Is Chapel Hill, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Chapel Hill has remained a Seller's Market.
Key Takeaway
Chapel Hill is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Chapel Hill, TN
How much do homes in Chapel Hill, TN cost?
Median Sold Price
$369,990
$216/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Chapel Hill have sold for 7.5% more than they did a year ago.
Summary: The median home sold price in Chapel Hill was $369,990 in March 2024, up 7.5% from last year, and the median price per square foot was $216.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $680K | - | N/A |
| 2 Bedrooms | $243.8K | $280K | +14.8% |
| 3 Bedrooms | $329.5K | $376.5K | +14.3% |
| 4 Bedrooms | $362.3K | $360.9K | -0.4% |
| 5+ Bedrooms | $425.4K | $413.5K | -2.8% |
Summary: Chapel Hill housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 14.8%, 3 bedroom homes increased by 14.3%, 4 bedroom homes decreased by 0.4%, and 5+ bedroom homes decreased by 2.8%.
Housing Supply in Chapel Hill, TN
How many homes are available in Chapel Hill, TN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 36 | 37 | +2.8% |
Summary: The Chapel Hill real estate market had 37 homes for sale in March 2024, a 2.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 3 | +50.0% |
| 3 Bedrooms | 28 | 28 | 0.0% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Chapel Hill housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 | 8 | -20.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Chapel Hill, you may be able to get a good deal. 37.5% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Chapel Hill in March 2024, down by 20.0% month-over-month. Of the 8 sold homes, 38% were sold under asking, 25% were sold at asking, and 38% were sold over asking.
Days on Market for Chapel Hill, TN
How long does it take to sell a home in Chapel Hill, TN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 21 Days | 79 Days | +269.8% |
Summary: Homes in Chapel Hill had an average of 79 days on market in Mar 2024, up by 269.8% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Chapel Hill are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 8 homes were sold in Chapel Hill; 38% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.