OXFORD, N.C. (WNCN) – Finding an affordable home is getting harder and harder in Raleigh and Durham, as the cost of housing continues to rise. As a result, some buyers are looking to live outside the Triangle where homes are cheaper.
According to Redfin.com, the current average median home price in Wake County is $493,161 and in Durham County it’s $425,000.
But north of Durham in Granville County, the average median cost for a home is $366,000.
In Oxford, North Carolina, the county south of Granville County, the average median price for a home in the city is only $150,000.
Oxford is just 30 minutes north of Durham, and realtors tell CBS 17 they are seeing more homebuyers interested in living Oxford and commuting to Raleigh or Durham.
“It is more affordable for people to look in places like Oxford,” Larkin Willis said, a realtor for Julie Roland Realty.
As more people are looking to live in outlying communities where home prices are cheaper, more developers are deciding to build new housing developments in smaller cities such as Oxford.
Last week, Oxford city officials approved three new housing projects that will bring a total of 800 new homes to the city.
Mayor Jackie Sergent said another 800 news homes are already under construction. She added they have approved for developers to begin the planning process for at least another 1,100 new homes, too.
“We felt like growth was coming to Oxford, but we didn’t anticipate that it would be coming at the speed that it seems to be coming now,” Sergent said.
Willis said with more development in Oxford, home prices will go up though.
“These new homes they are building are going to sell between the mid $200,000-300,0000, so obviously, that’s going to raise those property values,” Willis said.
But Mayor Sergent said they are prepared for this growth and they have updated their comprehensive land use plan.
She said they have already invested in updating infrastructure and they are ready to welcome the thousands of new neighbors who will soon be on their way to Oxford.
“We like the prospect that Oxford can grow and thrive, and have new, continued growing life,” Sergent said.