I am happy to report that the 2009 Chapel Hill, Durham, Raleigh real estate market ended on a high note. Overall all, while sales were still down, they were down much less than the 25% decline we saw in 2008 and thankfully prices held their own.
As the year ended, Chapel Hill saw:
- Closed sales decline 8.1% (rather than 12% at the end of November),
- Median prices were up 2.7%,
- Average prices declined 1.6%, and
- Days on market increased from 83 to 97.
While it took longer to get homes sold, most houses did sell and prices did not erode significantly. I take this as success in a difficult time. I am looking forward to a robust 2010 as our economy begins to improve.
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