SANFORD NEWS & DEVELOPMENT
Market Data and Trends
POPULATION GROWTH
Projections indicate that Lee County, where Sanford is located, is expected to grow by 37% between now and 2050, surpassing North Carolina's projected growth rate of 32% in the same period. THE RANT
HOUSING MARKET TRENDS
The housing market in Sanford is showing positive momentum. In November 2024, the median sale price for homes reached $325,420, reflecting a 9.7% year-over-year increase. Homes in the area sell in approximately 61 days, indicating a somewhat competitive market [Redfin]. As of December 2024, there were 622 homes for sale in Sanford, with a median price of $327,288, representing a 5.6% increase from the previous year.
NEW CONSTRUCTION ACTIVITY IN SANFORD
Active Developments: Sanford has a variety of new construction projects underway, with builders like Lennar offering homes such as a 5-bedroom, 3-bathroom property spanning 2,714 square feet, listed at $424,765 [Zillow]. Market Dynamics: The city is witnessing a surge in new home listings, indicating a robust construction pipeline aimed at meeting the growing housing demand.
DEMOGRAPHIC INSIGHTS
AGE & HOUSEHOLD COMPOSITION
The median age in Sanford is 34.6 years, suggesting a relatively young population [Data USA]. Families constitute a significant portion of the community, with 61% of households being family units. This includes 35% single-female families, 15% single-male families, and 50% couple families. The average household size is 2.72, and the average family size is 3.28. [Flyhomes]
INCOME AND EDUCATION
The median household income in Sanford is $52,951, with a per capita income of $26,884. [Data USA] Approximately 20.85% of adults aged 25 and older hold a bachelor's degree or higher, indicating a workforce with diverse educational backgrounds. [NeighborhoodScout]
DIVERSITY
Sanford is a diverse community, with the following racial composition: White (Non-Hispanic): 40.4% Black or African American (Non-Hispanic): 25.3% White (Hispanic): 15% Two or More Races (Hispanic): 8.15% Other (Hispanic): 5.89% Additionally, 14.3% of residents are foreign-born, contributing to the city's cultural richness. [Data USA]
SANFORD NEWS
- The City of Sanford is preparing a Small Area Plan to guide growth and development in Downtown Sanford.
- Astellas Gene Therapies, part of Astellas Pharma, is closing a biomanufacturing site in South San Francisco and moving its programs and projects to a $100 million facility in Sanford.
- The City of Sanford is working with strategic regional partners to expand its water filtration facility and construct needed transmission systems.
- Kyowa Kirin, known for its innovative drug discovery efforts that positively impact human health, has chosen Sanford as the location for its first North American site.
- Active developer wants to build 550-home community in booming North Carolina city
- The investment calls for 102 full-time jobs over three years with average wages of at least $91,496.
- Southern Pines, just down US-1 from Sanford, beat the Lee County city to getting its first Target
- Mattsantex, a Texas-based LLC, purchased a strip mall at 3110 S. Horner Blvd. in Sanford for roughly $3.9 million, according to Lee County deed records.
- Earlier this year, an LLC tied to a Raleigh group bought the retail building at 3100 and 3108 S. Horner Blvd. for $3.16 million.
- Urban Design Partners, a Charlotte landscape architecture and civil engineering firm, submitted an application to the review committee that calls for 12.54 acres off Kelly Drive to have a 45,000-square-foot grocery store, a 4-story hotel and more. The land is located northeast of downtown Sanford and near U.S. Route 421.
- A real estate group out of Sanford, has submitted plans for a new subdivision with 101 single-family homes across 132 acres in the city.
- During a Triangle Business Journal event in August 2023, Jimmy Randolph, CEO of the public-private Sanford Area Growth Alliance, said 14,000 workers were coming into Lee County per day to work there
- Durham-based Tri Properties announced this month it has completed construction of two warehouses in the booming Lee County city at 1650 and 1658 Colon Road, located just south of U.S. Highway 1. The two warehouses total 251,250 square feet.
[Articles taken from growsanfordnc.com and the Triangle Business Journal]