Raleigh NC New Homes: Communities, Lots and Land in the Triangle: North Carolina: Durham

Market Report - Durham New Homes

Durham New Home Listings DOWN 31%

Available New Home Inventory Decreasing

Looking for a new home in the Durham area?  Thinking the choices have gotten a little thinner?  You're right....

New Home inventory in Durham NC was down 32% in November 2009 versus November 2008.  Durham is one of the more affordable areas of the Triangle, with more new homes available under $300K.  

New Home Listings by Price Point in Durham  NC

There were fewer new home listings in Durham NC in nearly every price point.

• $200-299K Durham New Home inventory reduced by 45%
• $150-199K Durham New Home inventory reduced by 41%
• $300-399K Durham new home inventory reduced by 21%
• Townhome inventory reduced by the lowest percentage - only a 9% reduction was seen.

Durham remains one of the more affordable areas of the Triangle.

 Overall New Home Listings in Durham  NC November 2009

On December 1 2008, there were 430 new homes listed in Durham NC.

On December 1 2009, there were only 295 new homes listed in Durham NC.

Builders are building fewer "speculative" homes, and more home buyers are opting for completely custom packages, in every price point (which means the homes are not listed, but completed to the buyers exact specifications). 

What Price Points are getting the most showings in Durham ?

If you're looking to purchase in these price points, you'll have more competition for your new home.

Which price points are most popular in Durham ?

• Durham townhomes saw the most showings in November 2009.
• Durham new homes under $200K saw the most showings PER HOME. 
• Durham condos saw the least showings PER HOME. 

How does the Durham  new home market compare to the rest of the Triangle?

Triangle New Home Market Reports - Dec 1 2009 

Want to see the most recent Raleigh area market reports?

More Raleigh Market Reports   

New Homes Durham NC

Durham NC Relocation - Property Tax Rates in Durham

How much will I pay in property taxes for my new Durham County home? 

That's a very common question when considering purchasing a home in Durham County. 

If you're considering relocating to Durham County, you may have a Raleigh, Durham, Bahama, Rougemont, or Chapel Hill street address.

Find Out What District Your New Durham Home is Located In

Ask your real estate agent what district number the property resides in.  Or click on the link below to enter the address and find out the tax district:  Durham County Address Check for Property Tax Rate.

This chart shows the 2009/2010 Durham County property tax rates.  If you are relocating to a home inside a town, the tax rate will be slightly higher.  If your new home will be outside of town boundaries, the tax rate can be extremely low.

Check the Tax Rate Tables for the Property Tax Rate for Your District or Town in Durham County NC

The county rate gets combined with either the fire district rate or the town rate, depending on where the home for sale is located. 

OK - But What Will I Actually Pay in Durham County Property Taxes?

What do all those little numbers mean?  It's actually not as hard as it looks.

1. Take the assessed value of the property.
2. Divide by 100.
3. Multiply by the tax rate.

This will give you the yearly tax amount, per 2009/2010 rates.

And just to give you an idea, here's a table of sample yearly tax payments for different sample assessed home values.

You can also visit the Durham County Property Tax page to see any updates to tax tables or tax information. 

As you can see, a City of Durham location will be the most expensive property tax location to live in Durham County, following closely by the City of Chapel Hill.  Best bargains for property taxes are in Mangum, New Hope, Parkwood, Redwood, Eno, and Bahama. 

When looking at properties, don't take the "city" address for granted - you could be in a different county, with different tax rates, depending on where exactly the property is located.

How Do I Find Out the Assessed Value of My Durham County Home?

If there's a particular home that you're considering, you can go directly to the Durham County Tax Administration Records site, type in the address, and see the assessed value of the property.  

What if the Assessed Value is Different From the Sales Price?

If there is a discrepancy between the assessed value and the asking price of the home or lot, don't be afraid to ask your real estate agent to pull comps for you.  Assessed values are not always aligned well with market values, as assessments are often made several years apart.  Durham County was reassessed on January 1, 2008, and the new assessed values went into affect in Summer 2008.

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Top 5 Articles - Stanton Homes Favorites!  

Thinking of building or buying a new home?  Check out the top 5 hottest topics for home buyers!

The things that matter most to today's home buyers can be found in the Stanton Home articles requested and read most often. Take a look at the top 5 most popular topics we're seeing in today's home building market.

New Home Trend #1: Types of Ceilings

Learn basic definitions for all kinds of ceiling treatments commonly found in custom homes, starting in very affordable price points.

New Home Trend #2:  Building an "In Law Suite" Home

Mom wants to live with you?  Not a problem!  There's plenty of space in mother in law suite homes designed or modified by Stanton Homes. 

New Home Trend #3:  Wood or Concrete Front Porch, Which is Better?

Front porches are very popular features for custom homes.  The "wood or concrete" debate keeps getting attention - which one is your favorite?

New Home Trend #4:  Comparing Cost of Main Floor Master Suite Homes

More and more homeowners are thinking ahead to retirement, or simply looking to avoid stairs.  Find out how a first floor master bedroom affects the cost of your new home.

New Home Trend #5:  Grey Water Systems - How They Work  

I was surprised to see this as one of the top topics, but the interest in green building continues to grow. 

Energy Wise is another growing trend - we've just completed a 2800+ sq ft home that GUARANTEES a monthly heating and cooling cost of only $80, about 35% of typical cost!!!

Don't see your favorite topic?  Let us know - we're working on more educational articles all the time!

Contact us with questions about building or buying your new custom home in North Carolina.

Or sign up for our monthly newsletter for more great tips on new home trends and ideas, with a special focus on the Raleigh NC area.

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Custom Homes Raleigh NC

How to Buy a Lot - Step 5

What Will The Total Cost of the Home Be?

How to Make Sure You Can Afford to Build Your Home Here

Buying a lot or land for your new custom home can involve some big decisions!  By following these five steps, you'll find the right location, something that fits your lifestyle and your budget, with the beautiful surrounds so common in the Raleigh area.

How Much Will the Total Construction Package Cost? 

All lots and land under consideration will be some combination of location, size, amenities, cost, and buildability.  As you begin to narrow down your options, you may decide that some factors are more important than others. 

Building the Same Home Can Cost More on Some Lots

Don't worry, a good builder will work with you to make sure you're aware of any incremental costs involved in one lot over another.  At Stanton Homes, we provide a full cost comparison of your favorite lots or land, with these types of factors all considered:

Sewer or Septic - Building Costs

Sewer fees can vary considerably, from $1500 in some locations to $7K or more in Cary NC.  If a septic is required (which is very often the case in North Carolina, especially on lots over half an acre), cost can vary from about $3500 to more than $10K. 

Your builder can obtain a copy of the improvement permit and provide an accurate quote for septic or sewer costs.  A lot with a lower upfront cost may have some higher "site costs". 

Water or Well - Building Costs

The cost of providing fresh water for your home can vary.  Community water fees can be $500 or less.  Water hook up fees can vary from less than $1000 to more than $7K.  And a well can commonly cost anywhere from $5K to $8K.   Many times fees are dependent on the size of the home.  Your builder should factor in hook up fees, trenching, and any additional permits. 

Development - Building Costs

If the lot or land listing notes "water nearby" or "sewer nearby", you'll want your builder or land agent to find out what "nearby" means.  Even if the pipes are in the middle of the street rather than on the edge of your lot, there will be extra cost to pay for the city or county to come out, dig up the pipes, extend them to your property line, then charge to "tap" those lines for your home. 

Permits and Fees - Building Costs

Each city and county has their own list of permits and fees.  Your builder should be able to provide an estimate specific to the exact location or locations you have in mind.  Permits and fees depends on the location of the home, as well as the size of the home, based on total square footage (heated and unheated, including covered porches and garages).

Clearing and Lot Preparation - Building Costs

The lot conditions will affect the cost of your new custom home.  A sloped lot will require additional foundation work.  A heavily wooded lot will need additional equipment to clear enough room for the home to be placed.  A very large lot may require additional driveway.  Talk to your builder about where you want your home positioned.  Most of these costs can be estimated with a site inspection. 

It's Really Not That Scary!

A good builder will provide a full breakdown of all costs involved in building your home at a particular location.  But make sure they are aware of exactly where you'd like to build, and make sure they are willing to guarantee their costs.

A lot or piece of land with a lower price tag may have some higher building costs, particularly in sought after areas like Cary, North Raleigh, Chapel Hill, or Holly Springs.  Just ask your builder or land agent to help you do your research, and you'll be confident that you're making a great decision. 

If this sounds overwhelming - don't worry!  At Stanton Homes, we work to provide you with all the information you need to make a good decision, including free lot inspections, research on your lot, and much more. 

Just contact us or call 919-278-8070, and we'll answer any questions you have about how to buy land and make sure you can build the custom home you're looking for on your lot.  

Browse Raleigh Area Lots and Land for Sale

Five Easy Steps to Finding the Right Lot or Land for Your New Raleigh Home

Don't worry, at Stanton Homes we help throughout the entire process of finding a lot or land and building your new custom home, and are here to answer any questions you may have.

Buying a Lot or Land Step 1: What's Your Budget?

Buying a Lot or Land Step 2: What Amenites Should You Consider?

Buying a Lot or Land Lot Step 3: Determine Your Lot Size

Buying a Lot or Land Step 4:  Is Your Lot Buildable?  How Do You Know?

Buying a Lot or Land Step 5:  What is the Total Construction Cost for Your Lot? (Avoiding Hidden Costs)

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Which Part of the Triangle is Cheapest to Live?  Property Tax Guide

Copyright Stanton Homes 2009.    Provided for informational purposes only, no claims are made by Stanton Homes regarding the validity of any claims.  Buyer or buyers agent to verify all information before purchase. 

Raleigh Custom Homes

Buyers Guide - Buying a Lot or Land in the Raleigh/Triangle Area

Five Easy Steps To Buying a Lot:  Step 1, Plan Your Budget

Buying a lot or land for your new custom home can involve some big decisions!  By following these five steps, you'll find the right location, something that fits your lifestyle and your budget, with the beautiful surrounds so common in the Raleigh area.

How Much Should You Spend on Your Lot or Land?

All lots and land under consideration will be some combination of location, size, amenities, cost, and buildability.  As you begin to narrow down your options, you may decide that some factors are more important than others. 

Get Preapproved - Know How Much Your Total Budget Should Be

Before you even start looking, take some time with your favorite lender to see what your total "construction and land" goal should be.  Get these questions answered, and you'll be better able to find something that truly fits your lifestyle.

- What monthly payment is best?

- What total amount do I qualify for?

- What will happen if interest rates increase?

Contact us for a list of local lenders experienced with lot and land financing.

What Will Property Taxes Be?

Keep in mind that you'll have to pay property taxes at some point for your new home.  It might be rolled into the loan, by which a portion of the total tax bill is added to your monthly payment each month, then paid to the city or county at the end of the year out of an escrow account.  If not, you may be responsible for property taxes in one lump sum at the end of the year.  Talk to your lender about which payment method you should use.

Guide to Raleigh/Triangle Property Taxes

Property taxes outside city limits will always be lower than taxes inside city limits.  Chapel Hill has some of the area's highest property tax bills, while Chatham County outside city limits has some of the lowest property tax rates in the Triangle. 

How Much Should I Pay for my Lot or Land?

As a general guideline, the cost of your lot or land should be no more than 15-20% of your total "house and land" budget. 

$150,000 total budget = $22,500 to $30,000 lot or land cost

$200,000 total budget = $30,000 to $40,000 lot or land cost

$300,000 total budget = $45,000 to $60,000 lot or land cost

$400,000 total budget = $60,000 to $80,000 lot or land cost

$500,000 total budget = $75,000 to $100,000 lot or land cost

An exception might be made for a large amount of acreage - for instance, you might reasonably construct a home with a $250,000 construction cost on a 10 acre parcel which costs $100K.  Just make sure your planned home corresponds with other homes in the neighborhood/area, to protect your future resale value.

Browse Raleigh Area Lots and Land for Sale

Is This Lot or Land Offered at a Reasonable Price?

Talk to your builder or an experienced land agent about the lots or land you're considering.  Land and lot purchases are different than finished home purchases - you'll want to keep multiple factors in mind that affect the finished cost of your planned new home in the Raleigh area. 

An experienced land agent will be able to compare your lot price with other lots and/or homes in the area, and work with you to provide the best overall value for your new home. 

Five Easy Steps to Finding the Right Lot or Land for Your New Raleigh Home

Don't worry, at Stanton Homes we help throughout the entire process of finding a lot or land and building your new custom home, and are here to answer any questions you may have.

Buying a Lot in Raleigh Step 1: What's Your Budget?

Buying a Lot in Raleigh Step 2: What Amenites Should You Consider?

Buying a Lot in Raleigh Lot Step 3: Determine Your Lot Size

Buying a Lot in Raleigh Step 4:  Is Your Lot Buildable?  How Do You Know?

Buying a Lot in Raleigh Step 5:  What is the Total Construction Cost for Your Lot? (Avoiding Hidden Costs)

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Raleigh New Homes, Lots, and Land

5 Easy Steps to Buying a Lot or Land in the Raleigh Area

Available Land and Lots in Communities

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Raleigh Relocation Information

North Durham NC Inventory Dropping Dramatically

Almost 1/4 Less Than Last Year - Selections Thinning

First Quarter statistics are in for Durham County - and the results might be surprising.

If you've been searching for your next home in Durham NC, you may have thought the selection was a little thinner.  You're right.  Inventory is dropping dramatically from last year, and the best homes at the best prices are sometimes only available for a few days.

North Durham Shows Significant Reduction in Lower Price Points

Here's the available inventory levels by price point in North Durham.  As you can see, all price points below $500K show much lower inventory levels than last year.

Not only that, but New Construction sales in Durham have significantly INCREASED in the first quarter.  New Construction in Durham is up 48.7%, with 171 unit sales in 1Q 2009, versus 115 unit sales in 1Q 2008.

Where is Inventory Decreasing Most Rapidly in North Durham?

The most significant inventory drops actually occured in the $300-$399K, $400-499K, and $800-899K price points.

Surprising, since first time homebuyers have been increasing in the market - would have thought the lowest price buckets would see the highest inventory declines.

But this could also be a reflection of fewer homes being built in other price points.

Durham NC Home Inventory Levels

These percentages reflect both new construction and resale inventory.  As you can see, selections have thinned considerably across nearly every price point in North Durham. 

Other Triangle Area Market Reports

Wake County Inventory Levels April 2009

Luxury Home Inventory - First Quarter 2009

Appreciation Rates Wake County - Best Places to Buy 

Is the Buyers Market Going Away?

Based on pending sales and numbers of properties on the market, it looks like this trend will continue, and we may reach a seller's market by the end of the year. 

Surprising? Perhaps not so much - interest rates have never been lower, and builders have been slowing the new home process. 

You may also be interested in:

Jobs in the Raleigh Area

Triangle Area Market Reports - How's The Real Estate Market in Raleigh?

Shopping in the Raleigh Area - What Kind of Shopping Is There?

Raleigh Relocation Package - All About the Raleigh Area!

Which Part of the Triangle is Cheapest to Live?  Property Tax Guide