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Real Estate News and Advice |
February 9, 2010 |
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Market Conditions
by Carla L. Davis
Studies have indicated that there is a new trend in the United States. Single females are accounting for a larger and larger percentage of the homebuyer population. The latest report sits the figure at 18 percent. Chapel Hill, North Carolina, minus the neighboring cities, is home to approximately 52,440 residents. Of those -- 54 percent are female. What could this demographic say about homebuyers in the area? The percentage of residents who actually own their homes is lower than the national average -- with only 42.86 percent being homeowners. The high percentage of renters (57 percent) is partially due to the nearby university and students living off campus. All in all, Chapel Hill is the largest municipality in Orange County and is often summarized as having the best of small town living in a unique cosmopolitan environment. "There are a number of very tangible assets, such as good schools and neighborhoods, a healthy downtown, a beautiful natural setting with trees, green spaces and a rural buffer; and other evidence of care for the natural and man-made environment." The average price of homes is priced at $321,000, but the number of listings on the market is down by 16 percent from the same time last year. There is currently a 4 month supply of homes available -- with homes sitting on the market for around 80 days -- a little higher than some areas of the nation. The entire Chapel Hill area, with a population near 1,250,000, shows that nearly 60,000 households are headed by a female with no husband present. On a national scale, more 15.5 women live alone, while only 11.8 men do the same. Also, women are more likely than men to own their homes (56 percent vs. 47 percent). Agents and sellers alike should keep these demographics in mind when marketing their homes and condos. What are the needs of single female buyers as opposed to families purchasing homes? For specifics on you area, please click here. Related Articles: |
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