Chapel Hill is in central North Carolina, just a 40-minute drive from Raleigh and two and a half hours from Charlotte. Chapel Hill is home to just over 61,000 residents. Chapel Hill is part of the Research Triangle along with Durham and Raleigh. History buffs will enjoy taking in multiple districts and homes listed on the National Register of Historic Places.
Chapel Hill borders several unincorporated areas of Orange and Durham counties. Chapel Hill has moderate-sized community. The city feels more like a small town than other neighboring areas. This quieter aspect may be a draw for those who want a closer community with easy access to large-city amenities.
Chapel Hill gets a lot of rain and little snow each year. On average, Chapel Hill, North Carolina sees 46 inches of rain (higher than the national average of 38 inches). The city sees just 4 inches of snow per year (far below the national average of 28 inches per year). The warmer climate means there are plenty of sunny days. However, the summer months can be hot and humid, with summer highs averaging 89 degrees Fahrenheit. The winter cools down, with average lows sitting at 29 degrees Fahrenheit.
Understanding the neighborhood where you’ll buy or sell a property is critical. There’s a well-known phrase in the real estate industry: location, location, location. When you’re buying or selling a property, the one thing that can’t be changed is the location. You’ll want to choose wisely. If you’re selling your property, highlighting the benefits of your neighborhood is a great way to attract buyers. If you’re purchasing a house, taking a closer look at the community will help you understand the market and investment potential more clearly.
Need to sell your home fast? Get an offer from Brick, fast!
Whether you’re moving on a deadline or just want to speed up the sales process to move on faster, we can help. We offer:
Fast, fair offers: The average home sits on the market between 25 and 30 days. Once your home is under contract, it can take 45 days to close. At Brick, we’ll make a fair, cash offer within days.
No closing costs: Selling a home can cost several thousand dollars when you factor in realtor fees, closing costs, and repairs. You won’t have any of those expenses when you sell to Brick.
No walkthroughs: Don’t worry about scheduling open houses or walkthroughs. We buy homes as-is. We also buy properties in any condition.
Close in days: Instead of waiting a month or more to complete your sale and move on, sell to Brick. Once you accept the cash offer, we can close the deal within days.
Housing Market Trends in Chapel Hill, North Carolina
The housing market in Chapel Hill is extremely competitive, and housing prices have increased 26.7% since May of 2021. Many homes in the area get multiple offers and sell for around 8% above the asking price. More popular homes sell in as few as 5 days. The median sales price for a home in Chapel Hill is $570,000. Homes stay on the market for 22 days. Homes are selling faster and for more money than the same time in 2021. Last year, the median sales price for a house in Chapel Hill was $550,000 and homes stayed on the market for 34 days.
Over the last five years, home prices and sale time have shifted dramatically. In June of 2017, the median sales price for a house in Chapel Hill was $396,000 and homes stayed on the market for 64 days.
While all summer months have a higher number of home sales in Chapel Hill, June takes the lion’s share of home sales each year. December and January have the fewest home sales, on average, each year. If you’re looking for higher sales prices, listing in the winter could limit your competition and allow for a higher listing price. More competition in the summer could allow you to sell your home faster.
Tips for Selling Your Home Fast:
Significant life changes don’t always come at the most convenient times. Selling your home may be a desire, or it might be necessary. Whether you’ve decided to start a new life across the country on a tight deadline or you’re just ready to ditch your investment properties, managing your sale the right way is essential. Check out these helpful articles for navigating the quick sale of your house:
- Need to sell a home quickly to avoid foreclosure?
- When you need to sell your home fast, what are your options?
- How to sell a house that needs work when you don’t want to do it.
Critical Tips for Selling Your Home:
Selling your home(s) can be difficult, but it doesn’t have to feel overwhelming. Taking a few minutes to prepare yourself for the sales process can make a difference when it comes time to part with your house. Here are a few things to consider:
Why are you selling?
Before you list your house or contact us for a cash offer, it helps to know why you’re selling your home. Identifying the why helps with the sales process, including setting expectations for a sales price. It can also help you emotionally process the transaction to let go of your property.
Sellers offloading an inherited property, downsizing, going through retirement, or selling because of a divorce, should consider whether their emotional attachment could make the sales process more difficult. We’ve noticed that buyers who are overly passionate about the sale are more likely to:
- Ignore staging advice
- Overprice the home
- Respond irrationally to lower offers or requests for repairs
- Fail to market to their target audience
If you’re selling because you want to liquidate your investment properties, you may need to consciously withdraw the idea of control over what happens to the property once you sell.
What are your selling needs?
Once you’ve identified why you’re selling and identified ways to emotionally detach from the sales process, it’s time to think about your needs during the sales process. Which of these are concerns you have about your upcoming move?
- Cost of relocation
- Access to equity in your property
- Ability to supply seller financing
- Time to pack and move
- Cost of realtor fees and closing costs
- Cost of repairs
- Finding a buyer to buy the property as-is
- Desire or ability to manage walkthroughs and appraisals
Many sellers spend as much as 10% of their sales price on repairs, fees, and closing costs. Are you comfortable or able to let go of that money to sell your home on the traditional market? If your home needs extensive repairs, you may need to pay for repairs or make concessions on the sale price. If you’d rather avoid appraisals and negotiating with buyers, selling your home for cash could be better.
Prepare for signing and closing
One of the most anticipated parts of selling a house is signing and closing. This last step makes everything official. The process can be a little different depending on whether you sell your home through the traditional market or with an ibuyer.
If you sell your home on the traditional market, the sale can fall through at any point before closing. Complications with appraisal or funding could delay a sale. In worst-case scenarios, a deal could entirely fall through if a buyer isn’t approved for financing, or the lender refuses to fund the loan because the property appraises for less than the offered amount.
You’ll meet with the lender and the buyers during closing and sign paperwork to finalize the sale. Before the final paperwork, your property undergoes an appraisal and inspection. The agent will do a title search, and you’ll complete any repairs or other concessions. Once the closing paperwork is filed and the title is transferred into the seller’s name, the home is no longer yours.
When you work with an ibuyer, the closing process is different. The process is much faster because there are fewer hoops to jump through. We offer more flexibility for sellers, including the ability to control when you move out. We don’t require inspections or appraisals, and you won’t have to worry about our financing falling through. We can help you sell your home in days instead of weeks.
What does Chapel Hill have to offer?
One unique draw in the city is a diverse collection of murals painted on many of the city’s buildings. The murals are all painted by a local artist. The city also hosts an annual street fair each fall that draws thousands of visitors from the state.
The college campuses bring in an array of entertainment and art options, while the historic city displays an array of older farms, buildings, and historic sites. There is plenty of culture and local sites to explore for all.
Popular attractions in and near Chapel Hill include:
- University of North Carolina
- Duke University
- North Carolina State University
- Carolina Basketball Museum
- North Carolina Botanical Garden
- Dean E. Smith Center
- Ackland Art Museum
- Morehead Planetarium and Science Center
- Gimghoul Castle
- Kidzu Children’s Museum
- Brumley Forest Nature Preserve
- Kenan Memorial Stadium
- 1870 Farm
- Cat Tales Cat Café
- Forest Theater
- Bashamer Stadium
- Chapel Hill Public Library
- PlayMakers Repertory Company
- Battle Park
- Coker Arboretum
- Bolin Creek Trail
- Old Well
- Morehead-Patterson Bell Tower