Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 257,605, 100,513 total housing units (homes and apartments), and a median house value of $205,552, Durham real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Durham, accounting for 53.09% of the city's housing units. Other types of housing that are prevalent in Durham include large apartment complexes or high rise apartments ( 29.94%), row houses and other attached homes ( 7.95%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.93%).
The most prevalent building size and type in Durham are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 47.16% owning and 52.84% renting.
There is a lot of housing in Durham built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Durham built between 2000 and later ( 24.94%). A lesser amount of the housing stock also hails from between 1940-1969 ( 22.50%). There's also some housing in Durham built before 1939 ( 6.08%).
In the last 10 years, Durham has experienced some of the highest home appreciation rates of any community in the nation. Durham real estate appreciated 19.11% over the last ten years, which is an average annual home appreciation rate of 1.76%, putting Durham in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Durham definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Durham that despite a nationwide downturn in the housing market, Durham real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Durham appreciation rates continue to be some of the highest in America, at 8.68%, which is higher than appreciation rates in 86.34% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Durham. Durham appreciation rates in the latest quarter were at 4.62%, which equates to an annual appreciation rate of 19.80%.
Importantly, this makes Durham one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to North Carolina, our data show that Durham's latest annual appreciation rate is higher than 80% of the other cities and towns in North Carolina.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Durham differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Durham - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Durham real estate investment or home purchase decisions.
|$896,001 - $1,194,000||0.8|
|$597,001 - $896,000||2.5|
|$478,001 - $597,000||3.3|
|$358,001 - $478,000||8.2|
|$239,001 - $358,000||21.6|
|$120,001 - $239,000||46.2|
|$60,001 - $120,000||13.2|
|$0 - $60,000||3.6|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Durham HOMES|
|2000 or Newer||24.9|
|1970 - 1999||46.5|
|1940 - 1969||22.5|
|1939 or Older||6.1|
|TYPE OF Durham HOMES|
|Small Apt. Buildings||7.9|
|SIZE OF Durham HOMES|
|5 or more bedrooms||3.44|