Where are hottest real-estate markets? NC home to three of nation’s best, study says
North Carolina is home to three of the nation’s top real-estate markets, a new report finds.
Durham and Cary rank among the best medium-sized cities, while Raleigh was named a top large city on a list of locations with property values, economic conditions and other factors that make them ideal places to buy a home, according to results published Tuesday from WalletHub.
“This year, the housing market is in a unique situation as mortgage rates are only slightly above record lows at a time when many Americans are struggling financially due to the COVID-19 pandemic,” the personal finance website said in its report. “For those who have extra cash, buying a home now could be a golden opportunity.”
The three Triangle-area locations made the nationwide rankings after WalletHub studied 300 U.S. cities. Using data from the federal government, real estate websites and other sources, each city received scores in two main categories: “real-estate market” and “affordability & economic environment,” data show.
Among all cities in the study, Durham ranked No. 7 and Cary ranked No. 12. Both cities made it into the top 10 among midsize cities, classified as having a population between 150,000 and 300,000.
Durham earned a top spot after receiving one of the highest scores for its real-estate market, a measure of projected home values, time houses spend on the market, new building projects and other factors, data show.
Cary, just west of Raleigh, was one of the top scorers for “affordability & economic environment.” That category weighed several characteristics, including home prices compared to income, job growth and the path to recovery from the coronavirus, results show.
With more than 300,000 residents, Raleigh earned a No. 9 spot among large cities. But when compared against all 300 cities, lower scores in both categories made it land at No. 48.
The data was released after WalletHub last month named Raleigh and Charlotte among the best large U.S. cities for people seeking their first homes. That study examined similar real-estate market factors while also weighing schools, weather, crime rates and additional home-related costs.
Earlier this year, Raleigh was also named among the most competitive U.S. markets as the Triangle faces more homes selling above the list price and an “undersupply of re-sale housing that has resulted from the red-hot market,” The News & Observer reported.
So how did other North Carolina cities fare in the more recent rankings?
- Large cities: Charlotte just missed the top 10, landing a No. 11 spot.
- Medium cities: Greensboro was No. 60, Winston-Salem was No. 64 and Fayetteville was No. 80.
- Small cities: Wilmington was No. 50, and High Point was No. 81.
Overall, WalletHub said the best place to buy a home was Frisco, Texas, north of Dallas. And Hartford, Connecticut, was the lowest-ranking city on the list.
This story was originally published August 25, 2021 at 9:54 AM.
