The 2024 Chatham County Housing Market: Key Insights & Takeaways

by Stephanie + Ryan Ford

Chatham County Real Estate: Fewer Sales, Higher Prices in 2024

The Chatham County real estate market has seen some interesting shifts in 2024 compared to 2023. While the number of closed sales has dropped, home prices have continued to rise. Whether you’re buying or selling a home in Chatham County, understanding these trends can help you make informed decisions.

Chatham County real estate market trends 2023 vs. 2024, showing a decline in closed sales but an increase in median home prices.

In 2024, 1,075 homes were sold, compared to 1,185 in 2023, a 9.3% decrease in sales. However, despite fewer transactions, home prices have continued to climb, with the median sales price increasing from $622,050 in 2023 to $635,000 in 2024. This suggests that demand remains strong, particularly for well-priced homes.

The lower number of sales could be attributed to factors like rising mortgage rates, limited inventory, and economic uncertainty. However, properly priced homes are still selling quickly and often for competitive prices.

Homes Selling Faster in 2024

A key shift in the market is that homes are selling faster in 2024 compared to 2023. The average days on market until sale dropped from 32 days in 2023 to just 26 days in 2024, a 18.8% decrease. This indicates that demand remains strong for homes that are competitively priced.

Top Selling Neighborhoods in Chatham County

Top-selling neighborhoods in Chatham County, NC for 2023 and 2024, highlighting Chatham Park, Briar Chapel, and Governors Club as top choices for homebuyers.

Chatham Park has taken the lead as the top-selling neighborhood in 2024, with 210 homes sold, surpassing Briar Chapel, which led in 2023. Here’s a look at the top-selling neighborhoods over the past two years:

2024:
1. Chatham Park – 210 sales
2. Not in a Subdivision – 140 sales
3. Briar Chapel – 118 sales
4. Carolina Preserve – 74 sales
5. Governors Club – 62 sales
2023:
1. Briar Chapel – 170 sales
2. Not in a Subdivision – 169 sales
3. Chatham Park – 155 sales
4. Chapel Ridge – 78 sales
5. Governors Club – 61 sales

This shift highlights the growing popularity of Chatham Park, a master-planned community with modern homes and amenities. Briar Chapel remains a desirable choice, but fewer sales may indicate lower inventory or increased competition from new developments.

Pricing Properly is Key in Chatham County Homes for Sale

One of the biggest takeaways from the 2024 market is the importance of pricing your home correctly from the start. In 2023, 30.0% of homes required a price reduction, while in 2024, that number dropped slightly to 27.2%. Homes that required a price cut ended up selling for less than those priced correctly upfront.

As real estate experts in Chatham County, we specialize in helping sellers position their homes at the right price to maximize value and minimize time on the market. Pricing too high often results in price reductions, which can make a home less attractive to buyers.

The Overpricing Penalty

Impact of overpricing on Chatham County home sales, comparing SP/LP ratios of homes with and without price reductions in 2023 and 2024.

Our data confirms that overpricing a home in Chatham County can lead to a lower final sales price. Here’s the impact:

2023: Homes with price reductions sold for 97.4% of their final list price, while homes that were properly priced sold for 100.4%.
2024: Homes with reductions sold for 97.1%, while properly priced homes sold for 99.8%.

In other words, overpriced homes not only needed price cuts but also sold for less relative to their final asking price. This reinforces why strategic pricing is crucial in a competitive market.

Buyer Takeaways

For buyers, the biggest takeaway from these trends is that properly priced homes are selling faster and for competitive prices. If you’re searching for a home in Chatham County, be prepared to act quickly on well-priced properties, especially in high-demand neighborhoods like Chatham Park, Briar Chapel, and Governors Club.

On the flip side, homes that have been sitting on the market and have undergone price reductions could present an opportunity for negotiation.

Final Thoughts

The Chatham County real estate market remains strong, with home values increasing despite a slowdown in the number of sales. Sellers should focus on proper pricing strategies to avoid unnecessary reductions, and buyers should stay informed on neighborhood trends to find the best opportunities.

Thinking about selling your home in Chatham County? Let’s talk strategy! We’re experts in Chatham County homes for sale and can help you price your home right from the start.