By Gene Galin
Pittsboro, NC – As the real estate landscape in Chatham County continues to evolve, I sat down with Eric Andrews of Realty World Carolina Properties to discuss the current market dynamics, the implications of rising home prices, and the challenges of affordable housing. With over 25 years of experience in the area, Eric provides insights into the unique characteristics of the local market, the impact of inventory shortages, and the growing trend of first-time homebuyers entering the market.
The Local Real Estate Landscape
Chatham County has long been a desirable location for homebuyers seeking a blend of rural charm and proximity to urban amenities. However, recent shifts in the real estate market have raised questions about affordability and accessibility for potential buyers. Eric emphasizes the importance of local knowledge in navigating these changes. “Having someone with local knowledge is crucial,” he states, highlighting the complexities of property ownership in the area, including septic systems, well water, and road maintenance agreements.
A Brief History of Chatham County Real Estate
Andrews recalls the early days of his career, noting that he has witnessed significant transformations in the local real estate market over the past 25 years. He reminisces about the vibrant community atmosphere, including local landmarks like the Scoreboard, which is now Virlie’s. Eric took time to let us know that he had at one time eaten a four pattie burger and got his picture taken and posted on the wall inside the restaurant.
Current Market Trends
As the conversation shifts to the present, Andrews provides a comprehensive update on the current state of the real estate market. “Days on market have seen a seismic shift,” he explains, noting that properties that once sold within days are now taking longer to find buyers. He noted that we’re seeing homes on the market for 50 to 75 days, which is still a good market. Despite the changes, the area remains a seller’s market due to a persistent shortage of inventory.
The Impact of Inventory Shortages
The shortage of available homes has become a defining characteristic of the Chatham County real estate market. Andrews points out that while there has been a slight increase in inventory—14% more homes available in 2025 compared to 2024—this is not enough to meet the demand. There is still have a low overall inventory, which highlights the challenges faced by prospective buyers.
The Price of Homes in Chatham County
One of the most pressing issues in the current market is the rising cost of homes. Andrews reveals that the average price of homes in Chatham County has reached approximately $725,000, making it one of the highest in the state. This figure raises concerns about affordability, particularly for first-time homebuyers and families seeking to establish roots in the area. “The average family income needed to afford a home at this price is between $150,000 and $200,000,” he explains, underscoring the financial strain on many residents.
The Shift from Buying to Renting
As the conversation progresses, Andrews addresses the growing trend of individuals opting to rent rather than buy. “For the first time in 25 years, it’s not cheaper to buy than rent,” he states, noting that rental prices have become more competitive. With rental rates ranging from $1,400 to $1,800 per month, many individuals find it challenging to secure a mortgage for a comparable property. There’s been a seismic shift in the industry, which causes difficulties for potential buyers.
The Rental Market Dynamics
The rental market in Chatham County is experiencing its own set of challenges, with inventory shortages leading to fierce competition among renters. Andrews notes that rental properties often disappear within days of being listed, making it difficult for individuals to secure housing. “We often don’t have time to put them up; they’re gone that quick,” he explains.
Affordable Housing: A Growing Concern
As the discussion turns to affordable housing, Andrews emphasizes the need for a nuanced understanding of the term. Affordable housing doesn’t necessarily mean low-income or subsidized housing. Instead, Eric advocates for the concept of “workforce housing,” which aims to provide housing options for individuals earning a living wage in the community.
The Importance of Workforce Housing
Andrews points to the challenges faced by essential workers, such as teachers, firefighters, and healthcare professionals, who struggle to find affordable housing within commuting distance of their jobs. “We want the people who serve our community to be able to live in the community,” he asserts, highlighting the importance of maintaining a diverse and sustainable population.
The Role of Local Government
Local government initiatives play a crucial role in addressing the affordable housing crisis. Andrews commends the efforts of Chatham County officials to promote development in areas like Pittsboro and Siler City, where infill projects and multifamily housing options are being explored. Pittsboro appears to be doing a good job of trying to get more workforce housing available. There is an ongoing need for continued collaboration between developers and local authorities.
The Future of Chatham County Real Estate
As the first part of our conversation on the Chatham County real estate market draws to a close, Eric reflects on the future of the Chatham County real estate market. While he acknowledges the challenges posed by rising prices and inventory shortages, he remains optimistic about the potential for growth and development in the area. “This is still a hot market,” he states.
In conclusion, the Chatham County real estate market is at a crossroads, with rising prices and inventory shortages posing significant challenges for buyers and renters alike. For those interested in learning more about the Chatham County real estate market, Andrews encourages residents to reach out to local real estate professionals who can provide valuable insights and guidance. “Having someone with local knowledge is key,” he reiterates.
Chatham County Real Estate Market: A Deep Dive into Current Trends
[AI-generated timeline]
Slower, But Still Strong:
Eric Andrews of Realty World Carolina Properties, a 25-year local expert, notes that while the frenzied pace of home sales has cooled, the market remains robust. The days a property stays on the market have increased to between 50 and 75 days, a stark contrast to the near-instant sales of the recent past [08:12]. This doesn’t indicate a downturn, but rather a normalization after a period of exceptionally high demand.
Appreciation Moderates:
Home prices are still appreciating, but at a much slower rate. The rapid 10-12% annual increases have subsided to a more sustainable 1-3% [09:05], [09:12]. Andrews cautions sellers against overpricing, a strategy that may have worked in the past but is less effective in the current climate [08:55].
Inventory Remains Tight:
Despite a slight increase from the previous year, the overall inventory of homes for sale remains low [14:04], [14:12]. This shortage continues to drive prices and contributes to the competitive market.
A Surprising Twist: Renting vs. Buying:
For the first time in over two decades, local experts are acknowledging that renting can be more economical than buying [15:34], [16:40], [16:47]. With average home prices reaching $725,000 in Chatham County, the monthly costs associated with homeownership (mortgage, taxes, insurance, maintenance) can exceed rental rates [11:52], [16:54].
Rental Market Squeeze:
The rental market is even tighter than the sales market, with properties being snapped up quickly [17:22], [17:43], [17:51]. Landlords are advised to price competitively to avoid vacancies, as each month without a tenant significantly impacts their income [18:17].
The Workforce Housing Challenge:
A critical issue is the lack of “workforce housing” – homes affordable for essential workers like teachers, firefighters, and healthcare professionals [20:17], [20:45], [21:02]. The current average home price makes it difficult for those with average incomes to live in the county [22:23], [22:51], [23:35].
Local Solutions:
Chatham County is focusing development in areas like Pittsboro and Siler City, encouraging infill and multi-family housing options [23:58], [24:06], [24:12]. Accessory Dwelling Units (ADUs), smaller, secondary homes on existing properties, are also being explored as a way to increase housing availability [24:28].