In the case that you are thinking about buying a house or an apartment in the Chapel Hill, NC, you should make sure to do your due diligence and find out as much as you can about the Chapel Hill real estate market before making any kind of commitment. Making uninformed decisions is a bad thing to do in general. It is particularly bad to do so in situations when you are looking to make a big splash, invest a lot and especially so in the case that you would not be investing your own money, but the money that you had received as a loan from the bank. Therefore, bear with us till the end and find out the most important characteristics of Chapel Hill real estate market.
What you need to know about the Chapel Hill real estate market
Every real estate market has its peculiarities. Chapel Hill real estate market is no different in this sense. Still, no two real estate markets are the same. Therefore, in order to make the best home purchase decision, it is important to find out what you should be paying attention to when moving to North Carolina.
In the case that you are looking to move to Chapel Hill in particular, be mindful of the following things:
- Median sales prices
- Average median rent prices
- Expected quality of life
Let’s dig deeper.
Median sales prices
First, it is important to take a look at the median sales price of a home in Chapel Hill.
According to this price and after comparing it to other, similarly sized cities and towns in the country will you be able to find out whether this is the place for you to move to. Obviously, there are going to many other constituents to making the right decision of whether to move here or not. Some of them include your income, family and job situations and so on. Therefore, before you commit to purchasing a home, use an independent, third party, websites to form your opinion on the subject. One of the places for doing this is Niche.com which compiles the data on different characteristics of living in one particular neighborhood, town or a city.
Chapel Hill real estate market prices
When it comes to the Chapel Hill real estate market and the median price of a house, it currently sits at about $363,000. Comparing this figure to the prices from the year before, we can see that the housing market has seen a rise in prices of about 2% year over year. Month over month, however, we notice that the prices rose 3%. This is telling us that the market is steady at the moment without major fluctuations.
The sheer fact that the housing prices are rising means that you can expect your residential move NC investment to pay out in the future. Should you decide to sell someday, you will probably be able to sell for more than what you paid for it. Still, bear in mind that every market, therefore Chapel Hill real estate market as well, can reach a bubble. This is when the prices are going to start dropping. Therefore, make sure to bargain for a good price.
Average median rent prices
Before you hire a Chapel Hill moving company of your liking, find out whether you can really afford to live here. Or anywhere else for that matter. In the case that buying a house is not an option for you, renting one for sure is. Therefore, it is important to know that the median rent in Chapel Hill is $1900. Is this within your budget? Or is it too high for you? No one but you can provide an answer to this question. Therefore, be honest to yourself and make only smart decisions.
Demographics before researching Chapel Hill real estate market
Knowing what you are looking to get out of your move is important to reaching your goals. Some people are looking to move to a city packed with young people. Others are more into preparing for retirement and finding a calm place to live in. You should do the same before analyzing Chapel Hill real estate market and getting in touch with the best long distance movers North Carolina.
When it comes to the demographics of Chapel Hill, we can point out the following information:
- 37% are single residents
- 69% own their homes
- Median age is 40
- Median household income is $69,918
- 75% of residents have received a college education
Quality of life
Quality of life is for sure going to play an important role in making your decision of whether to move to Chapel Hill or not.
In the case that you will be moving with your family and kids, you are going to want to know more about the quality of public schools and family-friendliness in general. We are glad to inform you that public schools in Chapel Hill are of exceptional quality. Furthermore, the whole city is very family-friendly. It offers plenty of opportunities for quality outdoor activities and many health and fitness options for all looking to stay in shape regardless of their marital status. Wonderful weather in combination with amazing nightlife will ensure that you are amused all the time while living here.
However, there are certain aspects of living in Chapel Hill that could use improvement. In particular, crime and safety represent some of the weakest links in the whole city. Should the authorities address this issue, Chapel Hill could become one of the best places in NC to live in.
Chapel Hill real estate market is a very stable one with signs of growth. Invest today and in the future, you should expect to receive a good return on your investment.