Source: CBS17 —
RALEIGH, N.C. (WNCN) — Raleigh is currently the hottest real estate market in the country, according to a new ranking from the U.S. News & World Report.
It said ‘hottest’ was measured by the basics of healthy demand, supply and financing options, as the days of desperate buyers bidding thousands over asking prices and waiving inspections may be behind us.
The ranking used data from the U.S. Housing Market Index to weigh metropolitan areas across the country and give each of them a score from 1-100.
Raleigh was ranked the highest with a score of 71.7, and Durham was tied for third with a score of 67.3.
Sharon Evans is a broker and the owner of Triangle Experts. She was not surprised by Raleigh’s number one ranking.
She said things really started to take off during the pandemic.
“People coming, jobs coming, people coming because they can work anywhere,” Evans said. “The effect of being able to work from home and choosing where they want to live, this is a great place to live people and people figured that out and they’re coming in droves,” Evans said.
Evans said things cooled down near the end of 2022 when interest rates went up, but picked up again in January.
She said one issue the market’s facing is low inventory.
“Way more buyers than sellers still, inventory is still a dramatic problem,” Evans said.
Evans showed CBS 17 home listings and said there were about 700 in Raleigh. When she dropped the price range below $500,000 the supply was cut in about half, and then when the price was brought to $300,000, under 84 homes showed.
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