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Durham real estate market overview
- Average Monthly Rent: $1,575
- Home Price/Value Percentage Change: 2.60%
- Median Home Value: $379,313
- Best Time To Sell a Home: December
- Affordability Index: Moderate
- Days To Sell a House: 50
- Job Market: Fair
- Public School Ranking: 29
Location and weather
Durham is the seat of Durham County and is situated around 10 miles from Chapel Hill and 25 miles northwest of Raleigh. Duke University is the centre of Durham's cultural life, but other institutions in this city include North Carolina Museum of Life and Science and Duke Homestead State Historic site. Near the city also lies the Eno River State Park, and the Falls Lake State Recreation Area. Exquisite foods, great entertainment, education opportunities, and recreation make this city a hot spot for new residents and tourists alike.
The weather consists of mild winters with light snow. Average highs throughout the year are around 60 degrees.
Population, job market and cost of living
Durham has a population of 300,060, with a growth rate of 1.87% annually.
The job market has decreased by -5.61% over last year. The ten-year job growth is predicted to be 43.27%. The three cities of Durham, Raleigh and Chapel Hill are known as the Research Triangle. It is the largest research park in North America. The research park is a major contributor to economic growth and attracts global job talent. Companies such as IBM, Syngenta, BASF and Cisco are there. 73 Duke University and IQVIA Quintiles IMS, Keller Williams Preferred Realty, DPx Fine Chemicals, Duke Management Company and Ansible by Red Hat are some of the largest businesses in the area.
The cost of living is moderate with the main contributor being the moderate costs of Durham real estate. With a temperate, seasonal climate, growing population, plenty of jobs and location in the Research Triangle with one of the most prestigious universities in the country—Duke University, Durham is a prized place to work and live.
Durham real estate market details
- Carolina Arbors
- Chancellor's Ridge
- Downtown Durham
- Duke Park
- Brightleaf at the Park
The average monthly rent in Durham is $1,575 for an average apartment size of 934 sq. feet.
There has been a 2.6% increase in median home value over the last year. As of 2023, the median home value is $379,313.
On average, homes in Durham sell after 50 days on the market.
The best time to sell in Durham for the highest value is during December, while sales in June can provide homeowners with an expedited sale.
The affordability index in Durham is 98. This number indicates moderate affordability in this city.
The top ranked public schools are Pearsontown Elementary, Voyager Academy, Durham School of the Arts, Lakewood Montessori Middle School, and J D Clement Early College High School. This information is supported by data measuring academic performance and equity.