Durham County March 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 March.

Durham County is a highly sought-after location for settling down, whether you're looking to rent or buy a house. It's an excellent choice for young adults, families, and retirees alike.

In this article, we'll examine the current housing market and its impact on prime real estate for the year 2024, helping 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.

Considering Durham, NC, as your next home? We'll discuss the housing market's past, present, and future state in Durham, NC, using the most recent data in this article.

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

1. 2024 Durham County Market in March

Durham County is considered one of the best places to live in North Carolina, which means that there will be many potential home buyers in the area. However, the local housing market can be unpredictable, making it difficult to determine the best time to buy a home.

Overall, there has been a -5.2% change in new listings, a -17.9% change in closed sales, and a +2.5% change in median sales prices in Durham County in March. The real estate market in the area has experienced some fluctuations in value throughout the year, particularly when it comes to average sold prices.

Durham County is considered to be a seller's market and has been that way since last year. Prices tend to be higher, and homes usually sell faster in this type of market. There has been a slight increase in the median home prices since last year, as well as an increase in the number of homes sold. 

To help you better understand the current state of the market, we've included a chart below from the Triangle MLS. This chart breaks down the numbers for Durham County's real estate market from March 2023 to March 2024.

If you are planning to buy a house in Durham County, you might be able to get it at a reasonable price because more than half of the homes here were sold below the asking price. The average time for selling homes in this area has remained consistent.

2. Property Values in Durham County 2024

Home prices generally increase in desirable neighborhoods and locations. At present, the median sales price is higher than it was in previous years. The value of a house depends on several factors, such as location, size, condition, school district, comparable homes, and current market conditions.

It is important for homeowners in North Carolina to understand property taxes, particularly if they own property in Durham. Unlike other states, each county in North Carolina 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. 

For the 2023-2024 tax year, the current tax rate in Durham is $1.3099 per hundred dollars of assessed value. However, the good news is that 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 dollars of assessed value. 

It is important to keep in mind that the housing market and economy are constantly changing. If you are interested in buying or selling a property in Durham County, it is recommended that you keep an eye on the market and talk with a real estate agent.

3. Durham County Housing Market Forecast 2024

In March 2024, the average sales price of a home in Durham County was approximately $437,050, which was up 7.7% 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 March was $409,823, which was up 2.5% from the previous year.

The housing market in Durham County is currently in a state of balance, indicating that the supply and demand of houses are approximately equal. The market is stable at the moment, and there is no immediate indication of a housing market crash.

Keep in mind that it is a seller's market and that the housing market is looking like it will stay that way for a while. However, potential buyers should be aware that the housing market can change rapidly, and they need to act quickly and competitively to secure their desired home in Durham County.

4. Durham County Population Increase

According to the United States Census Bureau, the total population in Durham is about 340,492. Since the 2000s, 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 1.07% 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 people who live in Durham attend Duke University and decide to remain in the area after graduation to work. This has led to an increase in rental prices. However, as these residents advance in their careers, they are beginning to purchase homes in Durham, which will help to sustain the housing market in the long term.

To accommodate the growing number of people moving to the area, Durham is constructing over 100 new developments that will offer brand-new homes. These properties will be ideal for first-time buyers who are looking to relocate to Bull City.

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

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

Making the decision to sell your home is a big one and requires careful consideration. It's important to have a good understanding of the local housing market and to evaluate whether it's worth selling. Keep in mind that the market is constantly changing, so it's essential to stay up-to-date with the latest trends.

In Durham County, the housing market has experienced significant changes, as highlighted in the Local Market Update. The data shows a slight increase in the percentage of the original list price received, indicating that sellers are receiving higher percentages of their asking price. This is making the housing market more competitive. However, compared to Raleigh, you may be able to find cheaper housing in Durham.

However, the inventory of homes available for sale has increased by 4.1% since February. The increase in inventory could be due to various factors, so just keep an eye out for homes, because this market is highly competitive.

Durham County offers a wide variety of options for investing in real estate, with many companies and a growing economy. With the housing market staying relatively stable for now, this may be the perfect time to buy a home in Durham.

The Durham housing market is currently leaning towards a seller's market, which means that sellers are likely to sell their homes faster and for more money. However, for buyers, this means that they need to be diligent in their search for a home in Durham County.

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. The housing authority manages a total of 1,210 public housing units and 3,078 housing choice vouchers (HCV) for landlords in the area.

Their goal is to promote self-sufficiency and encourage the development of diverse communities of choice in Durham. Their vision is to become the top provider of affordable housing, committed to creating stronger communities in the area.

Methodology

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

• Triangle MLS
• Durham Realtors
• The World Population Review
• United States Census Bureau

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

FAQS

Should I buy a house in Durham?

Durham is a highly sought-after location in North Carolina, and I'm sure you'll enjoy living here. Currently, Durham is a sellers' market, which means that homes sell quickly and at a higher price. As a buyer, this means that you need to make quick decisions if you want to buy a home in Durham County.

Are home prices dropping in Durham, NC?

In March 2024, the typical selling price of a house in Durham County was around $437,050. This price reflects a 7.7% increase from the previous year. As a result, it's safe to assume that the population in the area is growing, and housing prices may continue to rise in the future.

How much money do you need to live comfortably in Durham, NC?

According to the latest data, the cost of living in Durham is only 1% higher than the national average in the year 2024. This means that you may need to put in a little more effort to live comfortably in Durham as compared to other cities. To live comfortably as a single adult in Durham, you would need to make around $50,000 per year.

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

The housing market in Durham County is now balanced, which means that the supply and demand of homes are almost equal. The market is currently steady, and there are no immediate signs of a housing market crash.

Buying or selling a house is a significant step, so understanding the local market is crucial, and it can have a significant impact on your decision. According to recent statistics, Durham County is a great place to buy a home as of March 2024.

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

If you're looking 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.