DURHAM, NC (WNCN) – As home prices have gone up in Wake and Durham counties, some residents have started to look to surrounding counties for more affordable homes.
But the housing prices in counties like Chatham and Orange Counties are climbing too, as the median home sale price in Chatham County is currently $490,000 and $517,000 in Orange County, according to Rockethomes.com.
For Chatham County, this is a 30 percent increase from the median home sale price a year ago, which was $376,500.
The increase in home prices comes as the county is experiencing an economic boom with more new housing and commercial development at Chatham Park, which is located on 15 US-501 in Pittsboro.
In addition, thousands of jobs are headed to the county as companies such as the electric company VinFast, are coming to the area as well.
With higher-paying jobs comes the need for more expensive homes in the county.
“The homes are getting bigger and more expensive around Chatham County,” said Julie Roland, owner of Julie Roland Realty in Chatham County.
Roland said a year ago, there was an influx of people from Raleigh and Durham who were looking to live in Chatham County where the homes were less expensive.
But now Chatham County’s median home price is more than Wake County ($419,945) and Durham County ($369,000), according to data on Rockethomes.com.
“I’ve never seen this many homes over one million dollars in this area,” Roland said. “We’ve got a ton right now.”
Some people who are looking to buy land in Chatham County, like Mary Sue Cacciato, had to look outside of Pittsboro to find something that is more affordable.
“We really loved Pittsboro, so we would’ve been really happy to stay here, and stay within our community, but as things grow, things change,” Cacciato said.
Larkin Willis, a realtor with Julie Roland Realty, said the growth is causing concerns when it comes to providing enough housing and infrastructure for the growing population.
“There are concerns with getting enough sewage for builders and businesses coming, and our water system needs to be upgraded,” Willis said. “Our commissioners need to be on top of our districting and we plan.”