Durham County January Market Stats [2024]
February 29th, 2024
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Durham County January Market Stats [2024]
Are you considering moving to Durham County or selling your home and want to know more about what the housing market will be like this year? Keep reading to learn more about the market in Durham County, NC, in January.
Durham County is one of the most popular locations where people choose to settle down. Whether you are looking for a house to rent or buy, Durham should be at the top of your list.
Home to Duke University, Eno River State Park, Sarah P. Duke Gardens, the Durham Bulls baseball team, and so much more, there is no place like Durham. If you love trying new restaurants and museums, watching sporting games, or anything else, then you will love Durham County. Durham is also known as the "City of Medicine," as it is a hub for the healthcare industry.
The buying process is extensive and often brings a lot of stress and excitement. There will be many things to consider and many mistakes to make along the way. One of the most important things to consider is location; after that, everything else will fall into place.
Durham is the perfect place for young adults, families, and retirees to move to. First, we will take a look at the current housing market and how it can impact the prime real estate for the 2024 year. This will help you determine if you can afford your next home in Durham County.
Keep reading to learn all about the Durham County January market states in 2024.
Chapters
1. 2023 Durham County Market
The Durham County market was extremely active during 2023, according to the Durham County official website. However, the total number of new listings and closed sales declined in 2023 from 2022. In 2022, there were 1,603 closed sales in Durham and 1,603 in 2023.
In 2023, the median sales price was $395,000, down 1.6% from the year before. This can happen for several reasons, one being not as many people were on the home search in 2023. Keep in mind that home prices will vary based on many factors, and typically, the best time to buy a home is spring.
As one of the best places to live in North Carolina, there will be a lot of buyers coming to Durham County. The housing market will change from year to year, so it may be hard to gauge when the best time to buy a home will be for you. However, in 2023, homes stayed on the market for 34 days, 161.5% longer than the 13 days homes would stay on the market in 2022. This is great for buyers who need a little extra time to get everything in order.
By the end of 2023, there were 4,374 new listings in Durham County, and the median sales price was about $410,000. This was a significant jump from earlier in the year.
2. Durham County Housing Market Forecast 2024
In January 2024, the median listing home price in Durham County was approximately $425,000. This was up 1.8% since the year before. This means more and more people are moving to the area, and home prices may rise with the population. The median sales price was also up by 8.4% at $405,773 in January 2024. However, Durham County is now a balanced market, meaning the supply and demand of homes are about equal.
In January, homes stayed on the market for about 52 days on average. There was also a 3.7% increase in homes for sale in January compared to December of 2023. In January 2023, the inventory of homes for sale was 7,430 and in January 2024, it decreased by 25.9% to 5,506 homes. Along with other popular cities in NC, Durham is seeing a large increase in population, although the housing market forecast for 2024 indicates growth. This can mean an increase in property values and home prices for buyers and sellers.
For now, the market is stable, and there is no immediate indication of a housing market crash. However, buyers should keep in mind that the housing market can change quickly, and you need to act quickly and competitively to secure your dream home in Durham County.
3. Property Values in Durham County 2024
The total dollar volume in millions saw a 21.6% decrease from January 2023 to January 2024. The total dollar volume dropped from $97M to $76M. This shift can be attributed to many factors, including changes in property values. The values of properties have been updated using analysis and data to align them with the fair market value in January 2024.
Home prices in desirable neighborhoods and locations will see higher growth. The median sales price is at a high right now compared to previous years. Home value can change based on factors like location, size, condition, school district, comparable homes, and the current market conditions.
Durham County released the combined current tax rate for 2023-2024 in Durham City is $1.3099 per hundred dollars of assessed value. Luckily, the City of Durham's 2024 budget does not include a property tax rate increase and will remain at 55.88 cents per hundred of assessed value.
Keep in mind that the housing market and economy change all the time, so keep an eye out for the Durham County market and talk with a real estate agent about whether you are interested in buying or selling this year.
4. Population Increase
According to the United States Census Bureau, the total population in Durham is about 338,642. Since 2003, Durham has seen a huge increase in people moving to the city. This is much less than the population in Raliegh, but Durham is just as big of a destination for home buyers.
In 2024, the Durham County estimated population is 338,642. This is a 0.89% growth rate in the past year. Currently, Durham County is the 5th largest county in North Carolina. According to the World Population Review, the population growth is forecasted to steadily grow by approximately 0.88% over the next couple of years.
With companies like Google, Amazon, and Microsoft expanding to Raleigh and Durham, the economy is expected to grow. One of the biggest reasons people are moving to Durham instead of Raleigh is the affordability.
In 2023, the housing expenses were 9% higher, but the utility costs were 9% lower, and transportation was 6% lower than the national average. Overall, the cost of living was and still is only 1% higher than the national average.
Many Durham residents currently attend Duke University and stay for jobs, which drives the rental prices up. Then, these residents grow and start buying homes in Durham, which in turn will contribute to long-term sustainability for the housing market.
To handle the influx of people moving to the area, Durham is building over 100 up-and-coming developments. These new construction homes are perfect for first-time home buyers moving to Bull City.
5. Should You Move or Sell in Durham County in 2024?
Durham County has seen notable changes in the housing market, as seen in the Local Market Update for November 2023. Looking at the percentage of the original list price received, there was a slight increase from 95.9% in 2022 to 98.7 in 2023. This can mean that sellers are receiving higher percentages of their asking price, which makes the housing market much more competitive.
The inventory of homes for sale has decreased by 34.6%, but this is not a reason to shy away from Durham County homes. This decrease in inventory can be a result of several factors, such as homeowners loving their homes too much to sell.
The choices for investing in real estate in Durham County are large, with the influx of companies and a growing economy. With the housing market staying stable for now, this might be the perfect time to buy a home in Durham.
In addition, as there is more new construction, the housing supply will go up, which could make it harder to sell your home. However, the prices of homes situated in popular neighborhoods and locations will see higher growth as more people move to the area. This could make it easier for sellers with a prime location to sell their home for more money and faster.
As the housing market is relatively balanced, the Durham housing market is leaning towards a seller's market. For sellers, this means you will likely sell your home faster and for more money; for buyers, this means you need to be diligent in your search for a home in Durham County.
Methodology
We used information and data from several different sources as well as our own data to determine the Durham County January Market States for 2024. Most of the data was sourced from the following sources:
- Triangle Multiple Listing Services
- Durham County
- ABC 11
- United States Census Bureau
- The World Population Review
FAQ: Durham County January Market Stats [2024]
Here are some commonly asked questions about the Durham County housing market for 2024.
Should I buy a house in Durham?
Durham is one of the most popular places in North Carolina, and you will undoubtedly love living here. Currently, Durham is a sellers' market, meaning the price tends to be higher, and homes sell much faster. As a buyer, this means you have to act fast if you want to purchase a home in Durham County.
Is Durham, NC, a good place to live?
Durham is a great place to live; the mid-sized city is full of fun things to do, great restaurants, and many job opportunities, and it is home to one of the best universities in North Carolina.
What part of Durham is best to live in?
There are many great areas to live in Durham; some of the most popular places include Carolina Arbors, Chancellor's Ridge, Hope Valley Farms, and Fairfield.
Is it better to live in Raleigh or Durham?
Raleigh and Durham share many wonderful qualities; for instance, they are both considered college towns, have a low cost of living, amazing restaurants, vibrant downtowns, and more. Luckily, they are about a 30-minute drive apart, so no matter which city you live in, you can still experience the other.
How much money do you need to live comfortably in Durham, NC?
The cost of living in Durham in 2024 is only 1% higher than the national average. This means you may need to make slightly more to live comfortably in Durham compared to another city. You would need to make about $50,000 per year to live comfortably as one adult in Durham.
Durham County January Market Stats [2024] - The Bottom Line
In all, 2024 seems to be a good year to buy a home in Durham County. The housing market is predicted to stay stable, meaning this is also a great time to invest in the housing market. Many homeowners choose to rent out their homes or create Airbnb to make passive income.
With interest rates dropping 7% and forecasted to dip even lower in 2024, this might be the best time to buy a home in Durham County. Large companies like Google, Amazon, and Microsoft are expanding to Raleigh and Durham. This will bring in a large amount of new people, businesses, and job opportunities.
As you search for your next home in Durham, NC, one of the country's fastest-growing areas with many beautiful homes for sale, you'll have to act fast if you want to buy your next home in one of Durham's best neighborhoods.
Before you buy your next home in the Triangle area, feel free to contact one of our helpful real estate specialists, as they are eager to help you find the perfect home. We know that buying a home can be overwhelming, so make sure you are prepared beforehand.
Ryan Fitzgerald
Hi there! Nice to 'meet' you and thanks for visiting our Raleigh Real Estate Blog! My name is Ryan Fitzgerald, and I'm a REALTOR® in Raleigh-Durham, NC, the owner of Raleigh Realty. I work alongside some of the best Realtors in Raleigh. You can find more of my real estate content on Forbes, Wall Street Journal, U.S. News and more. Realtor Magazine named me a top 30 under 30 Realtor in the country (it was a long time ago haha). Any way, that's enough about me. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Raleigh Realty. Looking forward to connecting!
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