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Know your local market:

Durham, North Carolina

durham housing market

Durham is a unique city as its boundaries sits in three different counties. Most of the city is located within Durham, where it’s the city seat. But, sections of the city limits stretch into Orange and Wake Counties. As the fourth largest city in the state, Durham has more than 276,00 residents. The city is part of the Research Triangle, near many universities and tech companies. Durham is located 30 minutes northeast of Raleigh and two hours northeast of Charlotte.

Duke University and North Carolina Central University call Durham home. Durham has a rich history, including significant ties to the Civil Rights Movement and the growth of the tobacco industry.

The subtropical climate of Durham results in hot, muggy summers and cold winters. The average summer highs reach 89 degrees Fahrenheit, and winter lows average closer to 32 degrees Fahrenheit. Durham gets about 46 inches of rain each year and averages around 3.8 inches of snow per year.

Understanding the neighborhood where you’ll buy or sell a property is critical. There’s a well-known phrase in the real estate industry: location, location, location. When you’re buying or selling a property, the one thing that can’t be changed is the location. You’ll want to choose wisely. If you’re selling your property, highlighting the benefits of your neighborhood is a great way to attract buyers. If you’re purchasing a house, taking a closer look at the community will help you understand the market and investment potential more clearly.

Need to sell your home fast? Get an offer from Brick, fast!

Whether you’re moving on a deadline or just want to speed up the sales process to move on faster, we can help. We offer:

Fast, fair offers: The average home sits on the market between 25 and 30 days. Once your home is under contract, it can take 45 days to close. At Brick, we’ll make a fair, cash offer within days.

No closing costs: Selling a home can cost several thousand dollars when you factor in realtor fees, closing costs, and repairs. You won’t have any of those expenses when you sell to Brick.

No walkthroughs: Don’t worry about scheduling open houses or walkthroughs. We purchase homes as-is. We also buy properties in any condition.

Close in days: Instead of waiting a month or more to finalize your sale and move on, sell to Brick. Once you accept the cash offer, we can close the deal within days.

Housing Market Trends in Durham, North Carolina

The Durham housing market is very competitive. Home prices are up about 29% from last year. The median sales price for a home is $411,250. The average house sits on the market for 26 days. Last year the average median sales price for a home in Durham, North Carolina, was $337,700 and homes stayed on the market for 31 days.

Like most other real estate markets, Durham has seen a significant increase and sales prices and a decline in time-to-sell in the last five years. In May of 2017, the average sales price for a home in Durham was $236,000, and homes stayed on the market for about 46 days.

Selling your house in Durham North Carolina you’ll find May, June, and July with the highest number of home sales in the city each year, while January and February see the lowest sales.

Rich result when family needs to sell house fast.

Tips for Selling Your Home Fast:

Significant life changes don’t always come at the most convenient times. Selling your home may be a desire, or it might be necessary. Whether you’ve decided to start a new life across the country on a tight deadline or you’re just ready to ditch your investment properties, managing your sale the right way is essential. Check out these helpful articles for navigating the quick sale of your house:

Critical Tips for Selling in Durham North Carolina:

Selling your home(s) can be difficult, but it doesn’t have to feel overwhelming. Taking a few minutes to prepare yourself for the sales process can make a difference when it comes time to part with your house. Here are a few things to consider:

Why are you selling?

Before you list your house or contact us for a cash offer, it helps to know why you’re selling your home. Identifying the why helps with the sales process, including setting expectations for a sales price. It can also help you emotionally process the transaction to let go of your property.

Sellers offloading an inherited property, downsizing, going through retirement, or selling because of a divorce, should consider whether their emotional attachment could make the sales process more difficult. We’ve noticed that buyers who are overly passionate about the sale are more likely to:

  • Ignore staging advice
  • Overprice the home
  • Respond irrationally to lower offers or requests for repairs
  • Fail to market to their target audience

If you’re selling because you want to liquidate your investment properties, you may need to consciously withdraw the idea of control over what happens to the property once you sell.

What are your selling needs?

Once you’ve identified why you’re selling and identified ways to emotionally detach from the sales process, it’s time to think about your needs during the sales process. Which of these are concerns you have about your upcoming move?

  • Cost of relocation
  • Access to equity in your property
  • Ability to provide seller financing
  • Time to pack and move
  • Cost of realtor fees and closing costs
  • Cost of repairs
  • Finding a buyer to purchase the property as-is
  • Desire or ability to manage walkthroughs and appraisals

Many sellers spend as much as 10% of their sales price on repairs, fees, and closing costs. Are you comfortable or able to let go of that money to sell your home on the traditional market? If your home needs extensive repairs, you may need to pay for repairs or make concessions on the sale price. If you’d rather avoid appraisals and negotiating with buyers, selling your home for cash could be better.

Prepare for signing and closing

One of the most anticipated parts of selling a house is signing and closing. This final step makes everything official. The process can be a little different depending on whether you sell your home through the traditional market or with an ibuyer.

If you sell your home on the traditional market, the sale can fall through at any point before closing. Complications with appraisal or funding could delay a sale. In worst-case scenarios, a deal could entirely fall through if a buyer isn’t approved for financing or the lender refuses to fund the loan because the property appraises for less than the offered amount.

You’ll meet with the lender and the buyers during closing and sign paperwork to finalize the sale. Before the final paperwork, your property undergoes an appraisal and inspection. The agent will do a title search, and you’ll complete any repairs or other concessions. Once the closing paperwork is filed and the title is transferred into the seller’s name, the home is no longer yours.

When you work with an ibuyer, the closing process is different. The process is much faster because there are fewer hoops to jump through. We offer more flexibility for sellers, including the ability to control when you move out. We don’t require inspections or appraisals, and you won’t have to worry about our financing falling through. We can help you sell your home in days instead of weeks.

What does Durham, North Carolina, have to offer:

Durham offers a variety of opportunities for residents and visitors with different hobbies. With multiple hiking trails, gardens, and state parks, there are plenty of opportunities to take advantage of nature. Guests who prefer art and entertainment can enjoy several arts and science museums and historic sites that offer a glimpse into past industries.

Some of the most popular attractions in and around Durham, North Carolina, are:

  • Duke University
  • Durham Farmer’s Market
  • Nasher Museum of Art
  • The Duke Homestead State Historic Site
  • The Carolina Theatre
  • Sarah P. Duke Gardens
  • Brightleaf Square District
  • Durham Performing Arts Center
  • Bennett Place Historic Site
  • Museum of Life and Science
  • Eno River State Park
  • Duke Lemur Center
  • Stagville Historic Site
  • Cameron Indoor Stadium
  • Shopping at the Streets at Southpoint
  • Funny Girl Farm
  • Blue Whistler Farm
  • Durham Bull’s Stadium
  • The American Tobacco Trail
  • Falls Lake State Recreation Area
  • The Golden Belt

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