Chapel Hill Area Housing Market Data

There was an increase in total units sold in August, with 120 sold this month in Chapel Hill Area versus 111 last month, an increase of 8%. This month's total units sold was lower than at this time last year, a decrease of 7% versus August 2022.

Versus last year, the total number of homes available this month is lower by 22 units or 11%. The total number of active inventory this August was 177 compared to 199 in August 2022. This month's total of 177 is lower than the previous month's total supply of available inventory of 190, a decrease of 7%.

Last August, the median sale price for Chapel Hill Area was $605,000. This August, the median sale price was $632,500, an increase of 5% or $27,500 compared to last year. The current median sold price is 6% lower than in July.

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

In August, there was 1.5 months of supply available in Chapel Hill Area. The amount of supply is similar compared to 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.

This month there were 119 homes newly listed for sale in Chapel Hill Area compared to 147 in August 2022, a decrease of 19%. There were 111 current contracts pending sale this August compared to 121 a year ago. The number of current contracts is 8% lower than last August.

In August, the average sale price in Chapel Hill Area was 100.7% of the average list price, which is similar compared to a year ago.

This month, the average number of days on market was 32, higher than the average last year, which was 19, an increase of 68%.





Focus On: Chapel Hill Area Housing Market			August 2023

Zip Code(s): 27510, 27514, 27516 and 27517
Units Sold 120	Active Inventory 177	Median Sale Price $632,500	Days On Market 32

Down -7% Vs. Year Ago	Down -11% Vs. Year Ago	Up 5% Vs. Year Ago	Up 68% Vs. Year Ago


		Units Sold There was an increase in total units sold in August, with 120 sold this month in Chapel Hill Area versus 111 last month, an increase of 8%. This month's total units sold was lower than at this time last year, a decrease of 7% versus August 2022.
Active Inventory Versus last year, the total number of homes available this month is lower by 22 units or 11%. The total number of active inventory this August was 177 compared to 199 in August 2022. This month's total of 177 is lower than the previous month's total supply of available inventory of 190, a decrease of 7%.
		Median Sale Price Last August, the median sale price for Chapel Hill Area was $605,000. This August, the median sale price was $632,500, an increase of 5% or $27,500 compared to last year. The current median sold price is 6% lower than in July. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 119	Current Contracts 111	Sold Vs. List Price 100.7%	Months of Supply 1.5

Down -19% Vs. Year Ago	Down -8% Vs. Year Ago	No Change Vs. Year Ago	No Change Vs. Year Ago


		Months of Supply In August, there was 1.5 months of supply available in Chapel Hill Area. The amount of supply is similar compared to 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 119 homes newly listed for sale in Chapel Hill Area compared to 147 in August 2022, a decrease of 19%. There were 111 current contracts pending sale this August compared to 121 a year ago. The number of current contracts is 8% lower than last August.
		Sale Price to List Price Ratio In August, the average sale price in Chapel Hill Area was 100.7% of the average list price, which is similar compared to a year ago. Days on Market This month, the average number of days on market was 32, higher than the average last year, which was 19, an increase of 68%.


	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.
	Information 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.