Welcome back. The Chatham County real estate market is showing remarkable improvements. Homes sales of both existing resales and new construction are up. Median sales prices of real estate in Chatham County are up too. Here is a breakdown of the trends.
Chatham County Median Sold Price: $323,500 up 14% from October 2012
# of Homes Sold in Chatham County October 2013: 78 homes up 59% compared to October 2012
Months Supply of Inventory: 6 Months down from 12.2 months in October 2013
What do these numbers mean? First of all, an increase in the median sales price of homes is ultimately good for both buyers and sellers. For buyers, it is important to capitalize on historically low interest rates and buy a home. As the economy improves the mortgage interest rates will increase alongside ever-increasing home prices. Buy now while it is still affordable.
For sellers the marked improvement of median sales prices indicates it is once again possible to sell your home without taking a loss. Buyers are on the hunt for options. If you've been waiting for prices to improve, the time has come. These numbers include both resales and new construction in Chatham County.
To learn more about the trends in Chatham County real estate or to learn more specifically about what is happening in your neighborhood please send us an email or give us a call at 919-724-7010. We are happy to help! We cover all Chatham County properties from Siler City to Pittsboro and from Chapel Hill to Moncure.