North Chatham Real Estate Update

Happy May!  Still low inventory in this area of Chatham County, so to be more efficient with keeping you updated on our housing market here we’re going to combine our North Chatham neighborhoods into on monthly update.  If there is a massive outlier one month (such as only one sale that’s a 5 million dollar estate in Governors Club or a $400,000 townhouse), I’ll point that out and explain how it can affect home pricing.  

Here are the neighborhoods we’ll be delving into every month:  The Preserve at Jordan Lake, The Legacy at Jordan Lake, Westfall, Seaforth Landing & Preserve, and the Governors Club, Village, Towns, Park, and Forrest neighborhoods.  
With that said, let’s get into the numbers.

April 2024 (April 2023)
Number Sold: 9 (9)
Average Price:  $1,090,444 ($832,944).
Average/Median Days:  28/7 (54/18)
Average Price/SqFt:  $251.11 ($221.91)
27517 Months of Inventory:  2.1 (1.8)

And almost immediately, we have two data points that are unexpected and warrant a deeper dive.  The average price difference April to April is a whopping 26.8%, which is much greater than the Triangle appreciation of 5%.  Last month saw five homes close at over a million dollars and the highest price per square foot was 364.82 Compare that to a year ago when only one home sold for over a million and the highest price per square foot was 241.40.  Even when we combine our neighborhoods, the end result is a comparatively small data set that will have “wobbles”.  

One trend I’ve seen since the spring market began in earnest is that homes are moving much faster compared to last year.  While I have no hard data to confirm why that is, my gut tells me that people have come to terms with higher interest rates and have stopped waiting for them to come down.  

Let’s see what happens when we look at the year to date:

Year to Date 2024 (2023)

Number Sold:  43 (30)
Average Price:  $911,380 ($848,284)
Average/Median Days:  31/16 (45/16)
Average Price/SqFt:   $240.43 ($232.07)
27517 Months of Inventory:  1.9 (1.7

A larger data set calms down those wobbles and here we have a moderate 7.2% appreciation compared to the same period in 2023.  The difference in time on market isn’t as dramatic, but that is because most of the sales were winter contracts and we only have one solid month of “spring” numbers to put into the mix.  Even so, there is a sharp drop in the average time on market.  

A disclaimer on the price per square foot:  many of the neighborhoods in our area are custom, or luxury neighborhoods were the price per square foot can swing wildly from house to house depending on the features in each home so it’s not as valuable as a data point as it is in a neighborhood like Briar Chapel.  If you are looking for more specific information for your neighborhood or home, or would like me to include another neighborhood next month, please DM me and let me know!  

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