10. Durham-Chapel Hill, N.C.
One-year drop in home prices: -0.7 percent
Median home price: $197,500
Change in price since 2006 peak: -3.7 percent
Distressed sales: 11.3 percent
Months’ supply of inventory: 4.8, Durham; 4.5, Wake; 7.9, Orange
Unemployment rate: 5.1 percent
Rate of job growth: 1.5 percent
Anchoring two corners of the Research Triangle, the Durham-Chapel Hill metro area saw steady gains in home prices, particularly from late 2012 through the early spring of 2013, as home buyers jumped to take advantage of low interest rates. But over the past year, that growth has tapered off, and prices flattened. Sales fell (-4.5 percent in Durham County and -13.6 percent in Orange County in June). Supply in Durham is balanced between buyers and sellers (with 4.8 months’ supply), but buyers rule in Orange County (with 7.9 months’ supply).
On the demand side, the economy of the Triangle region (including Raleigh) is adding workers, driven by the University of North Carolina at Chapel Hill, Duke University and the tech, biotech and pharmaceutical industries. The area has gained enough new jobs to replace those lost during the recession.
- Looking to buy? See what’s available in Durham