Durham, NC Real Estate Market Review – Sept 2013

Summer marked an up and down market for Durham, North Carolina home prices. When summer began, home prices in the Durham area were near the $177,000 mark. While prices didn’t deviate too much over the course of the summer months, average home prices increased to about $180,000 before dropping back to the current price of $175,000.
Overall, inventory continues in a downward trend. Looking back at this time last year, there were 1,355 homes on the market in Durham. Currently, there are 1,169 homes on the market—a drop of 14%. That also means time on the market should go down, and it has. It took more than three months for a home to sell in Durham last year. Currently, homes are on the market for about 77 days.
“We expect home prices to continue to fluctuate in the Durham area,” said Movoto economist David Cross. “While the current trends indicate higher demand for homes in North Carolina, home owners may still be waiting for signs that the market has stabilized before they list their homes.”
In comparison, Durham ranks 3rd in the state of North Carolina for home prices. Charlotte has the highest average home price in the state ($199,000) and Raleigh is 2nd ($196,000).