Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 291,928, 120,386 total housing units (homes and apartments), and a median house value of $448,532, Durham real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Durham, accounting for 51.80% of the city's housing units. Other types of housing that are prevalent in Durham include large apartment complexes or high rise apartments ( 30.68%), row houses and other attached homes ( 9.75%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.05%).
The most prevalent building size and type in Durham are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 49.92% owning and 50.08% renting.
There is a lot of housing in Durham built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Durham built between 2000 and later ( 38.28%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.58%). There's also some housing in Durham built before 1939 ( 5.40%).
In the last 10 years, Durham has experienced some of the highest home appreciation rates of any community in the nation. Durham real estate appreciated 142.09% over the last ten years, which is an average annual home appreciation rate of 9.24%, putting Durham in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Durham definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Durham's appreciation rate, at 5.77%, has been at or slightly above the national average. In the latest quarter, Durham's appreciation rate has been 2.64%, which annualizes to a rate of 10.97%.
Relative to North Carolina, our data show that Durham's latest annual appreciation rate is lower than 60% of the other cities and towns in North Carolina.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Durham differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Durham - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Durham real estate investment or home purchase decisions.
$448,532
for North carolina
for nation
120,386
$2,535 / per month