Is Durham, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Durham has remained a Seller's Market.
Key Takeaway
Durham is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Durham, NC
How much do homes in Durham, NC cost?
Median Sold Price
$417,562
$231/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Durham have sold for 4.2% more than they did a year ago.
Summary: The median home sold price in Durham was $417,562 in June 2024, up 4.2% from last year, and the median price per square foot was $231.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $250.1K | $234K | -6.4% |
| 2 Bedrooms | $309.9K | $315K | +1.6% |
| 3 Bedrooms | $380.6K | $395.3K | +3.9% |
| 4 Bedrooms | $500.3K | $510K | +1.9% |
| 5+ Bedrooms | $650K | $700K | +7.7% |
Summary: Durham housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.4%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 1.9%, and 5+ bedroom homes increased by 7.7%.
Median Sold Price Compared To Nearby Cities
| Carr Township | $476.1K | $515K | +8.2% |
| Triangle Township | $418.6K | $442.1K | +5.6% |
| Durham | $400.8K | $417.5K | +4.2% |
| Durham Township | $400K | $415K | +3.7% |
| Oak Grove Township | $387.1K | $380K | -1.9% |
Housing Supply in Durham, NC
How many homes are available in Durham, NC?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 1,257 | 1,138 | -9.5% |
Summary: The Durham real estate market had 1,138 homes for sale in June 2024, a 9.5% decrease compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 32 | 24 | -25.0% |
| 2 Bedrooms | 196 | 179 | -8.7% |
| 3 Bedrooms | 631 | 553 | -12.4% |
| 4 Bedrooms | 294 | 282 | -4.1% |
| 5+ Bedrooms | 104 | 100 | -3.8% |
Summary: The Durham housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 8.7%, 3 bedroom homes decreased by 12.4%, 4 bedroom homes decreased by 4.1%, and 5+ bedroom homes decreased by 3.8%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 374 | 293 | -21.7% |
Asking Price vs. Sold Price
107 Homes Were Sold
Under Asking
53 Homes Were Sold
At Asking
133 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Durham, you could pay more than the asking price. 45.4% of homes here sold above asking price last month.
Summary: A total of 293 homes were sold or pending in Durham in June 2024, down by 21.7% month-over-month. Of the 293 sold homes, 37% were sold under asking, 18% were sold at asking, and 45% were sold over asking.
Days on Market for Durham, NC
How long does it take to sell a home in Durham, NC?
Average Sale Time
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 65 Days | 24 Days | -63.4% |
Summary: Homes in Durham had an average of 24 days on market in Jun 2024, down by 63.4% compared to last year.
Breakdown of Home Sale Times
230 Homes Were Sold
Under 30 Days
43 Homes Were Sold
In 30 - 90 Days
20 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Durham are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 293 homes were sold in Durham; 78% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
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