The Fonville Morisey Market Minute

Focus On: Chapel Hill Area Housing Market May 2022

Zip Code(s): 27510, 27514, 27516 and 27517
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -11%
Vs. Year Ago
Up 6%
Vs. Year Ago
Up 7%
Vs. Year Ago
Down -71%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 169 sold this month in Chapel Hill Area versus 143 last month, an increase of 18%. This month's total units sold was lower than at this time last year, a decrease of 11% versus May 2021.

Active Inventory
Versus last year, the total number of homes available this month is higher by 8 units or 6%. The total number of active inventory this May was 136 compared to 128 in May 2021. This month's total of 136 is higher than the previous month's total supply of available inventory of 101, an increase of 35%.

Median Sale Price
Last May, the median sale price for Chapel Hill Area was $560,000. This May, the median sale price was $600,000, an increase of 7% or $40,000 compared to last year. The current median sold price is 3% higher than in April.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Up 5%
Vs. Year Ago
Down -23%
Vs. Year Ago
Vs. Year Ago
Up 18%
Vs. Year Ago

Months of Supply
In May, there was 0.8 months of supply available in Chapel Hill Area, compared to 0.7 in May 2021. That is an increase of 19% 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 229 homes newly listed for sale in Chapel Hill Area compared to 219 in May 2021, an increase of 5%. There were 178 current contracts pending sale this May compared to 230 a year ago. The number of current contracts is 23% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Chapel Hill Area was 110.3% of the average list price, which is higher than at this time last year.
Days on Market
This month, the average number of days on market was 8, lower than the average last year, which was 28, a decrease of 71%.
 The Fonville Morisey 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.