Skip to main content ranks Triangle in top 10 for first-time homebuyers

Amanda Jones Hoyle    first home buyer
Triangle Business Journal

A recent report has ranked the Triangle at No. 9 among the top 10 markets across the country with the best conditions for buyers seeking to buy their first home.

Recognizing that buying a new home can be stressful, especially for first-time homebuyers, the report looked at five factors including market popularity, prices, inventory, time on market and employment, to see which markets currently are the best for new buyers.

The Triangle, which identifies as the Raleigh-Durham-Chapel Hill MSA, had the lowest unemployment rate among group in the top 10 at 4.9 percent.

The Triangle had 9,435 home listings for sale. A small inventory of homes available for sale can often spark an intimidating bidding war among buyers.

It’s the same with the number of days on market, which was at 98 days for the Triangle in February, according to the report. High demand can make it hard for first-time buyers to find their perfect home. Plus if the home has been on the market for a while, the buyer may be able to offer a lower price if the seller is under pressure to close.

The report also shows that the median listing price for a home in the Triangle was $227,500 in February, which is up 5.8 percent year-over-year.

Ranking at No. 1 on the list was Pittsburgh, Pa., followed by Tampa, Philadelphia, Fort Worth and Orlando.

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