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Wednesday, February 02, 2022

Your Chapel Hill NC Real Estate Questions Answered

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Your Chapel Hill, NC Real Estate Questions Answered

Chapel Hill, NC, is a great place to live in the North Carolina Triangle, but don’t take our word for it. This college town has appeared as a top city on Niche.com and Money Magazine. Its diverse population, progressive feel, and excellent education system draw people into the area.

As far as real estate, you have an urban-suburban mix. Your housing options are diverse in style and price point. Each community has something unique to offer. 

If you’re looking at living in Chapel Hill, use our frequently asked questions guide as a starting point. 

What is the average price of a home in Chapel Hill, NC?

Market data from December 2021 had the average price of a home in Chapel Hill and Carrboro at $568,467. The median sales price was $528,000, an increase of 24%. The market had 84 homes for sale, a 62% drop in inventory. The month’s supply stood at two weeks, and homes were on the market typically 15 days until the sale.

Across 2021, new listings in the combined Chapel Hill and Carrboro markets were down by 0.4%. The median sales price was up by 18% to $500,000. Homes were typically going for above the list price.

Looking at the historical data on the median sales price, Chapel Hill typically follows the overall MLS trend. The general trend over the decade has been upward, although there have been some notable peaks and valleys in median sales price gains. The most recent pricing gains started in early 2019, with a more accelerated increase beginning early in 2021. 

Are there any condos or townhomes available in Chapel Hill, NC? 

Yes, you can find condo and townhome properties available in Chapel Hill. As a college town, the city has a high percentage of renters, representing about 47% of the population. Find plentiful options when it comes to multifamily-style housing if you want to rent. 

The Chapel Hill real estate market at the end of 2021 was very competitive for listed properties. Condos were no exception. As of January 2022, seven condo or townhome properties were for sale. The most affordable condo was a 700 square foot unit with 1-bedroom for $75,000. At the top of the market was a townhome listed for $1.8 million with 7,550 sq ft, 5-bedrooms, and 5.5-bathrooms. 

What is the property tax rate for Chapel Hill, NC?

The town of Chapel Hill levied a tax assessment of $0.54 per $100 of assessed value in 2019-2020. 

Your county property taxes could vary based on your specific Chapel Hill address. Most of Chapel Hill is inside Orange County, but some Chapel Hill areas are inside neighboring Durham County. 

Orange County had a tax rate of $0.8187 per $100 of value in 2021. Additional assessments include the district school tax and the rural fire district. Durham County charges $1.2739 per $100 of assessed value.

What county is Chapel Hill, NC in?

Chapel Hill is part of Orange County, North Carolina. Niche.com ranks it as the best place to live in the county. 

Orange County is part of North Carolina’s Piedmont region. Here you’ll find a lot of rolling hills, creeks, streams, and some man-made reservoirs. Residents live about 3.5 hours from the coast and the mountains.

Chapel Hill is a significant urban cluster in the county, but most of the land space is more rural. There are about 600 working farms inside Orange County. Some farms date back five or more generations.

Some of Orange County’s top commodities are tobacco, dairy, corn, horses, and other bovines. It manufactures furniture, rubber, tobacco products, chemicals, and apparel. The county is also a source for mining clay, hematite, granite, and topaz. 

Hillsborough is the designated county seat and is centrally located in the county. 

Is Chapel Hill, NC growing?

Chapel Hill had 61,960 residents in the April 2020 US Census. The population grew by about 4,500 residents from the April 2010 census. The city may feel larger at times because of its fluctuating student population. The college influence does complicate accurately counting the local population.

The town of Chapel Hill projects that by 2050, it could have anywhere from 72,000 to 102,000 residents. 

What neighborhoods are in Chapel Hill, NC?

Chapel Hill offers a diverse range of places to live. The newer neighborhoods are Briar Chapel, Meadowmont, Ballentine, Wyndmoor, Southern Village, and Legend Oaks.

Around Franklin Street and the UNC campus, you will find neighborhoods with historic homes and architecture. While you will have an interesting place to live, the residential scene mixes student rentals and Greek housing. Homes do have great proximity to the Franklin Street shops and restaurants.

Briar Chapel is a green-built community with around half of its land preserved as natural spaces for walking trails and more.

Stoneridge is a community developed in the 70s and 80s. The homes here have larger wooded lots that range from half an acre to over an acre. You’ll find a range of contemporary home styles with traditional homes. 

Lake Hogan Farms was developed in the 90s with homes on lots ranging from 1/3 to half-acre. There are 90 acres of common area with walking trails that pass the three-acre lake and follow a creek.

Meadowmont and Southern Village are newer master-planned communities. They have walkable town centers with dining and shopping.

Winmore is a new home community between downtown Chapel Hill and Carrboro. Its amenities include Village Green and Commercial Town Center. The development is four miles to the UNC campus. 

Claremont is a community that borders the Carolina North Forest. It also feeds into the highly rated Chapel Hill-Carrboro School District. 

Where can I live near UNC-Chapel Hill?

If you’re looking to live within reasonable walking or bicycling distance to the main University of North Carolina campus, look for property in the Cameron-McCauley Historic District, North Side, Colonial Hills, and Battle Park. 

Living in the Chapel Hill sister city of Carrboro is another option. This places you closer to the West Campus and the Main Campus.

Are there any waterfront properties found in Chapel Hill, NC? 

There are some waterfront properties found in Chapel Hill. Around Eastwood Lake is the Lake Forest development. The homes here are more likely to be custom-built on slightly larger lots and have the added advantage of being minutes from Whole Foods, Trader Joe’s, and the UNC East Campus.

Another option is to look around Lake Morehead in the Governors Club. This prestigious community doesn’t often have listings available, but there is some waterfront real estate. 

You can occasionally find Chapel Hill properties backing against a stream or a creek. 

If you are willing to drive a little further, find some waterfront real estate all along Jordan Lake, one of the area’s top recreation destinations. Depending on where you find the lakefront home, you could be from 15 minutes or more drive from Chapel Hill. 

How is golf in Chapel Hill, NC?

Inside the Chapel Hill city limits, your course options are between the UNC-Finley Golf Course and Chapel Hill Country Club.

Tom Fazio designed the UNC-Finley course. It hosts tournaments throughout the year. Public tee times are available. 

Chapel Hill Country Club is a private country club with roots dating back to 1922. The course was redesigned in 1999 by John LaFoy, and the greens were replaced with champion bermudagrass in 2017. Members have access to the 18-hole course plus a practice bunker, chipping greens, and driving range. 

Outside Chapel Hill is the Governors Club, a golf course community built around an award-winning 27-hole Jack Nicklaus signature golf course. It is ranked in the top 5% of clubs worldwide. It has hosted US Open qualifiers as well as state championships. 

Another option outside Chapel Hill is The Preserve at Jordan Lake. Davis Love III designed this signature course along the shores of Jordan Lake. It is a semi-private golf course and was voted one of America’s top 40 new golf courses by Golf Week Magazine. 

Are there golf course communities in Chapel Hill, NC? 

Inside the city limits of Chapel Hill, there are no golf course communities. However, if you head about 10 minutes drive south, you’ll find the Governors Club. 

Governors Club is one of Chapel Hill’s most exclusive luxury communities. It is a gated community with custom-built homes, lake or stream views, and an award-winning golf course. The Governors Club is divided into several smaller neighborhoods. 

If you’re willing to drive a little further, The Preserve at Jordan Lake is another option for golf course living. This community sits next to the 46,000-acre Jordan Lane. It has a mature neighborhood feel and easy access to the Triangle and its amenities. 

What areas are near Chapel Hill, NC?

Chapel Hill is renowned for its University of North Carolina at Chapel Hill, one of the oldest public universities in the country. Around 24,000 students are enrolled each year.

Duke University is also relatively close. This world-renowned institution is located in Durham, about a 30-minute drive from Chapel Hill, depending on where you live.

Chapel Hill is also one of the supporting cities for Research Triangle Park. A large collection of research companies operate here on the 730-acre campus. 

Jordan Lake is a man-made 46,000-acre reservoir with plenty of recreation opportunities. Residents of Chapel Hill enjoy boating and fishing on this lake. 

Raleigh is another part of the North Carolina Triangle located about 30 minutes away from Chapel Hill. 

Really, Chapel Hill is ideally situated in the Triangle between Raleigh, Durham, and Cary. All of these have unique communities and attractions specific to their city. Living in Chapel Hill makes it easy to access sporting events, touring music acts, outdoor recreation, and job opportunities.

Aerial photo of Chapel Hill, NC

What to know about living in Chapel Hill, NC

Learn more about moving to Chapel Hill. Many activities are connected with the University, but there’s so much more to life here. There’s a lot of action-packed into a small space. You are ideally situated in the Triangle to his other major cities. It has low crime rates, great higher education, and many lifestyle amenities to keep you busy. 

Find a local Chapel Hill expert to help you find the right neighborhood to live in.

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Preston Guyton

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