As we close out a summer marked by rising home prices and limited supply, we’re conditioned to expect the inevitable end-of-season slowdown. But the change of season doesn’t
Future Chapel Hill And Pittsboro Developments
First, a little Real Estate 101: The housing market is based off supply and demand. Realtors don't set the price of a home, the market does. So if a home is listed for $350,000 but actually sells for more or less - that's what the home is worth. The amount of competition (supply) and the interest in buying (demand) can push that final sales price up or down.
How does that tie in to these new projects? Obey Creek is poised to create an entirely new neighborhood by 2022, with 600 new homes right across 15-501 from Southern Village. Unless something happens to increase demand, the extra supply will cause real estate prices to level off, if not fall in the area - especially in the immediate vicinity.
Across the Chatham County line in Pittsboro, and on a much larger scope, Chatham Park will eventually introduce 22,000 dwelling units (single-family homes, condos, and apartments) on 7,500 acres.
To give you an idea as to the size, UNC is on 729 acres and all of Carborro is roughly 4,100 acres. Essentially, this will be another Research Triangle Park, which comes in right around 7,000 acres. This is more of a new town than a new neighborhood.
While that development will introduce much more new residential real estate than Obey Creek, it will happen in phases over the course of several years (if not decades) and will also attract industries that in turn will attract homebuyers. So, supply will increase with demand which will help home values appreciate over the long term.
Think your home may be affected by either of these developments in the future? Give me a call to discuss your strategy and see how much your home is worth *today.*
Michael Cunningham is a Real Estate Broker as well as the go-to tech and marketing wiz at Domicile Realty. A native of Tennessee, Michael arrived in Chapel Hill by way of Washington, DC where he help....
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