By Gene Galin
Pittsboro, NC – Chatham County residents are grappling with rising property values and the implications for their tax bills, as the county undergoes a period of significant growth and development. As the real estate market in Chatham County continues to evolve, young families are facing significant challenges in finding affordable housing. With property evaluations and tax rates under scrutiny, the dynamics of the local market are shifting, leaving many potential homeowners grappling with rising prices and limited options. In this part of my conversation with real estate agent Eric Andrews, we explore the recent property re-evaluations, proposed tax rates, and the challenges faced by young families seeking affordable housing. We also delve into the potential impact of major developments like Disney’s Asteria, the challenges and opportunities surrounding the county’s growth, and the evolving landscape of housing options, including the role of manufactured and modular homes.
As the real estate market in Chatham County continues to evolve, young families are facing significant challenges in finding affordable housing. With property evaluations and tax rates under scrutiny, the dynamics of the local market are shifting, leaving many potential homeowners grappling with rising prices and limited options. This article delves into the current state of the Chatham County real estate market, exploring the implications of recent property evaluations, the impact of local economic developments, and the potential pathways for families seeking to establish roots in the area.
Understanding Property Evaluations and Tax Rates
In Chatham County, property evaluations occur every four years, a process that aims to reflect the current market value of homes. This year, many homeowners have expressed concerns over their new valuations, which have often increased significantly. As Eric notes, “While the county does a tremendous job with evaluations, not everyone agrees with the outcomes.” The crux of the issue lies not just in the valuations themselves, but in the tax rates that accompany them.
In Chatham County, the proposed tax rate for the upcoming fiscal year is 60 cents per $100 of valuation, a figure that has raised eyebrows among residents. The “neutral rate,” which would generate the same revenue as the previous year, is estimated to be around 52.9 cents. If the county maintains the proposed rate of 60 cents, property owners whose homes have been re-evaluated for more than 20% can expect to pay higher taxes. This underscores the complex relationship between property values and tax burdens, where even a stable tax rate can lead to increased tax bills due to rising property values.
The Struggle for Affordable Housing
For young families, particularly those with a median income of around $88,000, the search for affordable housing in Chatham County has become increasingly daunting. As property prices soar, many families find themselves pushed to neighboring counties in search of more reasonable options. “It’s slim pickings right now,” Eric Andrews remarked, noting that families are often forced to look south or west of Pittsboro to find homes within their budget. The disparity in housing prices across different areas of the county is stark, with some regions experiencing sticker shock due to their proximity to desirable amenities like lakes and schools.
The Role of Manufactured Housing
Amidst the housing crisis, manufactured homes have emerged as a potential solution for affordability. However, misconceptions and stigma surrounding these types of homes persist. Andrews argues that they provide an essential avenue for young families to secure housing without incurring crippling debt. With the ability to place manufactured homes on private land, families can circumvent some of the challenges posed by traditional housing markets. Yet, the lack of municipal sewer systems in many areas complicates matters, as families must secure larger plots of land to accommodate these homes.
Manufactured homes, which are built to federal HUD standards and can be placed on permanent foundations, offer a viable alternative for families looking to establish roots in the area. “Manufactured housing is affordable housing in a rural area,” Andrews explained, advocating for a shift in perception regarding these homes. He emphasized that local regulations should become more accommodating to manufactured housing to enhance affordability and accessibility.
Economic Developments and Their Impact
Recent economic developments, such as the anticipated arrival of companies like Wolfspeed and VinFast, have the potential to reshape the local job market and, by extension, the housing landscape. While the news of Wolfspeed’s bankruptcy has raised concerns, there is hope that new buyers will emerge to revitalize the facility. “The groundwork has been laid for this facility, and it has a lot of potential,” Eric noted. The success of these companies could lead to job creation and increased demand for housing, but the timeline for recovery remains uncertain.
A Path Forward for Young Families
As Chatham County navigates the complexities of its real estate market, young families must remain informed and proactive in their search for housing. While challenges abound, opportunities exist for those willing to explore alternative housing options and stay engaged with local developments. “It’s crucial for families to understand the market dynamics and advocate for their needs,” one expert advised. By focusing on the broader picture—tax rates, housing options, and economic growth—families can better position themselves to thrive in this evolving landscape. As the community continues to grow and change, the hope is that affordable housing solutions will emerge, allowing families to find their place in Chatham County.
Watch on YouTube –Part 2 Chatham County Real Estate Market Update with Eric Andrews – 5.23.25
Chatham County Real Estate Market Update: Property Evaluations and Tax Rates Explained by Eric Andrews (May 2025)
00:14 Chatham County’s property re-evaluations impact valuations and taxes.
- Property re-evaluations occur every four years, though municipalities can opt for more frequent assessments based on market growth.
- Concerns about valuation accuracy persist, but many believe tax property valuations are generally under market value.
02:49 Chatham County tax rates and services impact homeowners financially.
- Current proposed tax rate is 60 cents per $100 valuation, with neutral rate estimated around 52.9 cents.
- Homeowners should focus on service quality and cost rather than just the tax rate, as taxes may still increase with revaluations.
05:36 Chatham County needs more officers due to population growth and competitive salaries.
- Sheriff Robertson presented the need for seven additional officers to cover the growing county’s demands.
- Chatham County faces competition from nearby counties for law enforcement salaries, impacting recruitment and retention.
08:29 Chatham County’s real estate shows significant price disparities across regions.
- Prices differ dramatically between areas west and east of 751 due to sewer access and proximity to Cary.
- Seaforth School District leads the county in million-plus dollar homes, emphasizing the area’s desirability.
11:12 Affordable housing challenges in Chatham County post-COVID.
- Siler City sees prices under $200k, pushing families south or west of Pittsboro.
- Manufactured housing offers a viable option for affordable rural living despite common stigmas.
14:01 Modular homes and tiny houses face regulatory challenges despite affordability potential.
- There’s an increasing modularization in stick-built homes, incorporating features like pre-fabricated roof trusses and tub shower inserts.
- Tiny homes often conflict with municipal regulations, facing size limitations and stigma, complicating their integration into neighborhoods.
16:45 Chatham County real estate shows rising land costs impacting affordability.
- Land costs for manufactured homes are high, with 40,000 square feet priced above $75,000.
- Reselling manufactured homes remains challenging due to a weak secondary market, affecting long-term investment gains.
19:03 Wolfspeed’s bankruptcy impacts Siler City’s economic outlook.
- Wolfspeed’s bankruptcy poses job loss risks for Siler City, affecting local families and investments.
- Community leaders are exploring potential buyers for the Wolfspeed facility to revitalize the economy.
21:33 Challenges in the electric vehicle market impact local investments.
- Declining interest in electric vehicles affects companies like WolfSpeed and VinFast, delaying operational plans.
- Concerns over infrastructure and past investment failures may hinder future developments in the region.
24:25 Chatham County’s real estate market thrives due to major developments.
- Toyota’s operational growth is driving increased traffic and investment potential in the area.
- Disney and Asteria projects are advancing, solidifying Pittsboro’s attractiveness for future growth.
26:47 Asteria’s average selling price is rising, impacting local real estate dynamics.
- The starting price for homes in Asteria is expected around $800,000, which is higher than the previous county average of $725,000.
- This increase skews overall county pricing and makes homes less accessible for younger families seeking options under $400,000.