Top Durham Neighborhoods For First-Time Buyers
While outsiders might associate Durham as simply being the home of Duke University, those who already live here are quick to point out there’s much more to this former industrial hub than just a world-class university, as it’s now widely recognized as being one of the trendiest, fastest-growing cities in the entire southeast region.
Outside of the job growth and a favorable climate, reasonable home prices are also why more people are considering Durham as a viable option to purchase a home, especially to those who are looking to make that long awaited transition from renting to owning. But even with the average home price in Durham only hovering around $215,000 right now, many first-time buyers are still working with a tight budget, making it even more important to seek out homes that truly offer more bang for their buck.
So just where are some of the best places for first-time home buyers to begin a home search in Durham? We explore a few excellent choices below…
American Tobacco District
Arguably Durham’s trendiest neighborhood, home prices around the American Tobacco District might be slightly higher than other locations around the city. But if you’re a first-time buyer who’s specifically looking to be positioned in a place that’s vibrant and full of energy, there’s no better place in town to live. And given re-sale values around the American Tobacco District area are projected to increase substantially over the next 10 to 15 years, buying a home here can also be a pretty savvy investment as well.
Perhaps you’re someone who’s wanting more of a suburban look and feel of a new home, but also don’t want to be situated too far away from the heart of downtown Durham. Walking that fine line can often be difficult, but if you take a look at what Durham’s Southpoint neighborhood has to offer, you might just find it’s the perfect solution that no doubt satisfies this hard-to-find requirement. And with median home prices still under $200,000, it’s also rather affordable, even for first-time home buyers.
Downtown Durham makes the list for a variety of reasons. First, home buyers today seem to value walkability more than ever before, and downtown Durham certainly checks off that wish-list item. In addition, the housing landscape around the downtown area features a lot of flexible options, from any number of condos and townhouses to smaller bungalow-style single-family homes that are perfect for any first-time home buyer. Look for home prices around downtown Durham to start somewhere close to $175,000 and go up from there!
Hope Valley Farms
Although Hope Valley Farms is technically defined as more of a subdivision rather than a neighborhood, you’ll still find a variety of desirable options as a first-time buyer here, which include both townhouses and affordable single-family homes. Its location just off Martin Luther King Jr. Parkway makes accessing most of Durham’s major highways fairly quick and easy, and you’ll also find that many listings are priced under $200,000 when browsing active homes for sale in Hope Valley Farms. But if your budget allows, there should be more than a few choices that exceed $200,000 as well, which of course offer a bit more living space and plenty of additional desirable features.