(Center Square) — Several North Carolina cities rank among the best real estate markets in the nation in a new analysis released Tuesday.
Personal Finance Website WalletHub highlight Tuesday’s Best Real Estate Markets 2022 uses a methodology that classifies the market based on city size, analyzes two main aspects using 17 indicators, and assigns a maximum of 100 points.
Under “Real Estate Markets,” researchers find home values, median home prices, average days on the market, share of critically water-scarred mortgages, rent-to-sales price ratio, foreclosure rates, and mortgage debt. Allocate up to 80 points for delinquency rate, vacancy rate, share of young homes and building permit activity.
Under “Affordability and the Economic Environment,” researchers considered housing affordability, maintenance affordability, population growth, employment growth, unemployment, underemployment, and median credit scores. You have assigned a maximum of 20 points.
Four North Carolina cities made the top 30 best places to buy a home. No. 6 Cary has 72.74 points, No. 12 Durham has 71.15 points, No. 24 Lowry has 68.76 points and No. 25 Charlotte has 68.26 points.
Raleigh and Charlotte moved up to 6th and 7th place, respectively, among the largest cities with population over 300,000. Cary ranked third among medium-sized cities with populations between 150,000 and 300,000, Durham sixth, Greensboro 53rd, Winston-Salem 71st, and Fayetteville 84th.
Wilmington ranked 29th among small cities with population less than 150,000, and High Point ranked 53rd.
Texas cities occupy 6 of the top 10 of the 30 best places to buy a home, with Frisco 1st, Allen 2nd, McKinney 3rd, Austin 4th and Denton 8th. Richardson was 10th. Lone Star cities were 11 of the top 30 cities.
North Carolina home prices rose 12.8% in July compared to the same period last year, to a median of $355,200, according to a real estate market analysis conducted by Redfin. On average, the number of homes sold increased by 0.9% from last year, with 14,763 homes sold in July, compared to 14,518 in July 2021.
Experts argue that the market is now cooling off after the pandemic boom that has significantly increased both housing prices and competition.
Aaron Hedlund, an associate professor of economics at Purdue University, said: “We expect 2022 to be a tough year for sellers and builders. No,’ he said. wallet hub. “There is not as much mortgage risk in the market today as there was then, as borrowers with poor credit scores have largely been forced to sit on the sidelines and homeowners have built up substantial home equity.
“But there’s no question that the housing market has slowed down a few notches from the ferocious boom of the past few years,” he said.