Durham County February 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 Durham County, NC, market in February.

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.

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. 

Understanding the housing market is crucial when deciding to move to a new area, buy a new home, or sell your current one. A healthy housing market and a strong economy are both significant factors in your decision-making process. If you have both and have done your research, you can confidently choose to move to Durham, NC.

Are you considering Durham, NC, as your next home? In this article, we will discuss the housing market's past, present, and future state in Durham, NC, using the most recent data.

Keep reading to learn all about the Durham County February market states in 2024.

1. 2024 Durham County Market

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.

Homes in Durham County have sold for 1.4% more than they did a year ago. The real estate market here has fluctuated in value throughout the year already, but the market seems volatile when it comes to the average sold prices. 

Below is a chart from the Triangle MLS breaking down the numbers for Durham County's real estate market from February 2023 to February 2024 to help get a better understanding of the market. 

If you are buying a home in Durham County, you may be able to get a good deal because about 53% of homes here were sold below the asking price. The average time for homes to sell here has stayed relatively consistent. 

2. Durham County Housing Market Forecast 2024

In February 2024, the median listing home price in Durham County was approximately $429,000, which was up 1.4% from the previous year. This means more and more people are moving to the area, and home prices may rise with the population. The median sales price in February 2024 was $395,000, which is a 3.2% increase from the previous February.

Durham County's housing market is now balanced, which implies that the supply and demand of homes are roughly equal. The market is steady for the time being, and there are no immediate signs of a housing market crash.

However, buyers should keep in mind that the housing market can transform quickly, and they need to act quickly and be competitive to secure their dream home in Durham County.

3. Property Values in Durham County 2024

Home prices tend to grow higher in desirable neighborhoods and locations. Currently, the median sales price is higher than in previous years. The value of a home depends on various factors such as location, size, condition, school district, comparable homes, and current market conditions.

Durham County's current tax rate for 2023-2024 is $1.3099 per hundred dollars of assessed value. Fortunately, the City of Durham's 2024 budget does not include an increase in the property tax rate, which will remain at 55.88 cents per hundred of assessed value.

When it comes down to owning a property in NC, understanding the property taxes is very important for homeowners. Unlike other states, each county has the autonomy to manage and collect property taxes. The North Carolina Department of Revenue supervises everything to ensure uniformity and fairness throughout the state. 

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. Should You Move or Sell in Durham County in 2024?

Debating whether or not to move to sell is a big decision to make. Before making such a significant financial decision, you should know and understand the market where you are at or looking to decide whether or not it is worth it. Keep in mind the market is constantly changing. 

Durham County's housing market has experienced significant changes, as the Local Market Update indicates. The data shows a slight increase in the percentage of the original list price received. This increase in numbers suggests that sellers are receiving higher percentages of their asking price, making the housing market more competitive.

The inventory of homes available for sale has decreased by 34.6%. However, this should not discourage anyone from considering homes in Durham County. The decrease in inventory could be due to various factors, such as homeowners loving their homes too much to sell them.

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. 

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. 

5. 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 Raleigh, but Durham is just as big of a destination for home buyers. 

The population in Durham County 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. 

Many residents of Durham currently attend Duke University and choose to stay in the area after graduation to work, which drives up rental prices. However, as these residents grow in their careers and start buying homes in Durham, it will contribute to the long-term sustainability of the housing market.

To handle the influx of people moving to the area, Durham is building over 100 new developments. These construction projects will feature brand-new homes, making them perfect for first-time buyers who are looking to move to Bull City.

Below is a chart of the population by race in Durham County from the World Population Review in February 2024.

Supply of Housing

Durham, NC, is currently a seller's market, although it's starting to move towards becoming a balanced market. This means that buyers need to keep an eye out for properties and act quickly if they find one that meets their needs and preferences. In a balanced market, the supply and demand are roughly the same, which results in less competition among buyers.

There were about 404 new listings in Durham County, which is an 8% increase from the previous February. However, there were about 518 homes in the inventory for sale here, which was a 23.3 decrease from the last year. If you are searching for homes for sale in the area and are having issues, below is housing that helps residents find affordable housing.

Durham Housing Authority

The Durham Housing Authority was established in 1949 to provide decent and affordable housing for low-income families, people with disabilities, and the elderly. They manage 1,210 public housing units and 3,078 housing choice vouchers (HCV) for area landlords.

The authority aims to increase self-sufficiency and promote the development of diverse communities of choice. Their vision is to be the leading affordable housing provider dedicated to building stronger communities in Durham.

Methodology

We used information and data from several different sources as well as our own data to determine the Durham County February Market Stats for 2024. Most of the data was sourced from the following sources:

• Triangle Multiple Listing Services
• Durham County
• United States Census Bureau 
• The World Population Review

Above are a few sources that we used to gather most of our information about the Durham County region market in February. 

FAQS

Are home prices dropping in Durham, NC?

The median sale price of a home in Durham was about $395K last month, up 4.2% from last year, while the median sale price per square foot here is about $218, which is 0.9% up from last year. 

Is the housing market going to recession in 2024?

According to experts, they do not think there will be a housing market crash in 2024. The lending starts are more strict, and with low inventory and high demand continuing, the housing market will not likely reach a recession this year. 

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. 

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 effort to live comfortably in Durham compared to other cities. You would need to make about $50,000 per year to live comfortably as one adult in Durham.

Durham County February Market Stats [2024] - The Bottom Line

Buying or selling a house is a big step to take, so understanding the market around you is essential and can have a huge impact on this decision. As of February 2024, according to all the statistics, Durham County is a great place to buy a home. 

Durham County's housing market is now balanced, which implies that the supply and demand of homes are roughly equal. The market is steady for the time being, and there are no immediate signs of a housing market crash.

2024 appears to be a favorable year for purchasing a home in Durham County. The housing market is forecasted to remain stable, making it an opportunity time to invest in real estate. Many homeowners choose to rent out their properties or create Airbnb listings to earn passive income.

As you embark on your search for a new home in Durham, NC, one of the fastest-growing areas in the country with numerous stunning homes for sale, it's essential to act quickly if you want to purchase a property in one of Durham's top neighborhoods.

If you are considering moving or selling, contact us or visit our website. Our team at Raleigh Realty is here to help you with any home buying or selling needs.