RALEIGH, N.C. (WTVD) -- According to a brand report from Bankrate, Raleigh comes in at No. 3 in the nation for first-time homebuyers. The City of Oaks comes in behind second-ranked Kansas City, Missouri, and No. 1 Austin, Texas.
"If you're comparing us to the Austin, Texas', the Tampas -- stuff like that -- we're going to be less expensive still. So that's going to draw people in," said Triangle-based Realtor Adam Grossman. "People are coming here for a lot of reasons. The universities are fantastic. The job market is good. It's relatively inexpensive to live here. It's right in the middle of the East Coast. "You're three hours from the mountains and the beach."
Bankrate said Raleigh comes in at No. 1 for market tightness, meaning there is a lack of available inventory. However, Bankrate ranked Raleigh in its place because of how quickly homes have sold compared to a year ago.
Nearby Durham and Chapel Hill ranked outside of the top 10, but still above average.
The report comes as a Realtor.com report listed Raleigh as No. 9 in the country for where home sales have fallen the most.
"If sellers aren't putting their houses on the market, there's not going to be enough inventory; that's going to create a tightness that makes it difficult for buyers," said Grossman.
The distinction is due in large part to inflation and rising interest rates, which have caused home prices to go down, while interest rates have gone up.
Roberta Ager, a Realtor with eXp Realty, said she believes Raleigh is still a great place to buy because the area will perform well for many of the same reasons Grossman mentioned.
"I always tell my clients, don't be discouraged because you're always going to find a house that you love in a location that you want," said Ager. "Do not give up the location. Because location is also one of the things that brings more value to your real estate."
Minneapolis and Jacksonville, Florida come in at No. 4 and No. 5, respectively, on Bankrate's list.