DURHAM, N.C. (WNCN) – As the median home sale price has gone up more than 20 percent in Wake and Durham Counties, realtors are seeing more residents in Raleigh and Durham looking to purchase homes in neighboring counties where the home prices are cheaper.
According to Rockethomes.com, the median home sale price in Wake County is $419,945, which is up 22 percent from the county’s median home sale price of $341,920 a year ago.
In Durham County, the median home sale price is $369,078, which is up 25 percent from the median sale price of $294,515 in April 2021.
But in counties like Person ($245,000), Granville ($275,000), and Vance ($237,499), the median home sale prices are much lower.
“We are finding the price points are a little lower in these outlying counties and these homebuyers are getting more house or more property for their money,” said Ingrid Conley, a realtor with Realty One Group Greener Side in Raleigh.
Conley said as the inventory for homes in Raleigh and Durham is shrinking and more people are getting outbid by larger companies looking to purchase homes in the area, this is driving more buyers to look for homes in neighboring counties, such as Person, Granville, and Vance Counties.
Patrice and Davonn Bass were renting a home in Durham and wanted to purchase a home large enough for their family of seven.
However, they didn’t have a lot of luck finding a home they could afford in Durham.
“After looking in Durham for about a month or so, I finally agreed to go on the outskirts, it was just too expensive,” said Patrice Bass. “We have five children total, so we needed at least a four-bedroom. In Durham, we could’ve gotten a two-bedroom for $200,000 to $250,000.”
Bass said they eventually decided to expand their search to some of the outlying communities.
“I looked in Creedmoor, we looked in Butner, and even in Oxford,” Bass said.
Finally, she said they found a four-bedroom home in Henderson in Vance County for $195,000.
While the work commute is 45 minutes to Butner for Davonn and an hour to Durham two days a week for Patrice, they both said it’s well worth it.
“We’re saving a lot of money being here even with the higher gas prices,” Bass said. “We’re in a lake community, we’re in a gated community, and you don’t get that for $195,000 in Durham.”
While the Bass family is happy with their new home in Henderson, Patrice said she thinks something still needs to be done to make housing more affordable overall.
“Just about everyone I know who has been looking for a home in Durham, has been outbid by a company and I just think there should be limits,” Bass said.