Home US Idyllic southern boom town with affordable homes could see home values ​​soar with $25 million, 500-acre community

Idyllic southern boom town with affordable homes could see home values ​​soar with $25 million, 500-acre community

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Housing in Johnston County has been in high demand over the past decade, putting the southern state at the forefront of housing growth, going from about 68,000 to 84,000 homes between 2010 and 2020, according to U.S. Census data. Pictured: An aerial view of Smithfield, NC

A proposed $25 million, 500-acre residential community could help boost home values ​​in one of North Carolina’s hottest — and most affordable — housing markets.

Housing in Johnston County has been in high demand over the past decade, putting the southern state at the forefront of housing growth, going from about 68,000 to 84,000 homes between 2010 and 2020, according US Census data.

“This is one of those things you often see in areas outside of the capital,” Bonnie White, CEO of the Johnston County Association of Realtors, told DailyMail.com exclusively.

“It’s inevitable that, whether it’s three years from now or 20 years from now, as the state becomes more popular, as North Carolina has, more and more people will move in.”

Now, not only has the increased demand led to an increase in home values, but the proposed 1,400-home community could also further increase home prices – a trend often seen in new construction.

The monstrous new-build development in the quaint town of Smithfield could be good news for homeowners looking to cash in on their ‘profits’.

For renters, however, the expected boom in the housing market could pose problems, further fueling the ongoing affordable housing crisis facing Americans.

Simmons and Harris Inc., a Rocky Mount real estate company, has listed about 500 acres off Mallard Road for as much as $25 million — or $50,000 per acre — for a project they’re calling “Mallard Crossing.”

The extensive project includes space for 336 apartments, 431 town homes and 627 detached single-family homes and aims to fulfill a ‘live-work-play’ concept.

Housing in Johnston County has been in high demand over the past decade, putting the southern state at the forefront of housing growth, going from about 68,000 to 84,000 homes between 2010 and 2020, according to U.S. Census data. Pictured: An aerial view of Smithfield, NC

Simmons and Harris Inc., a Rocky Mount real estate company, has listed about 500 acres off Mallard Road for as much as $25 million — or $50,000 per acre — for a project they're calling

Simmons and Harris Inc., a Rocky Mount real estate company, has listed about 500 acres off Mallard Road for as much as $25 million — or $50,000 per acre — for a project they’re calling “Mallard Crossing.” Pictured: The land slated for a new mixed-use development in Smithfield

A project of this size would provide a major boost to Smithfield, whose median home price was $288,454 in 2024 – a 1.1 percent increase from the previous year – according to Zillow.

“We’ve seen the average home price rise for years,” White said. “Recently we have seen increases of 3 to 5 percent, even 10 percent in some years, but the value of home sales in Johnston County is still on that upward trajectory.

“Houses, and especially land, are still increasing in value,” she added.

Like home prices, average rental costs in Smithfield increased in 2024 from the previous year, but by much more: 12 percent for an average price of $1,752, according to Apartments.com.

The plan for Mallard Crossing has also sparked discussions with national grocers, a national child care organization, local medical providers, retailers and restaurants – all aimed at fulfilling the desired “live-work-play” concept.

“It has amenities where you can walk, bike or take a short drive to get what you need,” Benton Moss, owner of Simmons and Harris Inc., told me. Triangle business diary.

“It’s more of a community than just a residential development. So that’s what we’ve been pushing for is what other commercial uses can we have to make it super convenient for the residents that will eventually live here.”

Moss also said ground could be broken on the project “no sooner than the end of next year, if not early 2026.”

Pictured: Smithfield, whose median home price was $288,454 in 2024 – a 1.1 percent increase from the previous year

Pictured: Smithfield, whose median home price was $288,454 in 2024 – a 1.1 percent increase from the previous year

Pictured: the nearly 500 acres that will eventually become Mallard's Crossing

Pictured: the nearly 500 acres that will eventually become Mallard’s Crossing

He added: ‘There is still some engineering work to be done for the site, as well as extension of public water and sewerage infrastructure for the development.’

The colossal project was first approved years ago when the land was rezoned to “allow for a residential development of approximately 2,000 units,” the TBJ reported.

However, the plans never came to fruition, as the multimillion-dollar project’s developer, Ray Perkins, and his group, NRP Ventures, filed for bankruptcy in 2022.

The vast land where the massive project will be housed consists of multiple parcels with different owners, according to Johnston County tax records. Simmons and Harris Inc. represents the owners as their advisor and broker, TBJ reports.

With a population of just under 242,000, Johnston County is bursting at the seams with growth.

“The growth came faster than I think anyone expected,” White said, adding, “While it is a bit of a shock for some who live in the community to see the amount of housing that is coming in, it will really be for the better contribute to the community itself.’

Over the past decade, developers and homebuilders alike have been willing to pay a pretty penny to get in on the action as more and more people flood into the county.

Strong demand for land and commercial real estate continues to drive up prices.

A project of this size would be a big boost to Smithfield, whose median home price was $288,454 in 2024 — a 1.1 percent increase from the previous year — according to Zillow. Pictured: Historic downtown Smithfield, North Carolina

A project of this size would be a big boost to Smithfield, whose median home price was $288,454 in 2024 — a 1.1 percent increase from the previous year — according to Zillow. Pictured: Historic downtown Smithfield, North Carolina

Like home prices, average rental costs in Smithfield rose in 2024, up 12 percent from 2023, for an average price of $1,752, according to Apartments.com. Pictured: The Howell Theater in downtown Smithfield, North Carolina

Like home prices, average rental costs in Smithfield are up 12 percent in 2024 from 2023, for an average price of $1,752, according to Apartments.com. Pictured: The Howell Theater in downtown Smithfield, North Carolina

The high-demand region has seen several major sales and purchases since August.

This luxury offering includes a $12.4 million sale of an Ashley HomeStore and distribution center, a $2.4 million sale of a Popeyes Lousiana Kitchen and an $8.7 million purchase of 69 vacant lots in two neighborhoods in the southern province.

In 2024, the average cost of living in North Carolina was $38,295 per year, according to Impartial.com.

The cost of living in the Tar Heel State is expected to increase 2.5 percent in 2025 compared to 2024, which is in line with expectations. Social Security Administration Cost of Living Adjustment before 2025.

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