A Close Look at Chatham County's Residential Real Estate Market: June to August 2023

Chatham County NC Residential Real Estate Market Analysis: Summer 2023 Insights

The real estate market in Chatham County NC, has seen some interesting trends and changes during the summer months of 2023. This analysis provides insights into the market behavior, comparing the current data with the same period last year and identifying key patterns that may impact buyers and sellers in the coming months. Chatham County Homes For Sale.

Average and Median Sales Prices in Chatham County NC

The average and median sales prices provide valuable insights into the overall market conditions. Here's a summary of the key findings:

• June 2023: Average Price: $531,000, Median Price: $465,000
• July 2023: Average Price: $534,000, Median Price: $475,000
• August 2023: Average Price: $530,000, Median Price: $460,000

Comparatively, the figures for the same period in 2022 were:

• June 2022: Average Price: $505,000, Median Price: $450,000
• July 2022: Average Price: $510,000, Median Price: $455,000
• August 2022: Average Price: $515,000, Median Price: $460,000

The following chart illustrates these trends:

The prices have generally increased in 2023 compared to 2022, with a slight dip in August 2023. The market appears to be stabilizing, but the upward trend in prices may continue as demand remains strong.

Average Days on Market in Chatham County

The average days on market (DOM) in Chatham County NC is a crucial indicator of how quickly homes are selling. Here's the DOM data for 2023:

• June: 20 days
• July: 18 days
• August: 17 days

And the comparison with 2022:

• June 2022: 22 days
• July 2022: 20 days
• August 2022: 18 days

The following bar chart highlights these figures:

Homes are selling slightly faster in 2023 compared to 2022. This indicates a competitive market where buyers are acting quickly to secure properties.

Properties With and Without Price Reductions in Chatham County NC

Price reductions can provide insights into the pricing strategies and market response. In the analyzed period, 38% of properties had price reductions, while 62% did not.

The following pie chart illustrates this distribution:

Properties with price reductions took an average of 30 days to sell, while those without reductions sold in 18 days. The longer time to sell for properties with reductions suggests initial overpricing.

Top-Selling Subdivisions in Chatham County NC

The top-selling subdivisions provide insights into popular neighborhoods and community preferences. The top two selling subdivisions this summer are:

• Chatham Park: 35 sales
• Briar Chapel: 28 sales

These subdivisions represent a mix of new construction and established communities, reflecting diverse buyer interests.

Number of Sales: 2023 vs 2022

The total number of homes sales in Chatham County NC for June to August 2023 is 320, compared to 310 for the same period in 2022. The sales volume has slightly increased this year, with a potential decrease in August 2023 compared to previous months.

This analysis comes from data taken directly from the Triangle MLS, offers valuable insights for both buyers and sellers in Chatham County, NC. Understanding these trends can help in making informed decisions in the ever-changing real estate market.