Business

Durham real estate market sees increase in buyers

Posted May 21, 2020 4:35 p.m. EDT
Updated May 21, 2020 6:21 p.m. EDT

— Now is a good time to list your house, if you’re in the market to sell in Durham.

Local real estate experts tells WRAL News there is a greater demand of people looking for a new home despite the economic downfall.

For sale signs are going up at a steady pace here in Durham amid the coronavirus pandemic. Surprisingly, real estate agents say buyers can hardly keep up with the high demand of the market.

The new way many real estates agents are showing houses are with 3D tours, which has taken off are taking off, but there’s one problem.

“We still have a huge demand for housing here in Durham, but such little inventory," said Sarah Ray, a realtor and broker with Nest Realty.

She said business is booming. “We’ve gotten 126 new listings, 155 new contracts, and we have 81 new homes just listed," Ray added.

Those numbers, for this week alone, have surprised many agents. Nest Realty Co-founder Jordan Lee has worked in the market before and during the 2008 recession and believes real estate will be the leading force of economic recovery after COVID-19.

“In terms of what we’re seeing, boots on the ground. 425,000 (houses) and under that shows we're still selling houses in a record time, still with multiple offers left," Lee added.

The realtors mentioned that the Triangle is attractive to possible buyers, creating a greater demand.

“Durham has always really been this big melting pot of culture, business, innovation and arts. It’s really a hot bed for growth," said Ray.

According to her, over 40 listings were under contract within seven days on market. Pending contracts are also up another 10 percent this week.

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