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. Metric June 2024 Change from May 2024 Change from June 2023 Median Sales Price $590,000 Decrease of 8.2% Decrease of 9.2% Closed Sales 95 Decrease of 26.4% Decrease of 25.2% New Listings 91 Decrease of 41.7% Decrease of 31.1% Active Inventory 235 Decrease of 5.2% Decrease of 16.7% Median Sold $/SqFt $256 Decrease of 3.8% Increase of 0.4% Median Days on Market 10 days Decrease of 23.1% Decrease of 25.2% List Price Received 99.8% Increase of 0.3% Decrease of 0.6% Months Supply of Inventory 2.5 months Increase of 28.7% Increase of 13.4% 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
Discover the Perfect Retreat in Carolina Trace, Sanford
Are you looking for the ideal location to build your dream home? Look no further than 1976 Wedgewood Drive in Sanford, North Carolina. This stunning 0.63-acre lot is nestled in the Golf East neighborhood of the vibrant Carolina Trace community. With a listing price of $45,000, this property offers the opportunity to create your perfect retreat in a serene and picturesque setting.Situated in a cul-de-sac, this lot provides the privacy and tranquility you desire. Surrounded by a mix of beautiful hardwoods and pines, you'll be able to enjoy the natural beauty of the area every day. Imagine waking up to the sound of chirping birds and the gentle rustling of leaves outside your window.The Carolina Trace Country Club, golf course, pool, tennis courts, and clubhouse are just minutes away, inviting you to indulge in resort-style living. Spend your weekends perfecting your golf swing, taking a refreshing dip in the pool, or challenging friends to a game of tennis. The community offers an array of amenities that cater to your active lifestyle.If you're a nature enthusiast, you'll love the recreational opportunities on Lake Trace. This lake is exclusively for non-gasoline powered boats, making it the ideal spot for kayaking, canoeing, or simply enjoying the serene views. Embrace the calming waters and let all your worries drift away as you immerse yourself in the tranquil surroundings.Beyond the Carolina Trace community, Sanford offers a charming downtown area, scenic parks, and a growing arts scene. Explore the local shops, dine at unique restaurants, and immerse yourself in the vibrant culture. Sanford's small-town charm coupled with its convenient location make it the perfect place to call home.With this listing, you have the freedom to bring your own builder and design the home you've always envisioned. Whether you prefer a cozy cottage or a spacious estate, the possibilities are endless. Create a space that reflects your style and provides the ultimate retreat from the hustle and bustle of everyday life.Don't miss out on this incredible opportunity to build your dream home in the heart of Sanford. The natural beauty, resort-style amenities, and small-town charm make Carolina Trace the perfect place to settle down and enjoy a fulfilling lifestyle. Discover the tranquility and serenity that await you at 1976 Wedgewood Drive; your dream home is just waiting to be built.
NAR Settlement Agreement
Beyond the Headlines: Explore the Actual Proposed Settlement Agreement Just a heads up: the settlement agreement we're all eager to learn more about is still waiting for the court's approval. These things take time, sometimes even a few months, and there might be a few adjustments along the way before everything is finalized. We're in a bit of a waiting game right now, and it's tough to predict exactly what changes might be on the horizon. But don't worry! We're not just sitting back; we're actively preparing for whatever comes next. We're excited to adapt and continue serving Triangle NC homebuyers and home sellers with the utmost dedication under the new rules. We promise to keep you in the loop with all the latest updates as soon as we have them. We're here for you, every step of the way, ensuring you have all the info you need. If you need us, Call or Text Ryan and Stephanie at 919-245-7866. Ryan and Stephanie Ford are your trusted local Chatham County and beyond REALTORS.
Real Estate Market Report - Pittsboro, NC (Feb, 2024)
Pittsboro Real Estate Market Update February 2024 The Pittsboro real estate market has seen its share of ups and downs over the past year, creating a landscape ripe with opportunities for both buyers and sellers. From shifting median sale and list prices to the notable highs and lows in the sale price per square foot, staying ahead of these trends is key to navigating the market successfully. The data, including the sale-to-list price ratio and the fluctuation in properties sold versus listed, provides invaluable insights for making informed decisions in our dynamic real estate environment. Current Market Condition in Pittsboro NC 180 Active Listings 118 Pending Listings $599,500 Median List Price View Properties for Sale Find Out Your Home Value The median sale/list price for homes in Pittsboro appears to fluctuate throughout the year, with a peak in December 2023 at $714,495 and a low point in August 2023 at $499,950. The median prices for the same time period in the list price data set also fluctuate, with a peak in June 2023 at $627,000 and a low point in September 2023 at $490,000. Median Sale/List Price List Price Sale Price The median sale price per square foot fluctuated between $223.015 and $273.121 from February 2023 to January 2024, with the highest point being in November 2023. Median Sale Price per Square Foot The median sale price to list price ratio started at 0.986 in February 2023 and gradually increased to 1.0 in March, April, June, July, August, September, October, and November of the same year. In May, the ratio was slightly lower at 0.993, and in December, it dropped back down to 0.987, before reaching 1.0 again in January 2024. Median Sale Price to List Price Ratio From February 2023 to January 2024, the number of properties sold/listed per month fluctuated with the highest number of properties sold in June 2023 (80) and the lowest in December 2023 (26). However, the number of properties listed for sale was consistently lower than the number of properties sold each month with the highest number of listings in May 2023 (74) and the lowest in December 2023 (31). Properties Sold/Listed Properties Listed Properties Sold The median days on market for homes decreases significantly from June 2023 to September 2023, where it drops to 44 days and gradually increases again. The overall trend for the time period is a decrease in median days on market until October 2023 and then a slight increase until January 2024. Median Days on Market in Pittsboro NC Reflecting on Pittsboro's real estate activity from the past year, it's evident that a deep understanding of the market's trends—like the median prices, sale-to-list ratios, and the timing of market activity—is crucial for anyone looking to engage effectively. Observing the interplay between the number of properties sold and listed, along with the median days on market, illuminates the market's resilience and opportunity. For those ready to dive into Pittsboro's real estate, armed with these insights, the path to making strategic and successful moves is clearer. For more insights or to have a chat about real estate in Pittsboro call or text Stephanie and Ryan at (919) 245-7866. We are real estate agents in Pittsboro NC.
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