Not really. JFreeChart includes an event-notification mechanism that ensures that charts are updated whenever the dataset is updated. However, the chart is completely repainted for each update, which limits the "frames per second" rate that you can achieve with JFreeChart. Typically, updating once per second is fine, but updating multiple times per second involves a lot of CPU load. If you want to pursue this, do some testing for your own circumstances.
Source: JFreeChart FAQ