Briar Chapel Real Estate Market Forecast/Predictions 2023

Trish Lowe  |  June 12, 2023

Briar Chapel Real Estate Market Forecast/Predictions 2023

Chapel Hill, home to the University of North Carolina at Chapel Hill, is an idyllic little big town. Scattered throughout this charming city are hidden gems and hot spots that make it unique and popular among diverse crowds. In addition, the area is well-known for its stunning nature and exceptional parks that make it full of fun things to do.

The expanse of neighborhoods offers a quaint atmosphere and individual characteristics to love. One of these charming neighborhoods is Briar Chapel. This brand-new community design highlights community involvement and encourages neighbors to interact with one another. Whether you’re enjoying a Tar Heels game or a good old-fashioned community get-together, neighbors make the most out of life in Briar Chapel.

Briar Chapel real estate constantly expands and features moderately priced homes with plenty of luxurious features. The amenities help set them apart from other homes in the area. The new construction homes, built by some of the area's most prominent and respected builders, offer spacious floor plans and customizable features. You’ll appreciate the green energy options, large and airy windows, open-concept living spaces, multi-car garages, and other features that make these homes comfortable and modern.

Briar Chapel offers an exceptional amount of amenities. The Briar Club is at the heart of the community and provides the perfect backdrop for community events or formal gatherings. It features a snack bar, a resort-style pool, a formal lawn, and water slides. Residents can also enjoy fitness clubs, group classes, and community events throughout the year. In addition, proximity to downtown Chapel Hill means ample outdoor recreation and an assortment of charming shops and restaurants to enjoy.

You’ll love being near the University of North Carolina if you're a sports fan. With so much to see and explore in the area, plus a fantastic selection of custom homes, it’s easy to see why people are flocking to Briar Chapel. Here is everything you need to know about the Briar Chapel real estate market, including prices, trends, and the forecast for the coming year.

Briar Chapel housing market prices, trends, and forecast 2023

The current median price for homes in Briar Chapel is around $539,000. Despite the upward trend post-pandemic and the steadying seen in early 2022, this is a slight decline over the last year, with a rough 7.69% decline. The number of homes on the market continues to increase, up almost 33% from this time last year, though slightly lower than the previous month. At the same time, these homes are sitting on the market for a mere 30-day average, which has remained steady.

The Briar Chapel market remains relatively steady throughout the year, regardless of the size of the home. Homes continue to hit the market fairly steadily, last for a short period, and sell for less than 2% below asking, on average. The market remains relatively hot and in favor of sellers.

Home values remain steady

Home values in Briar Chapel and Chapel Hill have slightly increased over the last year, though the area is predicted to increase steadily in the coming years. You can expect home values and sales prices to grow steadily while time on the market remains short, making this an excellent investment.

Rising and lowering interest rates

Mortgage rates are expected to continue steadying over 2023 and into the following year. With rates between 6% and 7%, the National Association of Realtors (NAR) predicts that inflation will continue to slow through the year, ending 2023 at around 6%.

Chapel Hill housing market prices, trends, and forecast 2023

Chapel Hill is a seller’s market, which has remained relatively consistent from last year's market. The median sold price in this area as of May 2023 is around $617,500, which is an increase of 18.2% over the previous 12 months. The number of homes available has increased mildly, with around 405 homes on the market.

Over the last month, the number of homes sold has increased from 125 to 144. Of those that sold, 60.3% were sold for more than the asking price, with 22% sold for less than the asking and the remainder for the asking price. This makes Chapel Hill a hot market for sellers, with home prices continuing to increase and buyer interest allowing homes to close for at least the asking price. It’s important to note that with the number of homes on the market growing, the area could be steadying, creating a more balanced, neutral market.

Real estate market: Should you invest?

The Briar Chapel and Chapel Hill real estate markets are excellent options for investing. Whether you’re searching for your forever home or are interested in a rental property, it’s a great time to invest while prices remain steady. Chapel Hill remains in a seller’s market, but that shouldn’t deter you from finding your dream home. With interest rates beginning to decline and the predicted decrease to 6% by the end of this year, there’s no time like the present. Those who wish to sell their Briar Chapel real estate will have no problem with them sitting stagnant on the market, and selling for at least the asking price should be relatively easy. You might also consider investing in vacation properties or rentals, both great options in this region, especially near the college.

In addition to the luxurious real estate the area offers, outdoor recreation and amenities are abundant. Proximity to the University of North Carolina at Chapel Hill means access to excellent higher education, sporting events, and rental opportunities. The weather is moderate year-round and offers the perfect location for your next home.

Are you ready to invest yet?

As you can see, the Briar Chapel and Chapel Hill real estate markets are excellent options for those looking to invest in land and luxury. The area offers plenty of opportunities for outdoor recreation, land, and quality real estate. Contact Trish Lowe today if you’re considering a move. As experts in the area, the Trish Lowe Group is happy to assist with all your needs.

Work With Us

At The Trish Lowe Group, we've helped our valued clients buy and sell their single most important purchase – their homes – across Chapel Hill and the Greater Triangle region. We have a proven track record of over $140 million in gross sales of real estate at The Preserve at Jordan Lake, Montclair, and Briar Chapel. We would be honored to work with you on your own real estate journey.