In this Cary Spotlight Issue…

💭Spotlight Hook Trivia

🔥 Meme of the Day

🏡 Cary Real Estate: Properties Sold in Cary Last Week

💡 U.S. Trends in Mortgage & Real Estate

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

Question: What fruit has its seeds on the outside?

(Answer at the bottom of the newsletter.)

We welcome Bee Banhmi as the newest local business sponsor of Cary Spotlight. They do catering, online ordering, home delivery and in-store.

Meme of the Day.
Brought to you by Cary's Daily Newsletter.

What’s faster than word of mouth? Cary Spotlight! Keeps you updated on what is going on locally and connects businesses to our vibrant community.

Who else do you know in Cary who might also want enjoy the Cary Spotlight?

Properties Sold in Cary, NC for Week of 26 August 2024 (Data source: Redfin)

Property Type: Single Family Residential.

There were 26 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(short week because of 4th of July Holidays):

The average price for all properties sold is $806,900

The average size in square feet for houses sold is 2,977

The average price per square foot for houses that sold is $280

The number of homes sold by Postal Code:

• 27511: 6 homes

• 27513: 7 homes

• 27518: 2 homes

• 27519: 11 homes

• 27539: 0 homes

The properties are listed from highest SOLD PRICE to lowest:

 Click on the address to view listing.

106 Martinique Pl, Cary, NC 27511  Sold Price: $1,850,000  Beds: 5  Baths: 5.0  Size: 4,816 sq ft

113 Level Ridge Dr, Cary, NC 27519  Sold Price: $1,175,000  Beds: 5  Baths: 4.0  Size: 4,926 sq ft

209 Lindemans Dr, Cary, NC 27519  Sold Price: $1,070,000  Beds: 5  Baths: 3.5  Size: 4,800 sq ft

106 Wybel Ln, Cary, NC 27513  Sold Price: $1,025,000  Beds: 5  Baths: 3.5  Size: 3,761 sq ft

203 Breckenwood Dr, Cary, NC 27513  Sold Price: $1,000,000  Beds: 5  Baths: 3.5  Size: 3,512 sq ft

1002 Grogans Mill Dr, Cary, NC 27519  Sold Price: $970,000  Beds: 5  Baths: 4.5  Size: 4,442 sq ft

303 Birdwood Ct, Cary, NC 27519  Sold Price: $955,000  Beds: 5  Baths: 3.5  Size: 3,782 sq ft

104 Heritage Ct, Cary, NC 27513  Sold Price: $912,500  Beds: 4  Baths: 3.0  Size: 3,155 sq ft

214 Trackers Rd, Cary, NC 27513  Sold Price: $850,000  Beds: 4  Baths: 4.0  Size: 3,011 sq ft

2403 Cameron Pond Dr, Cary, NC 27519  Sold Price: $790,000  Beds: 4  Baths: 2.5  Size: 2,600 sq ft

209 Kindred Way, Cary, NC 27513  Sold Price: $785,000  Beds: 4  Baths: 2.5  Size: 3,084 sq ft

1708 Fairbanks Rd Rd, Cary, NC 27513  Sold Price: $779,000  Beds: 4  Baths: 2.5  Size: 2,917 sq ft

107 Joseph Pond Ln, Cary, NC 27519  Sold Price: $775,000  Beds: 4  Baths: 2.5  Size: 3,209 sq ft

204 Stoneleigh Dr, Cary, NC 27511  Sold Price: $771,000  Beds: 4  Baths: 2.5  Size: 3,054 sq ft

315 Bonniewood Dr, Cary, NC 27518  Sold Price: $755,000  Beds: 4  Baths: 2.5  Size: 2,741 sq ft

110 Mintawood Ct, Cary, NC 27519  Sold Price: $740,000  Beds: 4  Baths: 2.5  Size: 2,663 sq ft

1713 Burnley Dr, Cary, NC 27511  Sold Price: $735,000  Beds: 4  Baths: 2.5  Size: 3,224 sq ft

404 Euphoria Cir, Cary, NC 27519  Sold Price: $665,000  Beds: 4  Baths: 2.5  Size: 2,536 sq ft

210 Euphoria Cir, Cary, NC 27519  Sold Price: $660,000  Beds: 4  Baths: 2.5  Size: 2,578 sq ft

704 Newstead Way, Cary, NC 27519  Sold Price: $625,000  Beds: 3  Baths: 3.0  Size: 2,282 sq ft

603 Austin Ave, Cary, NC 27511  Sold Price: $615,000  Beds: 3  Baths: 2.0  Size: 1,200 sq ft

206 Palace Green Grn, Cary, NC 27518  Sold Price: $589,900  Beds: 3  Baths: 2.5  Size: 2,443 sq ft

1411 Laughridge Dr, Cary, NC 27511  Sold Price: $522,000  Beds: 4  Baths: 3.0  Size: 2,270 sq ft

550 Tomkins Loop, Cary, NC 27519  Sold Price: $500,000  Beds: 3  Baths: 2.0  Size: 1,410 sq ft

1659 Glengarry Dr, Cary, NC 27511  Sold Price: $435,000  Beds: 3  Baths: 2.0  Size: 1,772 sq ft

221 Gray St, Cary, NC 27513  Sold Price: $430,000  Beds: 3  Baths: 2.0  Size: 1,211 sq ft

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

U.S. Trends in Mortgage & Real Estate

Here's a summary of the latest information on mortgage rates and real estate market trends in the United States, based on national news stories:

1. Mortgage Rates Trend: Mortgage rates have seen a slight decline recently, with the average 30-year fixed mortgage rate dropping to around 6.46%, according to Freddie Mac. This represents a small decrease from the previous week. Although rates are still relatively high compared to the historically low rates of the past few years, the market expects them to continue trending downward through the end of the year. This expectation is partially driven by softer economic data and potential future rate cuts by the Federal Reserve ​(Business Insider).

2. Homebuyer Behavior: Despite the modest decrease in mortgage rates, homebuyer demand remains subdued. Many potential buyers are hesitant, waiting for a more significant drop in rates. Real estate agents report that some first-time buyers are "on the fence" and more cautious about making offers. This hesitation is attributed to both the high current rates and the memories of the fiercely competitive market conditions when rates were extremely low​ (Marketplace).

3. Housing Inventory and Prices: The U.S. continues to face a low inventory of homes for sale, which has been a major factor in keeping home prices high. Even though mortgage rates are high, the limited supply of homes means that prices have not decreased significantly. Various forecasts suggest that home prices could continue to rise through the remainder of 2024, with expectations of a 3.8% to 6.1% increase by the end of the year, depending on the source ​(Business Insider).

4. Market Outlook: The real estate market is expected to remain challenging for buyers due to high prices and limited inventory, even if mortgage rates decrease slightly. Some experts predict that rates could fall into the 5% range in the coming years, which may improve affordability but could also lead to increased competition and further price hikes​(Business Insider, Business Insider).

Overall, while there is optimism about a gradual decrease in mortgage rates, the combination of high prices and limited supply continues to pose challenges for homebuyers in the current market.

For those considering buying, it may be worth watching rate trends closely and consulting with local real estate professionals to navigate the current conditions effectively.