A lot of people talk about how Chapel Hill Real Estate is exclusive and the affordability aspect is an issue. Real Estate sales in Chapel Hill continue to be strong. With a healthy economy, a recent decline in interest rates, and a stable housing environment it's a great area to buy a home.
Through the first half of 2006 the Orange county unemployment rate dropped to 3.6% down from 4.3% the year prior. Orange County resale homes have gained an average of a whopping 7.77% this year. Meadowmont closed the most new homes during the first six months. The average sales price of new construction sold year-to-date is $433,000.
Currently there is a 6 month supply of new homes in the county. The condo market, all price points, had the most amount of closings during the first six months.
In addition, there is a 4 month supply o re-sale housing in the county. The 400k+ price point had the most amount of closings during the first six months.
Areas that are appreciating the fastest include the Chalet Condos, Meadowmont, Southern Village, and Kensington Trace.
There are several new communities in Chapel Hill that are under development such as Chapel Ridge Golf Community and The Parks at Meadowmont.
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