Durham Real Estate Market Overview
Average Monthly Rent:
$1,144
Percentage Change in Home Price/Value:
8.90%
Median Home Value:
$230,000
Best Time To Sell Home:
July
Affordability Index:
157.4
Days To Sell House:
52.041
Job Market:
Strong
Public School Ranking:
31
Location and Weather
Durham, NC is in beautiful country situated in north-central North Carolina. It’s about 10 miles northeast of Chapel Hill and 25 miles northwest of Raleigh.
Durham has a moderate, seasonal climate with about a 3-month cool season from December to the end of February. The average high temperature is below 58 degrees and the lows are in the low 30’s. The summer is temperate from the end of May to mid-September with the high temperatures in the high 70’s or low 80’s and evening temperatures of 70 degrees.
Population, Job Market and Cost of Living
Durham’s population in 2018 was 274,291 with an annual growth rate of 1.75%. The job market has increased by 2% over last year. The ten-year job growth is predicted to be 43.3%. The cost of living is moderate with the main contributor being the moderate costs of Durham real estate.
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 are some of the largest businesses in the area.
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.
