Eric Andrews discusses how hot the real estate market is in Durham and Pittsboro NC in 2019.
Speaker 1: Why is Pittsboro such a hot market right now?
Speaker 2: Right now, right now…
Speaker 1: Houses go up and they’re sold in 10 minutes.
Speaker 2: Pittsboro is not as hot as Durham right now. Durham’s like red, red, hot.
Speaker 1: Durham’s hotter this year than it was last year?
Speaker 2: Durham is, yeah.
Speaker 1: What about Pittsboro?
Speaker 2: Pittsboro’s hot, but it’s probably the same as it was last year. I don’t know. I don’t think we’ve seen a huge amount of appreciation. We are seeing a lot more Raleigh-Durham, Cary, Chapel Hill agents in Pittsboro. So, there certainly is more competition. I mean, in the last year, a couple, several, real estate offices have opened. We’ve been able to maintain our first place market share, but we certainly are aware that more people are coming to the area.
I think the main reason why Pittsboro is so hot right now, of course we have Chatham Park and Chatham Park is a huge, huge impact on our area. Ask somebody if they’ve ever bought a house in Chatham Park, and I can tell you the answer to that would be no. There’s no residential homes for sale in Chatham Park as of yet, but there is some commercial development. They’re certainly putting in some roads and infrastructure. They’re working on schools and a couple residential subdivisions and so we don’t feel as though it would be too much longer before there are homes available for sale in Chatham Park.
But, when we look at that crescent of Raleigh-Durham and Chapel Hill and you know how that just like bends like a C and Pittsboro’s right in the middle of that C. And, we have some recreational opportunities that other places don’t have. We have Jordan Lake and we have this beautiful downtown and so much is coming here. With 64 and 15/501 both four lanes, we know people that live in Wake Forest, which is 15, 10 miles, north of Raleigh, and it takes them just as long to get there as it does here in Pittsboro and we’re 34 miles to Raleigh, but just because the amount of traffic.
The 5-40 belt line has helped a bunch and people in Pittsboro can get the airport in no time. I think people in Pittsboro think that the airport’s far, but, it’s time. You can get to the Pittsburgh airport, I mean, excuse me, the RDU airport from Pittsboro easily. I mean, no problems. [crosstalk]
Speaker 1: 64 or 5-40?
Speaker 2: 64 or 5-40, it’s going to take a max of 45 minutes and that’s if there was some unexpected traffic. I have friends that live 10 miles outside of LaGuardia or JFK or whatever, and they’re thrilled if they can get there within an hour. So it’s not the mileage, it’s the time. A lot of my friends live in Charlotte and they live in Charlotte and it’s taken them a half hour to get to the airport and they live in Charlotte. So I think we’re fortunate.
Pittsboro just has so much to offer. Chatham Park is definitely a big, big influence, but I just think the culture of our downtown, the fact that you can buy a home with acreage outside of Pittsboro, it’s a lifestyle that we’re selling. It’s that rural lifestyle, or is that homes with acreage lifestyle or it’s that everything slows down just a little bit lifestyle, I think. And then I talked about that Raleigh-Durham, Chapel Hill crescent, but there’s also that Raleigh-Greensboro, Charlotte crescent, and we’re in the midst of all that too. So, whatever happens with the real estate market nationally, I feel as though Pittsboro is in a very strong position.
