Chapel Hill, North Carolina Housing Market Prices
Chapel Hill Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 22% below the North Carolina median$218,405
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Median rent 30% above the North Carolina median$1,601
Housing Market Overview
| Metric | Chapel Hill | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $218,405 | $278,288 | $248,835 |
| Price Trend (Annual %) | 6.7% | 9.3% | 7.5% |
| Median Gross Rent | $1,601 | $1,227 | $1,407 |
| Rent Trend (Annual %) | 5.6% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Chapel Hill is about 22% lower than in North Carolina. Rent is about 30% higher than the North Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Chapel Hill, up about 6.7% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Chapel Hill rose about 62.1% between 2015 and 2024, from $988 to $1,601. Over the same span, rent in North Carolina rose about 54.2%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Chapel Hill.
Buying the median-priced home in Chapel Hill costs roughly 11.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Chapel Hill. The price-to-rent ratio in North Carolina is about 18.9.
| Metric | Chapel Hill | North Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $218,405 | $278,288 | $248,835 |
| Median Household Income | $84,975 | $72,438 | $80,455 |
| Price-to-Income Ratio | 2.6 | 3.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Chapel Hill rose about 14.1%, while median household income rose about 107.8% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Chapel Hill | North Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.1% | 58.3% | 58.5% |
| Rental Rate | 47.6% | 29.2% | 31.2% |
| Vacancy Rate | 10.4% | 12.5% | 10.2% |
| Median Tenure (years) | 9.0 | 15.0 | 15.0 |
| Median Year Moved In | 2017 | 2011 | 2011 |
Chapel Hill has a homeownership rate of 42.1%, lower than the North Carolina average of 58.3%. Its housing vacancy rate is 10.4%, compared with 12.5% in North Carolina.
Housing Stock
| Metric | Chapel Hill | North Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1987 | 1989 | 1978 |
| Median Number of Rooms | 5.0 | 5.6 | 5.5 |
The typical housing unit in Chapel Hill was built around 1987. On average, 2.4 people live in a home with about 5.0 rooms, staying for about 9.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Chapel Hill, North Carolina.
What is the median home price in Chapel Hill, North Carolina?
The median home price in Chapel Hill, North Carolina is $218,405, lower than the North Carolina average of $278,288.
What is the average home price in Chapel Hill, North Carolina?
The typical home price in Chapel Hill, North Carolina, reported as the median sale price, is $218,405. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Chapel Hill, North Carolina?
The median gross rent in Chapel Hill, North Carolina is $1,601 per month, higher than the North Carolina average of $1,227.
What was the median gross rent in Chapel Hill in 2020?
In 2020, the median gross rent in Chapel Hill, North Carolina was $1,204 per month.
What is the price-to-rent ratio in Chapel Hill, North Carolina?
The price-to-rent ratio in Chapel Hill, North Carolina is about 11.4, meaning it would take roughly 11.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Chapel Hill.
Are home prices or rent rising faster in Chapel Hill, North Carolina?
Both home prices and rent are rising in Chapel Hill, up about 6.7% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Chapel Hill, North Carolina?
42.1% of households in Chapel Hill, North Carolina own their home, lower than the North Carolina average of 58.3%.
What is the vacancy rate in Chapel Hill, North Carolina?
The housing vacancy rate in Chapel Hill, North Carolina is 10.4%, lower than the North Carolina average of 12.5%.
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