Durham, NC Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Durham, NC Housing Market Trends

With 278,993 people, 109,555 houses or apartments, and a median cost of homes of $269,923, 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 52.90% 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 ( 9.56%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.82%).

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 48.08% owning and 51.92% 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 ( 32.58%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.14%). There's also some housing in Durham built before 1939 ( 6.07%).

Durham Home Appreciation Rates

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 56.70% over the last ten years, which is an average annual home appreciation rate of 4.59%, 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.

Over the last year, Durham appreciation rates have trailed the rest of the nation. In the last twelve months, Durham's appreciation rate has been 4.81%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Durham were at 1.26%, which equates to an annual appreciation rate of 5.13%.

Notably, Durham's appreciation rate in the latest quarter is one of the lowest in America.

Relative to North Carolina, our data show that Durham's latest annual appreciation rate is lower than 90% 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.

Average Home Values

 

Median Home Value:
$269,923

Durham, NC HOME PRICES

> $1,232,000
0.8%
0.8%
$924,001 - $1,232,000
0.9%
0.9%
$616,001 - $924,000
4.5%
4.5%
$493,001 - $616,000
5.2%
5.2%
$370,001 - $493,000
11.0%
11.0%
$246,001 - $370,000
27.6%
27.6%
$123,001 - $246,000
37.7%
37.7%
$61,001 - $123,000
9.9%
9.9%
$0 - $61,000
2.4%
2.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for NC

Value Relative To Nation

Number Of Homes And Apartments:
109,555

Durham Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
89.39% 3.09%
9
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,422 / per month

Homeownership Rate

Owners
48.1%
48.1%
Renters
51.9%
51.9%
Vacant
7.5%
7.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
32.6%
32.6%
1970 - 1999
42.2%
42.2%
1940 - 1969
19.1%
19.1%
1939 or Older
6.1%
6.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
52.9%
52.9%
Townhomes
9.6%
9.6%
Small Apt. Buildings
6.8%
6.8%
Apt. Complexes
29.9%
29.9%
Mobile Homes
0.8%
0.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.2%
3.2%
1 Bedroom
14.9%
14.9%
2 Bedrooms
27.8%
27.8%
3 Bedrooms
36.3%
36.3%
4 Bedrooms
14.5%
14.5%
5 or more bedrooms
3.3%
3.3%
0.0% 100.0%
% OF HOMES