The Long & Foster Market Minute

Focus On: Hillsborough Area Housing Market March 2021

Zip Code(s): 27278, 27243 and 27231
Units Sold
32
Active Inventory
27
Median Sale Price
$380,851
Days On Market
32
Down
Vs. Year Ago
Down -78%
Vs. Year Ago
Up 24%
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in March, with 32 sold this month in Hillsborough Area . This month's total units sold was lower than at this time last year, a decrease from March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 96 units or 78%. The total number of active inventory this March was 27 compared to 123 in March 2020. This month's total of 27 is higher than the previous month's total supply of available inventory of 24, an increase of 13%.

Median Sale Price
Last March, the median sale price for Hillsborough Area was $308,250. This March, the median sale price was $380,851, an increase of 24% or $72,601 compared to last year. The current median sold price is 7% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
39
Current Contracts
32
Sold Vs. List Price
102.7%
Months of Supply
0.8
Down -33%
Vs. Year Ago
Down -26%
Vs. Year Ago
Up 2.1%
Vs. Year Ago
Down -66%
Vs. Year Ago

Months of Supply
In March, there was 0.8 months of supply available in Hillsborough Area, compared to 2.5 in March 2020. That is a decrease of 66% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 39 homes newly listed for sale in Hillsborough Area compared to 58 in March 2020, a decrease of 33%. There were 32 current contracts pending sale this March compared to 43 a year ago. The number of current contracts remained stable as compared to last March.

Sale Price to List Price Ratio
In March, the average sale price in Hillsborough Area was 102.7% of the average list price, which is 2.2% higher than at this time last year.
Days on Market
This month, the average number of days on market was 32, lower than the average last year, which was 65. This decrease was impacted by the limited number of sales.
The Long & Foster Market Minute Hillsborough Area are defined as properties listed in zip code/s 27278, 27243 and 27231.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by TRIANGLE and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TRIANGLE or Long & Foster Real Estate, Inc.