Chapel Hill is a charming and quaint town located within the well-known Research Triangle that also consists of Durham and Raleigh. Nicknamed “The Southern Part of Heaven,” this town is centered around the University of North Carolina (UNC-CH), but it’s much more than a university town. It’s also considered an eco-friendly town, offers an assortment of restaurants, coffee shops, and parks, plus an excellent economy. A drive down Franklin Street highlights all the things residents love about Chapel Hill, including the towering UNC at the end of the road.
Chapel Hill features a mixture of neighborhoods from the 1800’s to the present day. With older areas that feature homes closer together to foster a sense of community, and newer neighborhoods that offer more extensive, wooded lots, residents sure have their picks. You’ll also find newer areas with more contemporary styles and community amenities mixed among the historic districts near UNC and Franklin Street, which offer gorgeous renovated properties though some are school-use rentals. With a population hovering around 62,000 people, including university students, you have to wonder how the Chapel Hill real estate market works.
That’s where we come in. As long-standing real estate agents in Chapel Hill, we’ve put together some information on the current Chapel Hill real estate market as well as future trends and predictions.
Market OverviewCurrently, the median home price in Chapel Hill is around $550,000, which is only a slight increase from this time last year. Even in comparison to other cities in the Triangle and nearby, the prices of Chapel Hill homes seem to be steadily increasing, though a slowdown is noticeable. With the addition of the University of North Carolina, the booming economy and job opportunities, and the wealth of things to do, the market remains strong and in favor of sellers.
So, why wouldn’t buyers want to grab a piece of luxury real estate in Chapel Hill, NC? The low inventory, combined with the recent rise in mortgage rates, and increase in home prices, means that buyers aren’t going to be running to snag any property just yet. If you’re in the market to purchase a home, know that home prices aren’t likely to fall anytime soon, so if you find your dream home and have the opportunity to buy, don’t hesitate. When you’ve got such a limited supply and mortgage rates and prices are predicted to continue rising, it’s better to purchase now and not wait. If you choose to wait, you’ll likely pay more in the future, either from interest rates or home prices. Additionally, the way home values are appreciated in this area means the sooner you buy, the more you begin to grow your home’s value.
Market Predictions 2023As previously mentioned, the Chapel Hill real estate market is in excellent condition, especially if you’re in the market to sell your home. Recent years have shown tremendous growth. The market will likely continue to see growth in prices, rental prices, and inventory. Sellers should continue to list their homes as they see fit. If you need to list your home, prices are still staying steady, and the demand for houses remains as high as ever.
The Chapel Hill real estate market continues to stay on track with national trends and surpass surrounding areas. The likelihood that the area will see a drastic change in its real estate market is minimal, as it should remain steady through the following year. If you’re in the market to buy or sell a home, now is as good a time as ever and might even be in your best interest. Remember that, like everything else in the real estate world, things can shift rather quickly. Market predictions are just that — predictions — and a shift from the sellers market to the buyers market can happen rapidly. Several factors should be considered when discussing and predicting the market, including the economy, demographics, and national trends. Viewing the entire picture to be most informed and accurate when making decisions is essential.
If you’re interested in buying or selling luxury real estate, contact Hodge and Kittrell Sotheby’s International Realtyl. As leaders in Chapel Hill real estate, we are happy to help.