Real Estate Trends for Durham County in Q2 of 2022

Listing your house on the Durham County market cannot immediately guarantee a sale. Some homes sell within weeks of listing, while others can remain unsold for months. Taking note of real estate trends in Durham County, North Carolina can help buyers choose their homes wisely and sellers strategize their sales to maximize what they can get for their Durham County property.

Here are some of the recent developments in real estate trends in Durham County, NC’s housing market as of Q2 2022. These significant trends have the potential to raise demand and housing prices. If you are feeling hesitant about waiting for the right time to sell your Durham County property, here is why the right time is now.

Rising Housing Market

The average market price of homes in Durham County have soared by 26.3% in the past year with the median time on the market decreasing by 18.2% in the same time. Durham County is a fast-growing community whose home appreciation rates are one of the highest in the country. Due to the growing population, the real estate market will continue to be favorable. Durham County’s real estate potential continues to grow and does not plan on stopping any time soon.

Low Tax Rates

The state’s declining tax rate currently lures a lot of business to North Carolina. Prior to their 2013 tax reforms, the state had the highest income tax in the region. Now, it has the lowest income tax in the Southeast and has property taxes significantly lower than the national average.

While this doesn’t necessarily affect the real estate market directly, this can affect where the tide is turning. With North Carolina having potential for economic growth within the near future, one can expect more businesses (which translates to more people relocating to be closer to business opportunities) within the Durham County area. 

Renting Opportunities

Durham County sits in the middle of Duke, the University of North Carolina at Chapel Hill, and North Carolina State University — The Research Triangle. These three major research universities generate a steady demand for high-paying job opportunities in the tech, healthcare, and research fields. The innovation created by these jobs has lowered the unemployment rate by 0.5% less than the national average and raises the average income by several thousand dollars. Where there is a wellspring of job opportunities, there will be people who seek housing.

These universities, among others, also generate a strong college market for those interested in investing in real estate that caters to students. Many people from across the country move to Durham mainly for education or work. This creates a large and diverse pool of people seeking rental and housing options. Due to the hustle and bustle in the county, rent and real estate prices are higher than the state average.

North Carolina’s friendliness toward landlords is also a significant selling advantage for people interested in looking for Durham rental properties. There is a reasonable grace period of five days for late rent, after which tenants have to pay late fees. Due to a 2018 law, landlords are permitted to recover court expenses and attorneys’ fees when bringing evictions to court. These ensure and protect the income of Durham rental landlords.

Low Cost of Living

Despite the higher rent and real estate costs, the cost of living in Durham County is 23% lower than the national average. Durham County also sports historically low mortgage rates which can range from 1 to 2% lower than the national average. Combined with the amazing job opportunities, diverse population, and rich culture, Durham County is an attractive city for people to move to and invest in real estate.

Ready to Sell Your Home?

While being able to sell your house fast in Durham County, North Carolina is ideal for many homeowners, real estate trends is never a guarantee that the real estate market will sway in your favor. In North Carolina, it can still take you an average of 76 days to sell your home — 41 days to receive an offer and the usual 35 days to close on a deal. For whatever reason that you may have to need to sell your house fast, 76 days might not be fast enough.

With a professional home buyer like Jolific Homes, you can receive a fair cash offer within a fraction of the time it takes to get one on the market. Get a fair cash offer quickly and close the home selling process with our flexible process.

Learn about our home buying process today and sell your Durham County, NC house fast with Jolific Homes.

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