Housing costs have fluctuated significantly over the years, but potential homebuyers may have the best luck in some parts of North Carolina, according to a new report.
WalletHub released a list of the best real estate markets across the U.S., comparing 300 cities across multiple metrics, including rent to sale prices, home-price appreciation, housing affordability and other factors.
Cary ranked as the third overall best market, followed by Durham at No. 5.
Charlotte (No. 7) and Raleigh (No. 18) also ranked among the top 20.
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WalletHub “Cary, NC, has the third-best real estate market, in large part due to its low cost of living… It can be a bit pricey to buy a house to begin with, as Cary ranks 94th for housing affordability — but that’s still in the cheapest third of the 300 cities in our study. In addition, once people buy a house in Cary, the value is forecasted to rise by 1.3% per year, the 31st-most in the country,” WalletHub’s report says.
“Cary residents also seem to be able to keep up with their housing costs well. The city has the 10th-lowest mortgage delinquency rate and the 20th-lowest foreclosure rate. The fact that Cary has one of the lowest unemployment rates in the country and one of the best job growth rates also helps residents make their payments on time.”
Read the report and its full methodology at wallethub.com .
Here’s how the North Carolina cities stacked up against the 300 cities compared against two key metrics: real estate market and affordability/economic environment.
Cary NC real estate
Cary was also ranked the third-best midsize city , defined as having 150,000 to 300,000 residents.
Durham NC real estate
Durham was also ranked the fourth-best midsize city , one spot below Cary.
Charlotte NC real estate
Charlotte was also ranked the second-best large city , defined as having more than 300,000 residents.
Raleigh NC real estate
Raleigh was also ranked the fourth-best large city , two spots after Charlotte.
Why NC has a ‘healthy’ real estate market
Stephanie Watkins-Cruz, director of housing policy for North Carolina Housing Coalition , isn’t surprised that several North Carolina metros were boosted for having some of the best real estate markets for potential homebuyers.
“We already see the trends of people migrating to North Carolina, to the southeast, and so we’re part of this ongoing sort of pattern and movement … and so I think that’s also boosting the market on top of other big changes in economic development,” Watkins-Cruz told The News & Observer.
“I’m not surprised, particularly when we compare ourselves to some of the larger, more populous states and how their markets may have looked like ours 10 plus years ago. Now they’re a little bit more out of reach.”
Though several North Carolina cities were highly ranked overall compared to other areas in the study, Watkins-Cruz emphasized that there are several factors that contribute to what is deemed a “healthy” real estate market, specifically if an area’s “supply is able to meet the cost needs and capacity of more people” so “homeownership is accessible,” she said.
“Studies like this need to be looked at from a macro level, from a high level overview, and they’re trying to take a snapshot of our market. I think on the housing practitioner side, because of the variation and the types of factors and indicators they’re measuring — I think if you focus on one, like housing affordability, you’ll see that there’s a different sort of story that’s being told.
“But I think it’s no accident that North Carolina’s on here, and I don’t think we’re going to leave this list anytime soon.”
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