This is the year to invest in the Raleigh housing market, according to “Zillow’s Hottest Housing Markets for 2018.”
Raleigh holds the No. 2 spot in Zillow’s annual prediction, based on its rising home values and rental prices, steady income growth, abundant job opportunities and low unemployment rate.
Charlotte ranked No. 4.
“Growing cities in the Sun Belt, places like Raleigh, Charlotte and Nashville, offer plenty of opportunities [in] health care and finance, while providing a less expensive, but still convenient alternative to the larger and pricier markets in the Northeast,” said Zillow senior economist Aaron Terrazas.
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To predict the top 10 markets, Zillow calculated each metro’s home value and rent for 2018, recent income and population growth, unemployment rates and the number of job openings per person using Glassdoor, a job recruiting website.
Zillow reported that Raleigh’s income grew by 9 percent last year and predicted its median home value in 2018 would be $233,900. The unemployment rate is 3.6 percent.
The list, made up of mostly tech cities, ranks San Jose in the top spot for its high number of job openings per person and increasing home value, Zillow said.
Zillow’s Hottest Housing Markets for 2018
1. San Jose, Calif.
5. San Francisco
6. Austin, Texas
8. Nashville, Tenn.
9. Portland, Ore.
“The tech industry continues to roar, attracting thousands of new residents per year to tech-dominant markets like Seattle, Denver and the Bay Area,” Terrazas said. “The higher cost of living in these areas is offset to a large degree by well-paying tech jobs.”
Zillow is a national database for real estate and rental properties.