Over the last two years homeowners have seen property values steadily appreciating in Pittsboro, North Carolina.
Just 15 minutes east of here in a town called Cary, plenty of people have absolutely no idea where Pittsboro is. True, it is a small town, however, Chatham Park is being developed here, and many people say that Pittsboro will be the highest tech city east of the Mississippi in about 30yrs from now.
Here are a few factors as to why this area is so hot:
- Chatham Park: While 2050 is a long ways away, people are scrambling to get in now. The first neighborhood of Chatham Park will be up and running with homes for sale in 2020. Later in 2019 we'll have another brewery, a hotel, movie theater and the first new schools in Chatham Park open in 2019.
- Property values are climbing: Investment groups from Connecticut and New York are snapping up land. Local investors are buying up houses. LLCs formed in Pakistan are purchasing land. Real estate agents are buying land. Heck, I am buying land - I just picked up another house here this month. My agent, Eric Andrews, has sold several $1m+ parcels of land recently.
- Lack of inventory: There's just almost nothing here for sale. When a house goes up for sale, it is flooded with potential buyers. If it's priced at market value, most homes have several offers within 24hrs.
With the way things are going, I personally expect home and land sales to remain strong for the next 50+ years.