Durham NC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Durham, NC Real Estate Data

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 Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Durham Housing Market Information

With 274,291 people, 107,724 houses or apartments, and a median cost of homes of $267,311, 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 52.87% of the city's housing units. Other types of housing that are prevalent in Durham include large apartment complexes or high rise apartments ( 29.93%), row houses and other attached homes ( 9.45%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.97%).

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 47.43% owning and 52.57% 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 ( 30.69%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.44%). There's also some housing in Durham built before 1939 ( 6.45%).

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 53.57% over the last ten years, which is an average annual home appreciation rate of 4.38%, 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 3.72%, 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 2.06%, which equates to an annual appreciation rate of 8.50%.

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 lower 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.

Average Home Values

 

Median Home Value:
$267,311

Durham, NC HOME PRICES

Value Range
> $1,295,000 0.8
$971,001 - $1,295,000 0.8
$648,001 - $971,000 3.7
$518,001 - $648,000 4.7
$388,001 - $518,000 9.7
$259,001 - $388,000 25.2
$130,001 - $259,000 40.7
$65,001 - $130,000 12.2
$0 - $65,000 2.2

Very High for NC
High for Nation

Value Relative to Nation Value Relative to State
26.178102189781 19.3840579710145

Number Of Homes And Apartments:
107,724

Durham Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NC*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
85.82% 3.07%
9
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,345 / per month

Homeownership Rate

Homeownership
Owners 47.43
Renters 52.57
Vacant 7.65

Housing Market Details

 

Age of Homes

AGE OF Durham HOMES
2000 or Newer 30.7
1970 - 1999 43.4
1940 - 1969 19.4
1939 or Older 6.4

Types of Homes

TYPE OF Durham HOMES
Single-Family 52.9
Townhomes 9.5
Small Apt. Buildings 7.0
Apt. Complexes 29.9
Mobile Homes 0.8
Other 0.0

Home Size

SIZE OF Durham HOMES
No Bedroom 2.82
1 Bedroom 15.20
2 Bedrooms 27.80
3 Bedrooms 36.80
4 Bedrooms 14.19
5 or more bedrooms 3.19