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.
Finally, we can look at the months of inventory for Durham to predict what should happen to prices next month. The MOI as of the end of April was 1.2 months, which means we would classify the Durham market as being a very strong seller’s market right now. On its own, our current months of inventory predicts that the average price in Durham should rise in May.