What is the average home price in Durham NC? How much have homes appreciated? These questions about the Durham County NC real estate market are relevant for homes sellers, and buyers alike. Fortunately, we have easy access to market data via the Triangle Multiple Listing Service.
Below are some of the key performance indicators that we feel are the most relevant for homeowners.
| County 2020 | Average Price Per Sq Ft. | Avg Sales Price | Days on Market | Inventory of Homes For Sale | Appreciation Rate |
|---|---|---|---|---|---|
| Durham | $152 | $308,423 | 29 | 681 | 3.4% |
| County 2019 | Average Price Per Sq Ft. | Avg Sales Price | Days on Market | Inventory of Homes For Sale | Appreciation Rate |
|---|---|---|---|---|---|
| Durham | – | $298,156 | 30 | 696 | – |
Let’s take a closer look at these numbers.
Average Price Per Square Foot – $152
This number was taken from Zillow and is not reported on the TMLS site. It shows and average price of $152 per square foot, very comparable to the Wake County market. I like this number because it allows one to size up the cost of a house pretty quickly. If a 1500 square foot house is listed at $300,000 that would be $200 per square foot. Therefore, one should expect to see the best quality fixtures in the interior, as well as a prime location.
Average Sales Price $369,430
This number is taken from the Triangle MLS and will represent houses that were listed and sold via the multiple listing service. Private sales will be excluded from this number. The advantage of reading data from the MLS is the increase transparency, and uniformity, of the data that is entered.
Also, the average price of $369,430 recorded in 2020 when compared with the average price of $298,156 shows a 3.4% appreciation rate. This figure is lower than the 5.4% rate recorded in Wake County in March.
Average Days on Market – 29
The average days on market decreased from 30 days in 2019 to 29 days in 2020. This is a positive sign, overall homes are selling faster than they did last year.
Inventory of Homes For Sale – 681
Inventory levels are down from 2019. This is a particularly interesting number, especially when compared with the 3,411 inventory levels in Wake County. This is positive for Durham homeowners because there is far less competition. This would make it more competitive for buyers to find a house as there is a lot less inventory to choose from.
Appreciation Rate – 3.4%
An appreciation rate of 3.4% in the last year is a pretty solid number. Keep in mind you will see slightly different numbers based on the data source. However, this is still a positive number for Durham County homeowners.
Keep in mind that the stay at home orders put in place by the City of Durham was more strict than in Wake County. Agents were told not to show houses during this order. There was an exception made for houses that were vacant. This lead to a massive amount of homes being withdrawn from the market in late March.
The stay at home order in the City of Durham has been extended to May 15th. Visit the Durham County website for more information and stay safe!