In this Cary Spotlight Issue…

💭Spotlight Hook Trivia

🏡 Cary Real Estate: Properties Sold in Cary Last Week

💡 Real Estate and Mortgage Trends

This is the Real Estate Edition: local news and events will be back on Tuesday.

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Cary Spotlight

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Question: Where is the world's largest castle located?

(Answer at the bottom of the newsletter.)

Properties Sold in Cary, NC for Week of 2 June 2024 (Data source: Redfin)

Property Type: Single Family Residential.

There were 25 properties sold in Cary, NC during the past week. Please note that we exclude land sales and townhouses. Here are a few statistics based on the sales from this past week:

The average price for all properties sold is $750,560

The average size in square feet for houses sold is 2,638

The average price per square foot for houses that sold is $286

The number of homes sold by Postal Code:

• 27511: 8 homes

• 27513: 4 homes

• 27518: 4 homes

• 27519: 9 homes

• 27539: 0 homes

The properties are listed from highest SOLD PRICE to lowest:

 Click on the address to view listing.

119 Level Ridge Dr, Cary, NC 27519 |  Sold Price: $1,400,000 |  
Beds: 5 |  Baths: 3.5 |  Size: 4517 sq ft

3007 Mill Gate Ln, Cary, NC 27519 |  Sold Price: $1,300,000 |  
Beds: 5 |  Baths: 4.5 |  Size: 4339 sq ft

113 Lochview Dr, Cary, NC 27518 |  Sold Price: $1,250,000 |  
Beds: 4 |  Baths: 3.5 |  Size: 3977 sq ft

525 Parkhurst Pl, Cary, NC 27519 |  Sold Price: $1,150,000 |  
Beds: 6 |  Baths: 5.5 |  Size: 4142 sq ft

1007 Chalk Maple Dr, Cary, NC 27519 |  Sold Price: $900,000 |  
Beds: 4 |  Baths: 4.0 |  Size: 3471 sq ft

212 Ronaldsby Dr, Cary, NC 27511 |  Sold Price: $890,000 |  
Beds: 4 |  Baths: 3.0 |  Size: 2695 sq ft

3529 Ogle Dr, Cary, NC 27518 |  Sold Price: $830,000 |  
Beds: 4 |  Baths: 3.5 |  Size: 3053 sq ft

935 Regency Cottage Pl, Cary, NC 27518 |  Sold Price: $825,000 |  
Beds: 4 |  Baths: 3.5 |  Size: 3303 sq ft

2012 Crampton Grove Way, Cary, NC 27519 |  Sold Price: $812,000 | Beds: 4 |  Baths: 2.5 |  Size: 3004 sq ft

941 Green Alder Ct, Cary, NC 27519 |  Sold Price: $810,000 |  
Beds: 5 |  Baths: 4.0 |  Size: 2903 sq ft

108 Saint Lazare Dr, Cary, NC 27513 |  Sold Price: $725,000 |  
Beds: 6 |  Baths: 3.0 |  Size: 3016 sq ft

1618 Kilarney Dr, Cary, NC 27511 |  Sold Price: $696,000 |  
Beds: 4 |  Baths: 2.5 |  Size: 2386 sq ft

1333 Forest Park Way Way, Cary, NC 27518 |  Sold Price: $680,000 | Beds: 4 |  Baths: 2.5 |  Size: 2624 sq ft

1117 Brookhill Way, Cary, NC 27519 |  Sold Price: $679,000 |  
Beds: 4 |  Baths: 2.5 |  Size: 2407 sq ft

102 Kettering Ln, Cary, NC 27511 |  Sold Price: $655,000 |  
Beds: 4 |  Baths: 2.5 |  Size: 2424 sq ft

107 Parkwind Ct, Cary, NC 27519 |  Sold Price: $595,000 |  
Beds: 3 |  Baths: 2.5 |  Size: 1808 sq ft

120 Canterfield Rd, Cary, NC 27513 |  Sold Price: $576,000 |  
Beds: 3 |  Baths: 2.5 |  Size: 2268 sq ft

110 Connors Cir, Cary, NC 27511 |  Sold Price: $575,000 |  
Beds: 4 |  Baths: 2.5 |  Size: 2021 sq ft

701 Brookgreen Dr, Cary, NC 27511 |  Sold Price: $535,000 |  
Beds: 3 |  Baths: 2.5 |  Size: 1853 sq ft

111 Frohlich Dr, Cary, NC 27513 |  Sold Price: $530,000 |  
Beds: 3 |  Baths: 2.5 |  Size: 1854 sq ft

324 Bickerton Ct, Cary, NC 27519 |  Sold Price: $519,000 |  
Beds: 3 |  Baths: 2.0 |  Size: 1550 sq ft

122 Solstice Cir, Cary, NC 27513 |  Sold Price: $495,000 |  
Beds: 3 |  Baths: 2.5 |  Size: 1778 sq ft

211 Dundalk Way, Cary, NC 27511 |  Sold Price: $479,000 |  
Beds: 3 |  Baths: 2.0 |  Size: 1558 sq ft

214 Heidinger Dr, Cary, NC 27511 |  Sold Price: $443,000 |  
Beds: 3 |  Baths: 2.0 |  Size: 1558 sq ft

Click Here For the Full List of All Properties Sold Last Week

Real Estate and Mortgage Trends

Several noteworthy developments regarding mortgage rates and real estate trends in the USA:

1. Redfin's Chief Economist on Real Estate and Mortgage Rates: The main influence on mortgage rates has been inflation and government spending. The expert predicts that interest rates will likely decrease in the coming years. However, affordability remains a critical issue, particularly in places like Seattle where lower-wage workers struggle. The economist also noted the impact of climate risks on insurance premiums and real estate choices​ (GeekWire)​.
   

2. Mortgage and Real Estate Trends: The latest reports indicate that while mortgage rates have slightly risen above 7%, there is an expectation that the Federal Reserve's forthcoming decisions could lower these rates, impacting affordability and market dynamics positively. Recent trends also show a growth in existing home inventory by 16.3%​ (The Mortgage Reports)​.
   

3. National Association of Realtors (NAR) Real Estate Forecast: Realtor.com expects a 7.1% average mortgage rate by year-end, with a 5.4% increase in existing-home prices despite some declines. Construction is expected to decline sharply due to various economic pressures, although some recovery is anticipated in 2024​ (www.nar.realtor)​.
   

4. ATTOM Data on U.S. Real Estate Market: The data shows a consistent pattern in the decline of home prices from a high in June 2023, with April 2024 seeing a notable increase in refinancing activities, suggesting a reaction to current mortgage rates. Additionally, the year-over-year increase in Home Equity Line of Credit (HELOC) loans by 1.2% indicates a growing trend in leveraging home equity amidst fluctuating market conditions​ (ATTOM)​.

These trends indicate a complex and shifting landscape in the U.S. real estate market, influenced by both economic factors like the Federal Reserve's decisions and underlying market dynamics such as supply and demand.

Editor’s Note: To make sense of Cary Real Estate consult a local Real Estate Agent with knowledge and expertise in the local market.

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