The Durham real estate market is closely linked to the real estate market of Raleigh, so much that they are commonly considered to share the same market conditions and economic outlook. Durham real estate is primarily residential, although there are also a considerable amount of office parks and retail destinations within the Durham-Raleigh area. An article written by Blanche Evans in the Realty Times found that the community attributes of Raleigh and by association Durham are among the primary components responsible for making the region such a great market for buyers especially. In the words of Realtor Sudie Wagner, “Raleigh is an absolutely beautiful place to live. Much of the workforce is centralized in the Research Triangle Park, focusing on technology, biomedical, and environmental occupations.”
The gradual recovery of Durham real estate is linked to a greater trend in the American South towards an increase in overall sales. According to a July 23, 2009 article in the New York Times by the Associated Press, “Affordable prices, low interest rates and eager first-time home buyers led to a slight uptick in existing home sales in the South in June, the first sign of year-over-year sales growth in more than three years, the National Association of Realtors said Thursday.” However, the report also pointed out that “Sales also fell by 20 percent in Jackson, Miss., and Raleigh-Durham, N.C.”, providing somewhat contradictory evidence to the overall trend in most Southern states and cities.
A July 2009 article in Metro Magazine, which focuses on North Carolina, reported that “With interest rates at near-record lows and incentives such as a federal $8,000 tax credit available for first-time home buyers, the Tri-angle area real estate market is showing signs of a rebound.” In the words of Josie Reeves, residential sales and marketing manager at Kane Realty Corporation, “Rates are still incredibly low, first-time home buyers have the advantage of the $8,000 tax credit, asking prices have stabilized, and builders and sellers are more willing to negotiate than in recent years. This is a temporary alignment of the stars, and the smart buyers are taking advantage.”