If you’re considering buying or selling a home in Chatham County which includes Chapel Hill & Pittsboro, staying informed about market trends can make a big difference in timing your move. We’ve gathered the latest data to help you understand where the market stands, what’s driving price trends, and what to expect as you navigate this evolving market.
Market Overview: A Shift from Recent Highs
According to recent data from the Chatham County Register of Deeds and the Tax Office, the 2024 real estate market in Chatham County is projected to reach around $1.2 billion in total value. While this remains a significant figure, it reflects a shift from recent highs, down from $1.7 billion in 2022. So, what’s driving this change?
One key factor is a reduced supply of available homes, which has kept prices relatively high even as the overall market volume has decreased.
Understanding Home Prices in Chatham County
The median sales price in Chatham County is currently $647,750. This means that half of the properties sell above this price and half below, placing Chatham County homes at a premium relative to other markets.
Here’s a closer look at the breakdown over the past 12 months:
34% of recent sales were under $500,000
50% of recent sales were between $500,000 and $1 million
16% of recent sales exceeded $1 million
For buyers, this means that options are available across price ranges, though affordable homes are becoming harder to find. For sellers, especially those with properties in the $500,000–$1 million range, demand is steady, making this an opportune time to consider listing. High demand is also noted for homes over $1 million, indicating a market that continues to perform well across higher price points.
What’s Happening with Affordable Properties?
One significant trend is the shrinking availability of more affordable homes. Homes priced below $250,000 now make up only about 2% of the market. Even when extending this range to include homes up to $375,000, these more affordable properties still represent less than 8% of the market.
This leaves many buyers—especially first-time buyers or those aiming to enter the market at lower price points—facing fewer affordable options. Sellers with homes in these price ranges may find strong interest and quick offers, given the limited inventory and high demand.
Price Growth Outpaces Population Growth
While Chatham County’s population has grown over 25% since 2008, the real estate market has expanded even more dramatically—quadrupling in volume since the recession. This is partially due to a combination of limited housing supply and regulatory factors that impact the cost of building new homes, especially affordable ones.
How Buyers and Sellers Can Navigate This Market
Given the current trends, both buyers and sellers should consider these strategies:
For Buyers: With high demand across all price ranges, it's important to be prepared. Get pre-approved for a mortgage and be ready to act quickly when you find a property that meets your needs. While competition is strong, especially for homes under $500,000, opportunities exist across all segments. Buyers in the higher price brackets may find a wider selection, while those in search of affordable homes should be prepared for competitive offers.
For Sellers: If you’re considering selling a property valued between $500,000 and $1 million, now is an opportune time, as this range accounts for half of all recent sales. Properties over $1 million are also performing well, with 16% of recent sales exceeding this price point. Sellers of more affordable homes can expect heightened interest as buyers compete for the limited inventory available below $500,000.
Looking Ahead
As the Chatham County real estate market evolves, property owners, buyers, and even policymakers should pay close attention to the underlying factors that influence home values and availability. Whether it’s managing supply challenges or rethinking policies around affordable housing, these factors will shape the future of the market.
Thinking of Buying or Selling in Chatham County?
Our team at BOLD Real Estate specializes in guiding clients through the dynamic Chatham County market. Reach out today to discuss your goals and see how we can help you navigate this market with confidence! Source: Chatham County Line - Housing Report: Chatham Co. Aug 2024
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