Is Durham, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$414,880
$230/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Durham have sold for 2.1% more than they did a year ago.
Summary: The median home sold price in Durham was $414,880 in March 2024, up 2.1% from last year, and the median price per square foot was $230.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $229.5K | $260K | +13.3% |
| 2 Bedrooms | $307.8K | $315K | +2.3% |
| 3 Bedrooms | $388.1K | $392.6K | +1.2% |
| 4 Bedrooms | $509.3K | $515K | +1.1% |
| 5+ Bedrooms | $682.5K | $700K | +2.6% |
Summary: Durham housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.3%, 2 bedroom homes increased by 2.3%, 3 bedroom homes increased by 1.2%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes increased by 2.6%.
Median Sold Price Compared To Nearby Cities
| Carr Township | $480.8K | $511.5K | +6.4% |
| Triangle Township | $424.9K | $435.3K | +2.4% |
| Durham | $406.5K | $414.8K | +2.1% |
| Durham Township | $406K | $410.7K | +1.2% |
| Oak Grove Township | $393.2K | $384.4K | -2.2% |
Housing Supply in Durham, NC
How many homes are available in Durham, NC?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,035 | 1,077 | +4.1% |
Summary: The Durham real estate market had 1,077 homes for sale in March 2024, a 4.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 20 | 30 | +50.0% |
| 2 Bedrooms | 162 | 171 | +5.6% |
| 3 Bedrooms | 548 | 563 | +2.7% |
| 4 Bedrooms | 240 | 243 | +1.3% |
| 5+ Bedrooms | 65 | 70 | +7.7% |
Summary: The Durham housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 5.6%, 3 bedroom homes increased by 2.7%, 4 bedroom homes increased by 1.3%, and 5+ bedroom homes increased by 7.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 252 | 287 | +13.9% |
Asking Price vs. Sold Price
125 Homes Were Sold
Under Asking
62 Homes Were Sold
At Asking
100 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Durham, you may be able to get a good deal. 43.6% of homes here sold below asking price last month.
Summary: A total of 287 homes were sold or pending in Durham in March 2024, up by 13.9% month-over-month. Of the 287 sold homes, 44% were sold under asking, 22% were sold at asking, and 35% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 78 Days | 70 Days | -10.9% |
Summary: Homes in Durham had an average of 70 days on market in Mar 2024, down by 10.9% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
180 Homes Were Sold
In 30 - 90 Days
62 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Durham has remained consistent over time.
Summary: During March 2024, 287 homes were sold in Durham; 16% of homes were sold within 30 days, 63% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
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