have been falling for the past few weeks. As of November 16, the rate for a 30-year fixed-rate mortgage dipped to 7.44%, a slight decrease from the previous week's 7.5%. This trend is partly driven by the October inflation report, which indicated a slowing inflation rate, leading to a reduced yield on the 10-year Treasury. This decrease in rates might not be drastic, but it's noteworthy as it's down from the two-decade high of 8% observed earlier​​​​. Read Source

2. Pending Home Sales and Market Activity: Home seller acceptance of offers reached a peak for the year last month, but many transactions might not close. The annual rate of pending sales was nearly 401,000, up 1% from the previous month. Despite this, the number of completed sales has been declining, with closed sales down 1.8% during the month and 12.5% from a year earlier. High home prices and mortgage rates are causing some buyer hesitation, and the reluctance of sellers to make repairs is also contributing to failed transactions​​​​​​. Read Source

3. Homebuyer Demand and New Listings: The Redfin Homebuyer Demand Index has remained largely unchanged from a month earlier. There has been a 3% increase in mortgage-purchase applications from the previous week, despite being down 12% year-over-year. New home listings have seen a 3% increase from the previous year, which is the biggest increase in two years. This rise in new listings might be due to homeowners anticipating a decrease in home prices or trying to capitalize on the slight uptick in buyer demand​​​​. Read Source

4. Housing Market Trends: The median sale price of homes has risen by 4.2% to $367,998, which is the largest increase in a year. The median asking price also increased by 5.6% to $378,549. While the number of active listings has declined by 8.7%, it’s close to the highest level since the start of 2023. The months of supply of homes is at 3.7 months, indicating a seller’s market, but this is closer to a balanced market condition​​​​​​​​. Read Source

5. Future Outlook: Experts believe that the combination of economic strength, lower inflation, and declining mortgage rates will likely attract more homebuyers to the market. However, the chief economist at Bright MLS notes that there's still room for mortgage rates to fall further. A significant constraint remains the limited inventory of homes available for sale, though more new listings and potentially lower mortgage rates are expected in the spring​​​​​​. Read Source

Overall, these reports suggest a complex and evolving landscape in the mortgage and real estate markets, with factors like inflation, Federal Reserve policies, and buyer-seller dynamics playing key roles.

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