The Long & Foster Market Minute

Focus On: Chapel Hill Area Housing Market March 2021

Zip Code(s): 27510, 27514, 27516 and 27517
Units Sold
Active Inventory
Median Sale Price
Days On Market
Up 33%
Vs. Year Ago
Down -71%
Vs. Year Ago
Up 9%
Vs. Year Ago
Down -45%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 184 sold this month in Chapel Hill Area . This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 287 units or 71%. The total number of active inventory this March was 116 compared to 403 in March 2020. This month's total of 116 is lower than the previous month's total supply of available inventory of 150, a decrease of 23%.

Median Sale Price
Last March, the median sale price for Chapel Hill Area was $437,004. This March, the median sale price was $477,950, an increase of 9% or $40,946 compared to last year. The current median sold price is 21% 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
Current Contracts
Sold Vs. List Price
Months of Supply
Down -13%
Vs. Year Ago
Up 31%
Vs. Year Ago
Up 2.8%
Vs. Year Ago
Down -78%
Vs. Year Ago

Months of Supply
In March, there was 0.6 months of supply available in Chapel Hill Area, compared to 2.9 in March 2020. That is a decrease of 78% 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 209 homes newly listed for sale in Chapel Hill Area compared to 240 in March 2020, a decrease of 13%. There were 230 current contracts pending sale this March compared to 175 a year ago. The number of current contracts is 31% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Chapel Hill Area was 100.6% of the average list price, which is 2.7% higher than at this time last year.
Days on Market
This month, the average number of days on market was 40, lower than the average last year, which was 73, a decrease of 45%.
The Long & Foster 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.