Chico Home Values

Closed sales slowed markedly in Chico this cycle: just 21 transactions closed over the trailing three months, taking roughly 60 days apiece, a reversal from the brisker 47-day pace posted this spring. With a thinner sample than the 92 closings tallied over the trailing twelve months, the reading carries wider confidence intervals, but it lines up directionally with Wise County's broader market, moving at a faster 64-day median. Price per square foot eased to $224, still comfortably above the county's roughly $196 figure. Sellers received just under 95 cents on the dollar based on MLS data for 2026-07 closings in Chico, with about one in three deals carrying concessions averaging roughly $5,800, lighter than a month earlier.

Pending contracts in Chico thinned sharply, down to just two from nine a month earlier, even as new listings also slowed to 55 from 73, a pipeline pattern consistent with the deceleration showing up in closed transactions. Active inventory eased slightly to 135 homes, and months of supply came in near 19, still far looser than Wise County's roughly nine-month reading. With a modest sample size, the pipeline signals point directionally toward continued soft absorption heading into late summer rather than a rebound in pace.

The negotiation gap between list and sale prices in Chico narrowed sharply in recent closings — sellers received just over 102 cents on the dollar on average, a notably stronger outcome than the trailing 12-month rate of about 96 percent. Based on MLS data for 2026-06 closings in Chico, the median sale price held near $443,000 and price per square foot remained at roughly $251. With fewer than two dozen closings in the quarter, the directional signal is encouraging for sellers who did transact, though concession rates — present in roughly four in ten deals averaging around $9,000 — suggest that buyers are still extracting some value at the table.

Active inventory in Chico continued to build, reaching 145 homes — up from 135 the prior period — while pending contracts held at just 9, leaving the absorption pace among the slowest in the county. Months of supply stretched to nearly 23, widening further from an already elevated baseline and reinforcing the supply imbalance facing prospective sellers. New listing activity also picked up, with 73 homes entering the market over the trailing three months. The limited pending volume directionally points toward buyers retaining meaningful leverage heading into late summer.

Chico transactions in 2026-05 closed at roughly $251 per square foot, a level that sits about 30 percent above the Wise County median for the same period. Based on MLS data for 2026-05 closings in Chico, the median sale price came in near $443,000 — well above the county's roughly $347,000 figure. List-price reception edged above asking, with sellers receiving just over 102 percent on average, compared to the county's 96 percent. About 42 percent of transactions involved seller concessions averaging around $9,000. A year-over-year price decline of roughly 10 percent in the trailing 12 months reflects a meaningful reset from prior highs.

Active inventory in Chico stands at 135 homes, with only 9 pending — a pending-to-active ratio that points to a slow absorption pace. Months of supply sits near 21, more than double the county's 10-month figure, indicating considerably more available supply relative to demand. New listings over the trailing three months reached 64. Median days on market for recently closed homes came in around 47 days, notably faster than the 12-month trailing average of 72 days, suggesting recent listings that did sell moved more efficiently.