Durham Real Estate Market Trends

Everyone is buzzing about the Durham real estate market. What’s all the fuss about? Below are some insights into current market conditions, trends and sales data.

Supply and Demand

As WRAL reports, Apartments, condos and homes are springing up around downtown Durham, but it is still not enough to keep up with demand. With 20 new residents each day, demand for Durham homes outpaces supply, this increased demand is a leading cause of rising home prices.

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Downtown Durham Is a Real Estate Hot Spot

Downtown Durham is quickly becoming one of the most desirable places to be in the Triangle. Durham has long been a destination for students, academics, visitors and the medical community, so it has a variety of things to do to entertain tourists. As Durham enters a re-urbanization stage, many people are wanting to live close to where there work and study, such as Duke University or Hospital, but others are brought here by non-Duke related reasons. City life now comes with an abundance of shops, restaurants, bars and a world-class performing arts center, all within walking distance.

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Properties don’t last long on the market here, so you have to jump on something if you think it’s right for your next move. Having a well-connected real estate broker is essential to gain insight in the market, coming soon listings and relationships with other local brokers and lenders.