The Chapel Hill real estate market is still going strong but, like the rest of the country, our market is experiencing a great deal of change. The table below compares Chapel Hill homes for sale and the associated statistics from 2008 to 2009.
- From 2008 to 2008, Chapel Hill homes for sale, otherwise referred to as new listings, decreased by 20.6%.
- Closed sales in the Chapel Hill real estate market are off 36.6% from 2008.
- While sales are down, average prices are up 5%.
- On average, sellers are getting slightly less than what they got last year. In other words, the list-to-sales price ratio is down to 96.5% from 97.6% in 2008. It is important to note that prior to 2008, the average list to sales price ratio was closer to 98-to 99%.
- Average days on marrket are stretching out. We are now seeing it take approximately 107 days to sell a home compared to 82 last year. In years past, this number was closer to 60 days.
| Chapel Hill |
2008 |
2009 |
Change |
| New Listings |
1,337 |
1,061 |
-20.6% |
| Closed Sales |
483 |
306 |
-36.6% |
| Average Sales Price |
$372,912 |
$391409 |
+5% |
| List/Sales Ratio |
97.6% |
96.5% |
-1.1% |
| Avg Days on Market |
82 |
107 |
+31.2% |
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Data Source: Triangle MLS
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