Finally, let’s look at the Months of Inventory in Durham.
This statistic tracks how long it would take for all houses on the market in Durham to sell if we stopped having any new listings. The higher the MOI, the more of a buyer’s market, the lower the MOI, the more of a seller’s market. Somewhere between three to four months is considered a balanced market.
How is Durham doing in terms of months of inventory? Remember that the lower the levels of inventory, the more likely it is that prices will rise.
Let’s look at what our current months of inventory for Durham predict what will happen to prices next month. The MOI as of the end of October was 3 months, which means that technically, the Durham market is a balanced market as of right now. We will take that with a grain of salt, as we’ve seen such low levels of inventory relative to demand over the past few years, we’ve had to adjust our definitions for the market. Nonetheless, on its own, our current months of inventory predicts that the average price in Durham should stay mostly flat or rise by a small amount in November.