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Durham Real Estate Market Update

The Durham real estate market is still going strong but, like the rest of the country, our market is experiencing a great deal of change. The table below compares Durham homes for sale and the associated statistics from 2008 to 2009.

  • From 2008 to 2008, Durham homes for sale, otherwise referred to as new listings, decreased by 21%.
  • Closed sales in the Durham real estate market are off 28.6% from 2008.
  • While sales are down, average prices are also down 1.2%.
  • On average, sellers are getting slightly less than what they got last year. In other words, the list-to-sales price ratio is down to 95.5% from 96.8% in 2008.
  • Average days on marrket are stretching out. We are now seeing it take approximately 94 days to sell a home in Durham compared to 87 days last year.

Durham 2008 2009 Change
New Listings 3,346 3,346 -21%
Closed Sales 1,487 1,061 -28.6%
Average Sales Price $174,113 $172,000 -1.2%
List/Sales Ratio 96.8% 95.5% -1.3%
Avg Days on Market 87 94 +8.2%

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Data Source: Triangle MLS

Posted Monday Jul 13