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Durham North Carolina Real Estate

market steady experienced housing

While much of the country has experienced a tumultuous housing market over the past few years, some cities have actually experienced steady gains in property value.  One real estate market that has experienced steady gains is the Durham, North Carolina real estate market. 
 
The main reason why the Durham, North Carolina real estate market has not experienced the large drop off in property values over the past few years is because the city did not experience the rapid gains that many markets experienced.  From 2004 through 2007, various cities located throughout the country saw their property values inflate considerably.  When the market turned, the real estate bubble in these markets popped and property values fell more than 50%.  Prior to the bubble bursting, housing prices in Durham rose just a few percent each year, and when the national housing bubble burst, the Durham, North Carolina real estate market remained steady.  In fact, the median sales price in the Durham, North Carolina real estate market is actually up a few percent since early 2007. 
 
One reason why the Durham, North Carolina real estate market has remained steady is because of the city’s consistent level of employment.  The city is the home of Duke University and is also nearby the University of North Carolina.  Both of these schools attract thousands of students each year and bring in thousands of steady jobs, which create a demand for housing in Durham.  Durham is also located near Raleigh, NC, which is one of the largest employment hubs in the state. 

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