Mid-Year Surge or Slump? Unveiling 2024 Chatham County Real Estate Trends!

As we reach the midpoint of 2024, it’s time to take a broad look at the real estate market trends in Chatham County, NC. The real estate market in Chatham County has seen significant changes over the past year, and understanding these shifts is crucial for anyone looking to buy or sell a home in the area.

By comparing year-to-date (YTD) data from 2023 to 2024 and taking a closer look at the most recent monthly figures from June 2024, we can get a comprehensive view of the current market dynamics. Whether you're a potential homebuyer or a homeowner considering selling, this update will provide valuable insights into the Chatham County real estate market and help you make informed decisions.

The Big Picture: Year-to-Date Trends

Closed Sales:

• 2024 (YTD): 544
• 2023 (YTD): 645
• Change: Decrease of 15.7%
• Insight: The market has seen fewer transactions this year, indicating a slowdown in the Chatham County real estate market.

New Listings:

• 2024 (YTD): 754
• 2023 (YTD): 698
• Change: Increase of 8%
• Insight: More homeowners are putting their properties up for sale despite the decrease in closed sales, indicating a healthy level of activity in the Chatham County real estate market.

Median Sales Price:

• 2024: $630,000
• 2023: $600,000
• Change: Increase of 5%
• Insight: Home values continue to rise, benefiting sellers and reflecting a strong Chatham County real estate market.

Median Sold Price per Square Foot:

• 2024: $258
• 2023: $242
• Change: Increase of 6.8%
• Insight: Buyers are paying more per square foot, showing robust demand in the Chatham County real estate market.

Median Days on Market:

• 2024: 17 days
• 2023: 19 days
• Change: Decrease of 10.5%
• Insight: Homes are selling faster, indicating strong buyer interest in the Chatham County real estate market.

List Price Received:

• 2024: 99.4%
• 2023: 99.6%
• Change: Slight decrease of 0.2%
• Insight: Sellers are getting close to their asking prices, maintaining confidence in the Chatham County real estate market.

A Closer Look: Comparing June 2024 to May 2024 and June 2023

Let's zoom in on the monthly data to see how the Chatham County real estate market has been performing recently, specifically comparing June 2024 figures to May 2024 and June 2023.

What Does This Mean for You?

For Buyers:

• Opportunities with Recent Price Drops: The recent decreases in median sales price and price per square foot could offer good opportunities for buyers in the Chatham County real estate market.

• Act Quickly: With homes selling faster than last year, be prepared to act swiftly when you find the right property in the Chatham County real estate market.

• Tighter Inventory: Limited choices due to fewer new listings mean you should work closely with a realtor to find the best options available in the Chatham County real estate market.

For Sellers:

• Strong Home Values: Despite recent price drops, overall home values have increased year-over-year in the Chatham County real estate market.
• Quick Sales: Homes are selling quickly, so ensure your property is well-prepared to attract buyers immediately in the Chatham County real estate market.
• High List Price Reception: Sellers are achieving near their asking prices, showing that competitive pricing can lead to successful sales in the Chatham County real estate market.

The Takeaway

The Chatham County real estate market is showing signs of cooling down with decreases in median sales prices, closed sales, and new listings. However, home values and demand remain robust. Understanding these trends can help you navigate the Chatham County real estate market more effectively, whether you’re looking to buy or sell. Learn more about Chatham County real estate.

For more detailed insights or personalized advice, feel free to reach out to us. We're here to help you make the best decisions in this dynamic market.

Ryan and Stephanie 919-724-7010. ford at trianglerealestatejournal.com