Pittsboro Real Estate Market Update February 2024
The Pittsboro real estate market has seen its share of ups and downs over the past year, creating a landscape ripe with opportunities for both buyers and sellers. From shifting median sale and list prices to the notable highs and lows in the sale price per square foot, staying ahead of these trends is key to navigating the market successfully. The data, including the sale-to-list price ratio and the fluctuation in properties sold versus listed, provides invaluable insights for making informed decisions in our dynamic real estate environment.
Current Market Condition in Pittsboro NC
$599,500
Median List Price
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The median sale/list price for homes in Pittsboro appears to fluctuate throughout the year, with a peak in December 2023 at $714,495 and a low point in August 2023 at $499,950. The median prices for the same time period in the list price data set also fluctuate, with a peak in June 2023 at $627,000 and a low point in September 2023 at $490,000.
The median sale price per square foot fluctuated between $223.015 and $273.121 from February 2023 to January 2024, with the highest point being in November 2023.
Median Sale Price per Square Foot
The median sale price to list price ratio started at 0.986 in February 2023 and gradually increased to 1.0 in March, April, June, July, August, September, October, and November of the same year. In May, the ratio was slightly lower at 0.993, and in December, it dropped back down to 0.987, before reaching 1.0 again in January 2024.
Median Sale Price to List Price Ratio
From February 2023 to January 2024, the number of properties sold/listed per month fluctuated with the highest number of properties sold in June 2023 (80) and the lowest in December 2023 (26). However, the number of properties listed for sale was consistently lower than the number of properties sold each month with the highest number of listings in May 2023 (74) and the lowest in December 2023 (31).
The median days on market for homes decreases significantly from June 2023 to September 2023, where it drops to 44 days and gradually increases again. The overall trend for the time period is a decrease in median days on market until October 2023 and then a slight increase until January 2024.
Median Days on Market in Pittsboro NC
Reflecting on Pittsboro's real estate activity from the past year, it's evident that a deep understanding of the market's trends—like the median prices, sale-to-list ratios, and the timing of market activity—is crucial for anyone looking to engage effectively.
Observing the interplay between the number of properties sold and listed, along with the median days on market, illuminates the market's resilience and opportunity. For those ready to dive into Pittsboro's real estate, armed with these insights, the path to making strategic and successful moves is clearer.
For more insights or to have a chat about real estate in Pittsboro call or text Stephanie and Ryan at (919) 245-7866. We are real estate agents in Pittsboro NC.
