Raleigh is the third largest housing market for 2022, according to Zillow
Raleigh has sounded into the new year with a new annual ranking by Zillow as the third hottest real estate market in the United States as the Triangle continues to remain a top spot for real estate nationwide.
Zillow ranked Raleigh-Durham third out of 50 metropolitan areas in the United States for its increased popularity and competitiveness among home buyers. A second North Carolina subway was also in the top five, with Charlotte placing fifth, according to the Zillow rankings released on Tuesday.
Tampa and Jacksonville, Fla. Were first and second in the standings. San Antonio, Texas, placed fourth.
The top five markets are “each supported by a combination of strong expected growth in home values, strong economic fundamentals including strong job growth, rapidly moving stocks and many potential buyers,” wrote the Zillow economist Treh Manhertz.
Moreover, these markets have historically not been particularly sensitive to rising mortgage interest rates or the downturn in the stock market – both risk factors for housing and the economy as a whole as the calendar turns. . “
The current average house price on the Raleigh subway is $ 391,444, an increase of about 20% from May 2021, according to Zillow. The figure is not far from the median price of real estate in all of Wake County: an all-time high of $ 405,000, according to the Wake County Register of Deeds. This figure stems from median monthly transaction prices recorded under $ 1 million, which includes the vast majority of sales in the housing market, but also includes commercial properties.
The online real estate site predicts home values will rise 23.7% nationwide through November 2022, up from a current average of around $ 316,000.
Overall, data from real estate site Redfin shows current house prices in the city of Oaks are up about 35% from January 2020 before the pandemic-fueled housing spree, The News & reported. Observe.
Raleigh-Durham Market has also been ranked second in “Cities of Growth” by U-Haul. One-way U-Haul truck arrivals to the region in 2021 were the second largest in the country. More than half of all one-way U-Haul traffic tracked in the area last year was arriving customers, according to a U-Haul press release.
Affordability issues of the triangle
The housing market in the Triangle has seen positive net increases in almost all major parameters since the start of 2020, when pandemic COVID-19 factors such as limited housing supply, low interest rates and the remote work have galvanized the already booming market.
The upward trends have been a boon for homeowners, but have also created challenges for first-time homebuyers and raised affordability concerns for Triangle residents.
In Raleigh neighborhoods near downtown, house prices have skyrocketed in recent years as developers gentrified the streets by demolishing homes and building $ 379,000. In many cases, the long-term process has kicked out longtime residents of historically black areas and forever changed the characters of neighborhoods, The N&O previously reported.
More than half of North Carolina residents are worried about paying their rent or paying their mortgage, according to an Elon University survey last fall.
Of 1,234 residents surveyed, about 52% said they were worried to varying degrees about paying housing costs; 27% said they were a little worried about missing a rent or mortgage payment in the past six months; 15% were somewhat worried; and 10% were very worried.