The Fonville Morisey Market Minute

Focus On: Chapel Hill Area Housing Market June 2021

Zip Code(s): 27510, 27514, 27516 and 27517
Units Sold
Active Inventory
Median Sale Price
Days On Market
Up 34%
Vs. Year Ago
Down -69%
Vs. Year Ago
Up 27%
Vs. Year Ago
Down -70%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 255 sold this month in Chapel Hill Area versus 189 last month, an increase of 35%. This month's total units sold was higher than at this time last year, an increase of 34% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 268 units or 69%. The total number of active inventory this June was 122 compared to 390 in June 2020. This month's total of 122 is lower than the previous month's total supply of available inventory of 123, a decrease of 1%.

Median Sale Price
Last June, the median sale price for Chapel Hill Area was $431,500. This June, the median sale price was $550,000, an increase of $118,500 compared to last year. The current median sold price is lower than in May.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Up 5%
Vs. Year Ago
Up 1%
Vs. Year Ago
Vs. Year Ago
Down -76%
Vs. Year Ago

Months of Supply
In June, there was 0.5 months of supply available in Chapel Hill Area, compared to 2.0 in June 2020. That is a decrease of 77% 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 207 homes newly listed for sale in Chapel Hill Area compared to 198 in June 2020, an increase of 5%. There were 197 current contracts pending sale this June compared to 196 a year ago. The number of current contracts is 1% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Chapel Hill Area was 103.8% of the average list price, which is higher than at this time last year.
Days on Market
This month, the average number of days on market was 15, lower than the average last year, which was 50, a decrease of 70%.
 The Fonville Morisey Market Minute Chapel Hill Area are defined as properties listed in zip code/s 27510, 27514, 27516 and 27517.
*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.