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Raleigh Ranks #3 Housing Marketing for 2022 in Zillow Report

Raleigh rang in the new year with a new annual ranking by Zillow as the third-hottest housing market in the U.S. as the Triangle continues to remain a top spot for real estate nationally.

Zillow ranked Raleigh-Durham as No. 3 out of 50 U.S. metro areas for its heightened popularity and competitiveness among home buyers. A second North Carolina metro also made the top five, with Charlotte ranking fifth, according to the Zillow ranking released Tuesday. Tampa and Jacksonville, Florida, were first and second in the ranking. San Antonio, Texas, ranked fourth. The top five markets are “each buoyed by a combination of strong forecasted home value growth, strong economic fundamentals including high job growth, fast-moving inventory and plentiful likely buyers,” Zillow economist Treh Manhertz wrote. “Additionally, these markets have historically not been particularly sensitive to rising mortgage interest rates or a slowing stock market — two risk factors for housing and the economy overall as the calendar turns.” The current average home price in the Raleigh metro is $391,444, an increase of about 20% since May 2021, according to Zillow.

The figure is not far off from the median price of real estate overall in Wake County: an all time high of $405,000, according to the Wake County Register of Deeds. That figure stems from median monthly prices of recorded transactions under $1 million, which includes the vast majority of housing market sales activity but also includes commercial property. The online real estate site forecasts home values will rise nationally 23.7% through November 2022 from a current average of roughly $316,000. Overall, data from real estate site Redfin shows current home prices in the City of Oaks have had a roughly 35% increase from January 2020 before the pandemic-fueled real estate frenzy, The News & Observer reported.

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