What's Happening?
In Durham, potential homebuyers are expanding their searches to more affordable areas due to high home prices and mortgage rates. Realtor.com's Cross-Market Demand Report shows significant interest in cities like Raleigh, NC, and Wilmington, NC. The report
indicates that high mortgage rates are making homes unaffordable for many, prompting buyers to look beyond costly urban centers. Raleigh leads with an 18.2% view share, followed by Wilmington at 6.2%.
Why It's Important?
The trend of expanding home searches in Durham reflects the broader impact of high mortgage rates on the housing market. As affordability becomes a significant concern, potential buyers are increasingly considering areas outside traditional urban cores. This shift could influence local real estate markets, driving demand and potentially affecting home prices in these regions. The ability to work remotely further supports this trend, allowing individuals to prioritize affordability over proximity to urban job centers.
