Durham, New Hampshire is a town in Strafford County, on the Oyster River just southwest of Dover. Settled in 1635, it was known as the parish of Oyster River until it was incorporated in 1732 and named for Durham, England. In the friendly area of Durham NH, you’ll be in good company with around 16,000 full-time residents with around 63% of those homeowners. With an average age of 36.5, the residents of Durham NH Area are well established, made up of families of all age groups. Though fairly kicked back throughout the week, during weekends and holidays, you can see a lot more activity and excitement in the town. Over the recent months roughly 158 homes have been sold with an average sold price of $670,584. That is an increase of $53,505 from the previous period.
As the home of UNH (University of New Hampshire), Durham has a steady influx of students, faculty, and staff needing housing. This creates consistent demand for rental properties, making it an attractive area for real estate investors. Home to more than 15,000 students, which hail from 52 states and 43 countries with 47% of students from the State of New Hampshire itself (per UNH.edu). Investing in properties near college campuses offers real estate investors a unique combination of steady demand, high rental yields, and long-term appreciation potential. By catering to the needs of students and university personnel, investors can build a profitable and stable real estate portfolio.
As if this weren’t reason enough to purchase here, when it comes to job opportunities, Durham is home to several large companies. The biggest employers in Durham are largely centered around education, healthcare, and public services. Here are some of the major employers in the area as of 2024:
1. UNH (University of New Hampshire)
- Business Description: Schools-Universities & Colleges Academic
- Details: With the total average employee size of 4,000 +, UNH is the largest employer in Durham. UNH employs thousands of faculty, staff, and administrative personnel. The university significantly drives the local economy, with a broad range of employment opportunities in teaching, research, administration, and support services.
2. Durham Town Offices
- Business Description: City Government-Executive Offices
- Details: The local government, including municipal services such as police, fire, and public works, is a significant employer in Durham. These roles are essential to the functioning of the town and contribute to the overall employment landscape. The Town of Durham employs approximately 200 full time positions.
3. UNH Health Services
- Business Description: Physicians & Surgeons
- Details: As part of the University of New Hampshire, this health service provides healthcare to students, faculty, and staff, and employs a range of healthcare professionals, including doctors, nurses, and administrative staff. UNH Health Services employs about 60 full-time employees.
4. Hospitality and Retail Businesses
- Business Description: Hospitality and Retail
- Details: Various hotels, restaurants, and retail businesses in Durham and the surrounding area provide employment opportunities, particularly those that cater to the university community and visitors. There are many restaurants in the downtown area which employ 100’s of full and part-timers.
Data Source: nhes.nh
Town Demographics
Population: It’s tricky to make conclusions based on Durham’s population trend. This is because the University’s population is a part of the census information. However, Over the past six years, the data reveals a decrease in Durham’s population. In the last 2 years, Durham’s population has remained steady. Why the decrease over the last few years? We assume Covid had a lot to do with this, as many students stayed home to take online classes. However, it’s tough to know for certain.
Household income: The average household income in Durham is $124,918 with a poverty rate of 16.58%. The median age in Durham is 20 years: 20 years for males, and 20 years for females. Again, these numbers are skewed based on the student population making up the majority of the “poverty rate”, and should be expected.
Salary: What is the average salary in Durham?
The average annual salary in Durham is $48,806. Just in case you need a simple salary calculator, that works out to be approximately $23.46 an hour. This is equivalent of $938 a week or $4,067 a month. Most salaries in Durham range between $36,424 (25th percentile) to $58,575 (75th percentile) annually.
Source: ZipRecruiter
Investing in Durham, NH, offers a combination of stable rental income, appreciation potential, and a high quality of life, making it a sound choice for real estate investors. Here is the data information about the recent sales in the area:
Source: Nhar
Key Metrics Overview:
1. Closed Sales:
July 2024: 5 closed sales, a 25% increase compared to July 2023 (4 closed sales).
Year to Date (Thru 7-2024): 35 closed sales, a significant 94.4% increase compared to 18 in 2023.
2. Median Sales Price:
July 2024: $610,000, a notable decrease of 18.4% from July 2023’s $747,500.
Year to Date (Thru 7-2024): $640,000, showing a 10.8% decline from $717,500 in the same period in 2023.
3. Median List Price:
July 2024: $697,500, which is 9.8% higher than July 2023’s $635,500.
Year to Date (Thru 7-2024): $675,000, a modest 3.8% increase compared to $650,000 in 2023.
4. Volume of Closed Sales:
July 2024: $3,009,900, a slight decrease of 4.8% from $3,160,000 in July 2023.
Year to Date (Thru 7-2024): $27,074,150, a substantial 104.8% increase compared to $13,221,000 in 2023.
5. Days on Market Until Sale:
July 2024: 34 days, a 466.7% increase compared to just 6 days in July 2023.
Year to Date (Thru 7-2024): 14 days, representing a 27.3% increase from 11 days in 2023.
6. Pending Sales:
July 2024: 6, reflecting a 100% increase compared to 3 in July 2023.
Year to Date (Thru 7-2024): 40, up by 81.8% from 22 in 2023.
7. Inventory Metrics:
Months Supply of Inventory (July 2024): 1.4, a 27.3% increase from 1.1 in 2023.
New Listings (July 2024): 6, showing a 200% increase from 2 in July 2023.
Inventory of Homes for Sale (July 2024): 6, a 50% increase from 4 in July 2023.
8. Percent of Original List Price Received:
July 2024: 92.7%, a decrease of 9.8% from 102.8% in July 2023.
Year to Date (Thru 7-2024): 101.2%, down 3.8% from 105.2% in 2023.
Trends and Insights:
Increased Sales Activity: There is a strong upward trend in closed and pending sales, particularly on a year-to-date basis, which suggests growing market activity in Durham.
Decreasing Median Sales Price: Despite the increase in sales activity, the median sales price has dropped both in July and year-to-date. This could indicate a softening in buyer demand at higher price points or an increase in the number of lower-priced homes being sold.
Extended Time on Market: The days on market until sale have increased significantly, particularly in July 2024. This indicates that properties are taking longer to sell, which could be due to the higher inventory levels or buyer caution in a shifting market.
Price Negotiations: The percent of the original list price received has decreased, suggesting that sellers might be more willing to negotiate on price or that properties are initially being priced too high for current market conditions.
Inventory Growth: The increase in new listings and the month’s supply of inventory suggests that more homes are coming onto the market, which could lead to further downward pressure on prices if buyer demand does not keep pace.
Market Balance: The overall market seems to be moving towards a more balanced state with increased inventory and longer selling times, which may benefit buyers but could pose challenges for sellers accustomed to faster sales and higher price points.
This analysis points to a market in transition, with strong sales activity but also signs of cooling in pricing and longer sales times, which could indicate a shift towards a buyer’s market if trends continue.
Here are the listings of available properties in Durham. Click the picture below to show all listings.
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