Affordability is a major issue here in Orange County, especially when it comes to housing. But just how much does local housing actually cost?
“Almost 50 percent higher per square foot than Durham,” says Chapel Hill-Carrboro Chamber of Commerce president Aaron Nelson.
The average closing price for a house in Orange County was almost $330,000 in 2014, up slightly from the year before. Nelson says that’s actually not the most expensive in the Triangle: “For the first time, Chatham County’s homes passed Orange County’s homes (by about $4000) in terms of most expensive,” he says. But the average Orange County home is still considerably more expensive than in Durham, where the average closing price was just over $200,000.
And Orange County is still the most expensive per square foot: it cost $149 per square foot to buy an Orange County house in 2014, compared to $126 in Chatham, $111 in Wake, and $101 in Durham.
This difference has long been an issue for local policymakers. Nelson says the gap does appear to be closing: the average home price went up 3.5-4.5 percent in Durham, Wake and Chatham Counties in 2014, but less than 1 percent in Orange – and the cost per square foot actually decreased in Orange County last year.
But there’s another thing to consider: Nelson says Orange County’s housing stock is also quite a bit older.
“The average age of a $300,000 house in Wake County is 2005, (but) the average age of a $300,000 house in Orange County is 1985,” he says. “So you can have a newer house in Wake County for the same price.”
How important is that for potential home buyers? It’s not clear. But Nelson says Orange County did see a drop in the number of homes sold in 2014 – 1,432 in all, still well up from the recession years but about 200 fewer than in 2013.
Nelson made those comments last month, delivering his annual State of the Community report.
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