2023 Mid-Year Real Estate Market Update: Chatham Park, Pittsboro, NC
Hello, fellow Chatham Park enthusiasts! We're already halfway through 2023, and as your local REALTORS and Pittsboro residents, Stephanie and I are here to bring you a mid-year market update for Chatham Park.
- There are 39 active listings with an average list price of around $629,905 and a median list price of $550,000.
- There are 26 homes under contract (including both 'Pending' and 'Contingent' statuses) with an average list price of approximately $553,107 and a median list price of $436,754.
- We've seen 101 homes sold this year, with an average list price of $494,946 and an average sale price of $493,150. The median sale prices for these homes were $439,000.
- Of all the properties for sale, under contract, or sold, 103 are detached (single-family homes) and 63 are attached (townhomes).
- Most properties (114 out of 164) have a 2-car garage, while 46 have a 1-car garage. Only 6 properties either have a 3-car garage or no garage at all.
- We have a variety of builders building Chatham Park, including TriPointe Homes (30 properties), Lennar (27 properties), Homes By Dickerson (25 properties), Garman Homes (21 properties), Fresh Paint by Garman Homes (16 properties), Pulte Homes (13 properties), and David Weekley Homes (6 properties), and a handful of custom builders.
Now, let's dig a little deeper into these numbers.
The Chatham Park real estate market is vibrant and active, with a pretty robust number of sales since the beginning of 2023. The average list prices and sale prices are quite close, which suggests that homes in Chatham Park are being priced accurately to the market, and the demand is high. This is a competitive market where properties are selling near their listing prices.
Most of the properties available for sale, under contract, or sold are new construction. The neighborhood is so new there have not been as many resales, yet. In fact, there were only 7 resales sold this year in Chatham Park.
Although the Triangle MLS system does not count the days on market for new construction (so they always show as zero days), for resale homes, the average number of days on the market is 62 days. This suggests to me that the sellers of the resales have marketed their homes on a little on the high side since 62 days on the market is higher than the 30-day average days on market until sold in Pittsboro as a whole.
Depending on whether you're interested in detached (single-family homes) or attached (townhomes), the average list and sold prices can vary significantly. Homes with more garage space also tend to list and sell for higher prices on average. So, whether you're a car enthusiast needing that extra garage space, or a first-time buyer looking for a cozy townhome, there's something for everyone in Chatham Park.
In terms of builders, a wide range of them are shaping the landscape of Chatham Park. TriPointe Homes, Lennar, Homes By Dickerson, and Garman Homes are leading the pack. However, Fresh Paint by Garman Homes, Pulte Homes, and David Weekley Homes are also contributing significantly to the area. These builders have a strong presence in the area, and their properties are priced across a wide range to accommodate various budgets.
As we navigate the rest of 2023, we'll continue to monitor these trends closely. Remember, whether you're buying or selling in Chatham Park, staying updated on the latest market trends is essential. Check out our blog for more articles on Chatham Park and feel free to reach out to us at 919-724-7010 for personalized advice and assistance. We're always here to help!