Chapel Hill Real Estate – 2008 Market in Review
Thursday, February 05, 2009
The 2008 Year End data are out for Chapel Hill and Orange County
- Chapel Hil real estate — Closed sales in Chapel Hill and Orange County declined 29 in 2008.
- Chapel Hill and Orange County did better than the rest of the Triangle where overall sales were down 35%.
- The average days on market for resale homes was 77 and the average days on market for new construction was 132.
- The current supply based on 2008 closings is 7 months. This tracks with the rest of the Triangle area market.
- The average sales price for Orange County was $322,100, which is down 8% compared with 2007.
- In Chapel Hill-Carrboro, the average sales price was $362,531, which is down 7% from 2007.
- In looking at single family homes ONLY in Chapel Hill-Carrboro, the average sales price was $464,440. This represents a 3% decline from 2007.
- Although we saw an average decline in prices from 2007 to 2008, the average percent per year gain for resale housing located in Orange County has been 5.24%. The national average for housing is -8.9%.
Source: Triangle MLS and The Triangle Area Residential Realty Report (TARR Report).