A lot of you have been asking about Chatham Park. We hear you.
This week’s question comes from Jo Ann Beal. She asks “What are the pros and cons of Chatham Park as related to other Chatham County property values/appreciation in the next five years?”
In terms of home prices, the news seems to be good.
According to data from Zillow, the online real estate database company, home prices are expected to rise by 2.9 percent in the next year, from the current median of over $293,000 to more than $301,000.
Linda Jacobs, a 29-year real estate agent for Advantage Commercial in Pittsboro, is optimistic about home prices.
“Chatham Park is going to cause the real estate values to just absolutely jump big time in Chatham County,” she said.
One way that Chatham’s home prices may increase is if the demand for these homes remains higher than the supply. Jacobs said Chatham Park will provide the community some homes priced between $300,000 and $425,000 – which are currently in high demand – as well as lower- and higher-priced options.
“There’s just not enough of it to supply the demand,” Jacobs said. “When you get something that you can list for that range, before 24 hours is up, you will have a laptop full of offers that you have to comb through with your seller.”
Despite the positive numbers and outlook, some residents, like Moncure resident Brian Moore, still remain skeptical of the development.
“For us, [Chatham Park] does nothing good,” Moore said via text message.