Chatham County Real Estate Market: A Closer Look at the Changes in 2022
The Chatham County real estate market saw some changes in 2022, but don't worry, it's not all bad news! While new listings in the county decreased by 6.6% from 2021 and there were 18.4% less sales, we also saw some positive changes. The median price increased by a whopping 16.5% and the average sales price increased by 19.7%.
Another positive change is the average percent of list price received was 2% and the days on market until a sale decreased by 5 days to an average of 19 days. And finally, by December 2022, Chatham County had 2.3 months of inventory.
So what does all this mean for you? Well, if you're a homeowner in Chatham County, the increase in prices is great news for you. It means that your home may be worth more than you think! But, for buyers, the decrease in new listings and sales may mean more competition.
2023 will prove an interesting year to see how the higher interest rates affect home sales and home values. So far our business has been hopping. Time will tell but one thing is for certain, change is inevitable.