Chatham Named One of The Hottest Addresses For 2022
If you’re interested in buying property in one of the nation’s hottest neighborhoods, you’ll want to take another look at Chatham. It was just named number seven on of Redfin’s list of the “2022 Hottest Neighborhoods”.
Chatham joins a list packed with Florida locations. In fact, Chatham is one of just two locations in the top 10 that isn’t in the State of Florida.
As for the appeal of Chatham, Redfin points out its historic downtown buildings, its beaches and its bike trails. It also makes mention of the increased interest in Cape Cod as of late, especially during the pandemic.
With a median sale price of $965,000, Chatham certainly isn’t one of the most affordable places to buy a home. Still, Redfin points out the Cape does offer some more budget-friendly options.
The median sale price of homes in Chatham’s parent metro area is about $500,000. According to current data, Chatham homes stay on the market for about 11 days.
The housing supply is down, and the share of homes selling above list price is up in Chatham. Because many area homeowners actually use their properties as second homes, however, it’s not uncommon for them to rent them out when they’re not in Chatham, allowing for some extra income.
Redfin came up with its 2022 list by looking at year-over-year growth in listing views on its website. It also considered what it calls the Redfin Compete Score.
The score takes into account the difficulty of winning a home based on things like the sale-to-list price ratio, the share of homes selling above listing price and the number of days on the market. All of the data considered for the new list came from September 2021.
Located on the southeastern tip of Cape Cod in an area known as the Lower Cape, Chatham is surrounded on almost every side by water. This popular tourist destination is home to summer residents and year-round residents.