Pittsboro has recently become the center of a heated controversy regarding new real estate development. Because of its proximity to nearby cities such as Raleigh, Durham, and Chapel Hill, real estate and commercial developers have taken an interest in Pittsboro. This is especially true for land to the north and east of the town, which are closer to the aforementioned cities. Briar Chapel, a planned subdivision for this area will have a population larger than any town in Chatham County.
Based on the current supply of homes on the market Chatham County is a buyer's market. Currently all pricing categories had a minimum of four months supply on hand and the county had an average supply of eight months of inventory for new homes and six months of inventory for resale homes.
Which new construction subdivisions are the hottest?
1. Fearrington Village w/40 closings and an AvgSP of $330,913.
2. Governors Club w/29 closings and an AvgSP of $610,555.
3. Fearrington w/27 closings and an AvgSP of $226,259.
Which resale subdivisions are selling quickly?
1. Governor's Club
2. Chatham Forest
3. Preserve at Jrodan Lake
Which developments are selling the quickest?
1. Chapel Ridge w/an Avg Lot SP of $130,270
2. Governor's Club w/an Avg Lot SP of $131,272
3. Preserve at Jordan Lake w/an Avg Lot SP of $127,825.
In essence there are a number of choices in the Chatham County market that are available to interested buyers. Let me know if I can assist with your investment in the are or finding the right home.
About Pittsboro:
Pittsboro was established as a town in 1785; the Chatham County Court House stood on land belonging to Miles Scurlock; however, in 1787, the legislature declared that a town could not be established on Scurlock's land. The town's trustees instead purchased adjacent land belonging to William Petty and laid out the town. That same year, Pittsboro was officially named the county seat. Although Chatham County is named for William Pitt, 1st Earl of Chatham, Pittsboro is named for his son, William Pitt the Younger.
It is expected that Pittsboro will more than double its population of 14,727 residents within the next decade.
The biggest challenge for the town is to keep its small-town feeling, history, culture and not become overwhelmed by the growth. The growth will need to be managed in the right way with the right measures.
There are around 10 to 12 different types of commercial and residential developments on the table currently.
Pittsboro is experiencing the outgrowth, if you will, from spillover West from Cary and East from Chapel Hill. Pittsboro is convenient to all the larger cities and communities, but just miles away for people to be able to live comfortably and to feel like they're not just bombarded by big-city issues.
click on this Article by the Independent for a fresh perspective on the area.
Tracy,
Wow, you really did your homework with this post. Your Pittsboro is similar to what is happening in our local off-island community of Bluffton, South Carolina. Bluffton is just off Hilton Head Island and is burgeoning with growth. Too much, in my humble opinion, too.
Thanks for the Kudos......
The real estate market is much more demanding these days and you have to do your homework. I live in Tech Central and a lot of people "know their stuff".