Chapel Hill Real Estate Market Update - 11/21/23
Hey there, Chapel Hill community and real estate aficionados! Welcome to our latest blog post where we delve into the exciting world of Chapel Hill's real estate market. Are you considering a move, pondering a sale, or just keen on staying updated with market trends? You're in the right place. We've broken down everything from median sale prices to the pace of the market, all tailored to our beloved Chapel Hill. Let's jump right in and discover what the current market data reveals about our vibrant town!
Current Market Condition
$632,450
Median List Price
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The median sale price for homes in the area seems to be on a steady increase, with a peak in April 2023 at $677,500 and a low in November 2022 at $495,000. The median list price also shows some variation but appears to be slightly more stable, with a peak in May 2023 at $690,000 and a low in February 2023 at $500,000.
The median sale price per square foot in November 2022 was $255.652 and dropped by about $14 in December 2022. However, the median sale price per square foot increased gradually from January 2023 to July 2023, hitting a peak of $284.733. The price then dropped in August 2023 and stayed relatively stable in the following months.
Median Sale Price per Square Foot
The median sale price to list price ratio for November 2022 was 1.0, indicating that homes were selling for their full list price. In December 2022 and January 2023, the ratio dropped slightly to 0.991 and 0.99, respectively. However, the ratio increased to 1.0 in February 2023 and remained at or above 1.0 for the rest of the year, indicating that homes were selling for more than their list price on average. The highest ratio was 1.009 in May 2023.
Median Sale Price to List Price Ratio
The number of properties sold/listed remained consistent over the period of November 2022 to October 2023, with a peak of 174 in March 2023 and a low of 42 in December 2022. In general, more properties were listed/sold in the spring and summer months, with a slight dip in July and August.
The median days on the market for properties appear to be fluctuating, with a high of 94 days in January 2023 and a low of 5 days in May 2023. However, the median days on the market seem to stabilize around 8-12 days by September-October 2023.
And that wraps up our journey through the Chapel Hill real estate market! It's been an enlightening look at the latest trends and numbers that shape our local real estate landscape. We hope this blog has provided valuable insights, whether you're in the market to buy, sell, or simply satisfy your curiosity about local property trends. Remember, navigating the real estate world is about making informed decisions and finding that special place you can call home. For any questions or further assistance, feel free to reach out. Stay connected, and cherish your Chapel Hill community!
