Pitt County housing market continues to grow despite coronavirus pandemic

Greenville

GREENVILLE, N.C. (WNCT) — Pitt County’s real estate market is growing. Most homes are only spending about a week on the market, with their owner seeing a tidy profit.

“As soon as they hit the market they’re gone,” said Katie Holloman, the broker in charge at Haystack Realty Group. “The big spike I’ve noticed in rural areas is a lot of movement from bigger cities.”

How the pandemic is driving a seller’s market for housing in North Carolina

Holloman said, like everything else, the real estate industry was shaky at the beginning of the coronavirus pandemic.

“As soon as COVID started it paused, everybody was kind of freaking out because no one knew what they were doing,” said Holloman.

When summer hit, sales spiked.

“It’s pretty much any price point, even around the 300 to 400,000 (dollars), they’re selling pretty quickly because the demand is there,” said Holloman.

Homes are selling fast and for more money.

“I’m getting to go to listing appointments and say, ‘hey, you have 20, 30, 40,000 dollars of equity in your home that you had no idea you had,” said Holloman.

According to Holloman, Winterville and Greenville homes saw a 15% increase in value in the last year. In Ayden, prices jumped by 30%.

“I think the way Greenville is growing right now, I really feel like its been a matter of time for our prices, especially entry level, to go up,” said Holloman.

Another thing making people buy homes is historically low interest rates. The Federal Reserve Bank dropped them at the start of the pandemic to hold off an economic depression.

Those interest rates are key incentives and the reason why Holloman doesn’t think demand will change any time soon.

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