June 16, 2024
Meta coming to Durham: Real estate prices could double again in 5-10 years

The Triangle’s real estate market could get even more expensive after Monday’s announcement that Facebook’s parent company Meta is planning to open an office in Durham.

Durham-based realtor Matt Lunceford Blivin of Nest Realty said he expects Meta’s impact on homebuying to be like when Apple and Google announced they were coming to the Triangle in 2021. Blivin mentioned how median sales prices have increased, partially due to the influx of California-based companies in the Triangle.

“I think Durham might look a lot like California prices in the next 10 to 15 years,” Blivin said.

April 2022 statistics provided by the Durham Regional Association of Realtors show that the median sales price is $415,000 for properties located in Durham County, Orange County and the Triangle. It’s a 25.8% increase from April 2021.

“Buying a house today when a median house costs around $400,000, I think it’s safe to say that will be worth double in the next five to 10 years,” Blivin said.

State Rep. Zack Hawkins, D-Durham, shared his thoughts on Meta’s announcement.

“[I’m] overly excited at the way we have positioned ourselves in North Carolina, specifically in Durham, to be this hub for tech and bioscience,” Hawkins said.

Hawkins said Durham was an “international” city.

“It’s eclectic, it’s inviting [and] it’s inclusive,” Hawkins said. “It is a place where the brightest minds in the world, again with universities and RTP, already reside.”

Facebook’s parent company Meta planning ‘significant presence’ in Durham, sources say

Greater Durham Chamber of Commerce President and CEO Geoff Durham shared a written statement on Tuesday with WRAL News about Meta’s announcement.

“The Durham economic development community is never surprised to hear that both large and small businesses in growing sectors are considering growing here, and upon any official announcements we will look forward to working with them as we do our many existing partners,” Durham wrote.

Downtown Durham CEO Nicole Thompson also shared her experience of what typically happens when a company comes to the Triangle.

“I can say that any time a major company comes to our area they bring jobs and revenue, along with the challenges of working to keep the cost of living as affordable as possible and ensuring opportunities are shared as equitably as possible,” Thompson wrote.

WRAL News is still trying to figure out which part of Durham will be home to the planned Meta offices and how many people the company expects to employ.