Raleigh ranked No. 1 on Amazon's finalist housing markets

RALEIGH, NC (WTVD) -- The real estate market is going strong in Raleigh. There are lots of construction projects and new homes going up.

The health of housing market is being highlighted in a new report with the City of Oaks sliding into the No. 1 spot.

The research company ATTOM Data Solution is ranking the housing markets for the top 20 contenders for Amazon's second headquarters.

The report looked at several different things such as the median home price.

The company estimates in Raleigh that's about $235,000 and also quantifies roughly a 26 percent appreciation on property over five years.

Below-average crime rates and above-average school scores were also factors.

A Raleigh realtor told ABC11 the demand remains high in this area and that could end up being a big problem.

"Let's say hundreds of people move here with Amazon or transferred or even get hired from within, they're going to be looking for homes and there's a very short supply of homes and it's going to be a tough market for buyers," said Tom Fanjoy of Fanjoy Real Estate.

He does not expect property values to go up if the Amazon sets up shop in the area.

"I don't think Amazon by itself is going to create that big of a ripple in the overall market. It's been so strong. So I think we'll continue to see five percent growth and appreciation in the coming years."

The online retailer is expected to make its decision within the year.