North Carolina is home to three of the country’s top real estate markets, according to a new report.
Durham and Carey rank among the top mid-sized cities, while Raleigh was named the best major city on the list of places for property value, economic conditions, and other factors that make them ideal. places to buy a house, according to results released Tuesday from WalletHub.
“The housing market is in a unique position this year as mortgage rates are only slightly above record lows at a time when many Americans are struggling financially due to the COVID-19 pandemic,” reads a report on the personal finance website. “For those with money to spare, buying a home now can be a great opportunity.”
After WalletHub surveyed 300 US cities, three places in the triangle area entered the nationwide rankings. The data shows that using data from the federal government, real estate websites and other sources, each city scored in two main categories: property market and affordability and economic environment.
Of all the cities included in the study, Durham was ranked 7th and Carey 12th. Both cities ranked among the top 10 mid-sized cities with populations ranging from 150,000 to 300,000.
Durham took first place after earning one of the highest scores in his real estate market, i.e. the projected cost of housing, The data shows how much time houses spend on the market, new buildings are being built, and other factors.
Carey, located west of Raleigh, was one of the top players in the Accessibility and Economic Environment category. The results show that this category has several characteristics, including house prices versus income, job growth, and the path to recovery from the coronavirus.
With over 300,000 inhabitants, Raleigh is ranked 9th among major cities. But compared to all 300 cities, lower scores in both categories made it 48th.
The data was released after WalletHub named Raleigh and Charlotte among the best major cities in the USA for people looking for their first home. This study looked at similar factors in the real estate market and also looked at schools, weather, crime rates, and additional home expenses.
Earlier this year, Raleigh was also named among most competitive US markets as Triangle faces an increase in the number of homes being sold above the list price and a “shortage of resale housing supply as a result of a worsening market,” reports The News & Observer.
So how did other North Carolina cities end up in the latest rankings?
- Major cities: Charlotte just didn’t make the top 10, finishing in 11th place.
- Mid-Cities: Greensboro was 60th, Winston-Salem was 64th, and Fayetteville was 80th.
- Small Towns: Wilmington was No. 50 and High Point was No. 81.
Overall, WalletHub said the best place to buy a home is in Frisco, Texas, just north of Dallas. And Hartford, Connecticut, was the lowest-ranked city on the list.