Raleigh Ranks 3rd Hottest Housing Market in the U.S.

Dated: January 5 2022

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Raleigh rang in the new year with Zillow’s new annual ranking as the third hottest housing market in the U.S. as Triangle continues to remain the top spot for real estate nationally.

Zillow ranks Raleigh-Durham as No. 3 of 50 U.S. metro areas for heightened popularity and competitiveness among home buyers. Metro-North Carolina also made it second in the top five, with Charlotte ranking fifth, according to Zillow ratings released Tuesday.

Tampa and Jacksonville, Florida, are first and second in the rankings. San Antonio, Texas, ranked fourth.

The top five markets are “each supported by a combination of strong predicted housing value growth, strong economic fundamentals including high job growth, fast inventory and many buyers,” said Zillow economist Treh Manhertz.

“In addition, these markets have historically not been very sensitive to rising mortgage rates or the ongoing stock market – two risk factors for housing and the overall economy as the calendar changes.”

The current average home price in metro Raleigh is $ 391,444, an increase of about 20% since May 2021, according to Zillow. The figure is not far from the average price of real estate in Wake County: a maximum of $ 405,000, according to the Wake County Register of Deeds. The figure comes from the average monthly transaction price recorded under $ 1 million, which includes the majority of housing market sales activity but also includes commercial property.

The online real estate site estimates home values ​​will rise 23.7% nationally through November 2022 from the current average of about $ 316,000.

Overall, data from real estate site Redfin shows current home prices in the City of Oaks have risen about 35% since January 2020 before the pandemic-driven real estate frenzy, reports The News & Observer.

The Raleigh-Durham market is also ranked as the No. 2 “growth city” by U-Haul. The arrival of one-way U-Haul trucks to the region in 2021 is the second-highest in the country. Over half of all one-way U-Haul traffic tracked in the area last year came from moving customers, according to a U-Haul news release.

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Lou Ross

The Key to Your Dream Home I understand that buying or selling a home is more than just a transaction: it's a life-changing experience. I take great pride in the relationships I build and always work ....

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Raleigh Ranks 3rd Hottest Housing Market in the U.S.

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