The Long & Foster Market Minute

FOCUS ON: CHAPEL HILL AREA HOUSING MARKET APRIL 2024

Zip Code(s): 27510, 27514, 27516 and 27517
Units Sold
110
Active Inventory
196
Median Sale Price
$605,000
Days On Market
18
Down -3%
Vs. Year Ago
Up 11%
Vs. Year Ago
Down -9%
Vs. Year Ago
Down -75%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 110 sold this month in Chapel Hill Area Real Estate versus 106 last month, an increase of 4%. This month's total units sold was lower than at this time last year, a decrease of 3% versus April 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 19 units or 11%. The total number of active inventory this April was 196 compared to 177 in April 2023. This month's total of 196 is higher than the previous month's total supply of available inventory of 165, an increase of 19%.

Median Sale Price
Last April, the median sale price for Chapel Hill Area Homes was $665,000. This April, the median sale price was $605,000, a decrease of 9% or $60,000 compared to last year. The current median sold price is 16% lower than in March.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
169
Current Contracts
121
Sold Vs. List Price
101.5%
Months of Supply
1.8
No Change
Vs. Year Ago
Down -21%
Vs. Year Ago
Down -0.5%
Vs. Year Ago
Up 13%
Vs. Year Ago

Months of Supply
In April, there was 1.8 months of supply available in Chapel Hill Area, compared to 1.6 in April 2023. That is an increase of 14% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 169 homes newly listed for sale in Chapel Hill Area, which is similar to the amount in April 2023. There were 121 current contracts pending sale this April compared to 153 a year ago. The number of current contracts is 21% lower than last April.

Sale Price to List Price Ratio
In April, the average sale price in Chapel Hill Area was 101.5% of the average list price, which is 0.6% lower than at this time last year.

Days on Market
This month, the average number of days on market was 18, lower than the average last year, which was 73, a decrease of 75%.

The Long & Foster Market Minute Chapel Hill Area are defined as properties listed in zip code/s 27510, 27514, 27516 and 27517.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by TRIANGLE and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of TRIANGLE or Long & Foster Real Estate, Inc.