Raleigh, Charlotte both in Top 10 real estate markets
A study by Quicken Loans on the hottest real-estate markets in the nation found that two of the top 10 were in the Tar Heel state. Raleigh came in at No. 3, and Charlotte at No. 9 in the 2022 rankings.
According to Quicken Loans’ research, Raleigh was only topped by the booming Arizona cities of Mesa and Phoenix. Others in the top 10 include Austin, Texas; Las Vegas, Nevada; Bakersfield, California; Aurora, Colorado; Jacksonville, Florida; and Nashville, Tennessee — all cities in the Southern and western regions.
The data for Raleigh included a median home value of $371,682, with the median listing price jumping 25.2% year-over-year. From the end of 2020 to the end of 2021, the housing price index (HPI) increased 20.7%. Population growth, the last metric they measured, jumped 15.79% between the 2010 and 2020 censuses.
“Raleigh is a growing hub for younger professionals,” the study said. “This steep increase suggests that it’s a great opportunity for Raleigh residents to sell.”
In Charlotte, similar jumps in population and housing prices were seen. The current median home values of $354,884, and the median listing price has increased 18.9% year-over-year. The housing price index increased by an identical percentage as Raleigh, with 20.7%; and population growth was even faster than Raleigh’s, with 19.57%.
The report cited Charlotte’s weather, strong education system, and museums as reasons for the high demand to live in the Queen City.
“Charlotte is a real estate seller’s market, as indicated by 72% of its homes being sold above asking price in April 2022,” the report said.