Zillow ranks Raleigh's housing market No. 3 in the nation

Tuesday, January 4, 2022
Zillow ranks Raleigh's housing market No. 3 in the nation.
In another sign of the Triangle's fast growth and sizzling housing market, Zillow ranks Raleigh's housing market at No. 3 in the nation.

RALEIGH, N.C. (WTVD) -- Zillow ranks Raleigh's housing market No. 3 in the nation.

Zillow predicts the city will jump to the No. 2 spot by the end of the year.

The company expects the home values will rise nearly 24% by November.

Raleigh is in the Top 10 based on several projections:

  • Home-value growth
  • Strong job market
  • Fast-moving inventory.

According to Triangle Multiple Listing Service, as of December, a home stays on the market for an average of just four days

Karen Foster, a Realtor and broker with Keller Williams Realty in Raleigh, told ABC11 that a balanced housing market has a six-month supply of homes.

But as of last month, the Triangle has 0.6 of a month's supply.

"At least 63 people move here every day, and it's because of the substantial growth that we have had over the last few years," Foster said. "Home prices have appreciated beyond measure that people never expected. In just two years, homes that are selling for $200,000 are now selling for $300,000 in certain neighborhoods."

Foster said to be prepared to pay more than the asking price.

"That's why we are encouraging buyers, if they are able to buy now, to do it. Because the equity, you will see it increase so fast if you get in now while you can. Because the house you are looking at this year is going to be at least $50,000 more next year," Foster said. "The truth is a lot of homes, most are selling for over asking, so $250,000 is just a starting point. So if you are really looking for a home and your approval is $250,000 then you probably need to look at $200,000, so that you have some wiggle room to write an offer that will win."

Charlotte ranks No.5 in the rankings, Tampa comes in at No. 1, ahead of another Florida city at No. 2, Jacksonville.