Durham Property Market and Real Estate Guide
(Durham, North Carolina - NC, USA)
The impact of the Duke and North Carolina universities on Durham is reflected to a major degree in the local property market. The influx of students prior to the beginning of the school year makes finding apartments of any kind a difficult proposition, and property values for homes can be higher than in similar areas.
Durham and its surrounding cities, such as Raleigh
, attract many different types of resident, including families, singles and couples, as well as the elderly. A primary reason for this is that most of Durham is considered safe.
This location, on the east coast towards the south of the US, provides for beautiful scenery with many trees, parks and mild weather. The real estate market has maintained relative stability during the past two decades, although recent economic developments have made some Durham suburbs retain their value more than others nearer the center.
Renting Serviced Apartments
Serviced apartment options are widely available in the area, although the time of renting is important. Because of the high student population, apartments become booked out towards the beginning of the school year, and become empty once school is out. While the end of May or the beginning of June sees availability, August is not a good month to search for serviced apartments here.
There is more flexibility in Durham regarding rental leases for serviced apartments than in other areas of the US, due to the high concentration of students. The surrounding region is similar to other university driven areas, such as Austin or Madison, in that finding a shorter-lease apartment is not difficult. Many landlords will accept shorter leases without charging higher rent.
Buying Apartments and Houses
Currently, there are advantages to buying a property in Durham, although recent market conditions make it somewhat risky. The city's land values have decreased by 20 percent on average during the past year, and although market experts predict an increase, those who buy now may need to stay in the area for more than two years to get a positive return on their investment.
For those buying property inside the city limits, it should be noted that property tax here is higher than in bordering cities. However, for workers in Durham, the short commute from Holly Springs, Wake Forest, and Raleigh compensates with cheaper purchasing options.
Real Estate Agents
Finding the right real estate agent is important for anyone purchasing a home or apartment, and in a large university area such as Durham, it is equally important in finding serviced apartments. The selection is large, and in order to ensure that you find exactly what you are looking for, below are several reputable companies who can help.
Check out the following Durham realtors and real estate agents:
Address: 2911 Guess Road, Durham, North Carolina NC, 27705, USA
Tel: +1 919 471 2007
Apple Realty is a great source for finding homes and serviced apartments in the Durham area.
Address: 6224 Fayetville Road, Suite 101, Durham, North Carolina NC, 27713, USA
Tel: +1 919 544 7171
Coldwell Banker is a nationally recognized real estate agency with extensive experience of finding affordable housing in the area for every category of buyer.
Address: 1816 Front Street, Suite 110, Durham, North Carolina NC, 27705, USA
Tel: +1 919 383 2595
Griffin Realtors has over 30 years experience in the city and their expert professionals can help you find the best home or serviced apartment for your needs.