Chatham County Real Estate Market Update January 2023
We hope this post finds you well. January 2023 has come and gone, and we wanted to share some real estate market updates with you from Chatham County NC.
First and foremost, let's talk about new listings. The good news is that new listings in January 2023 compared to January 2022 increased by a solid 10.7%. This is a positive sign for buyers, as there are more homes to choose from on the market.
However, closed sales were down 22.7%, which can be a bit concerning. Despite this, the median sales price has decreased by 5.1% to $562,000. While this may not seem like good news for sellers, the average price is up by 1.9% to $643,629.
Another important factor to consider is the percentage of the original list price received, which is 96.5% and is down by 4.1% from January 2022. This means that on average, sellers are receiving slightly less than their asking price.
One reason for this decrease in the percent of the original list price received could be the longer days on market until sale. Buyers are more cautious now about the price of homes because of the significant increase in mortgage rates. In January 2023, the average days on market until sale was 41 days, compared to 23 days in January 2022.
Finally, the months supply of inventory is 2.3 months. This means that if no new listings come on the market, it would take only 2.3 months to sell all the homes currently available.
Overall, while the real estate market in January 2023 had its ups and downs, it's still a good time to buy or sell a home. Experts expect the mortgage rates to drop back down a bit in a few months if inflation indicators also show signs of relief.
That's all for now, and we'll be back in the future with more real estate updates. Stay tuned!