The Cary Home Report is a weekly column that checks in on Cary’s real estate market. A new report is published each Sunday.
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What changed this week
Mortgage rates fell to a new 11-month low. Freddie Mac’s survey shows the 30-year fixed averaging 6.35% on September 11, down from 6.50% the prior week. That is the biggest weekly drop in a year and it is already pulling some buyers back.
Buyer activity ticked higher. Mortgage applications rose 9.2% week over week for the period ending September 5, with purchases up and refis jumping as borrowers reacted to lower rates.
Sellers are adjusting. For the week ending September 6, Realtor.com reports the first year-over-year decline in both the national median list price and list price per square foot since spring, while active inventory remains higher than last year.
Inside Cary
Zillow’s latest read pegs Cary’s typical home value around $623,000 on its ZHVI measure, roughly flat to slightly lower than a year ago. That suggests pricing is steady as we head into fall, with time to pending typically measured in a few weeks rather than days.
What it means: lower rates are improving monthly payment math, but buyers are still selective. Well-priced, move-in-ready homes will draw early tours. Listings that overshoot the market are more likely to see reductions or longer timelines.
Three homes for sale in Cary this week
Entry — 303 Applecross Dr, Cary, NC 27511
Listed $279,750. 2 bed, 3 bath, 1,190 sq ft townhome. Next to the Annie Jones greenway.
Mid — 1121 Brookhill Way, Cary, NC 27519
Listed $750,000. 4 bed, 3 bath, 3,221 sq ft single-family home built 2006 in west Cary.
High — 204 Oxford Mill Ct, Cary, NC 27518
Listed $1,434,999. 5 bed, 5 bath, 5,791 sq ft on a 0.61-acre lot.
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