The Long & Foster Market Minute

Focus On: Chatham County Housing Market March 2021

Units Sold
120
Active Inventory
126
Median Sale Price
$494,978
Days On Market
39
Up 2%
Vs. Year Ago
Down -66%
Vs. Year Ago
Up 11%
Vs. Year Ago
Down -50%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 120 sold this month in Chatham County versus 89 last month, an increase of 35%. This month's total units sold was higher than at this time last year, an increase of 2% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 246 units or 66%. The total number of active inventory this March was 126 compared to 372 in March 2020. This month's total of 126 is lower than the previous month's total supply of available inventory of 167, a decrease of 25%.

Median Sale Price
Last March, the median sale price for Chatham County was $446,500. This March, the median sale price was $494,978, an increase of 11% or $48,478 compared to last year. The current median sold price is 16% higher than in February.

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


New Listings
137
Current Contracts
165
Sold Vs. List Price
99.7%
Months of Supply
1.1
Down -10%
Vs. Year Ago
Up 54%
Vs. Year Ago
Up 2.2%
Vs. Year Ago
Down -67%
Vs. Year Ago

Months of Supply
In March, there was 1.1 months of supply available in Chatham County, compared to 3.2 in March 2020. That is a decrease of 67% 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 137 homes newly listed for sale in Chatham County compared to 153 in March 2020, a decrease of 10%. There were 165 current contracts pending sale this March compared to 107 a year ago. The number of current contracts is 54% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Chatham County was 99.7% of the average list price, which is 2.2% higher than at this time last year.
Days on Market
This month, the average number of days on market was 39, lower than the average last year, which was 78, a decrease of 50%.
The Long & Foster Market Minute Chatham County are defined as properties listed in zip code/s .
*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.