By Gary A. Miller
The year 2022 began with home prices soaring to historic highs, driven by mortgage rates seeing historic lows. The volume of sales was down from recent years, in line with decreased inventory, which also helped push prices higher in the first half of the year.
In the second half of 2022, mortgage rates increased dramatically, which slowed the market and restrained price increases. However, demand for housing continued to be high and new construction in the area was minimal. As such, while bidding wars subsided and length of time-to-sell normalized, prices generally held steady.
The following charts illustrate a variety of data points for the 2022 housing market.
*Southern Orange County is defined in this article as the zip codes of 27510, 27514, 27516, and 27517 within county boundaries.
Gary A. Miller is co-owner of Red Bloom Realty. He has lived and worked in Chapel Hill off and on since 1994 and is an avid musician, traveler, and former educator.