Lending markets

Raleigh and Charlotte in the Top 10 Real Estate Markets

By David Larson
Caroline Diary

A study by Quicken Loans of the nation’s hottest real estate markets found that two of the top 10 were in the Tar Heel State. Raleigh came in at No. 3 and Charlotte at No. 9 in the rankings 2022.

According to Quicken Loans research, Raleigh was dominated only by the booming Arizona cities of Mesa and Phoenix. Others in the top 10 include Austin, Texas; Las Vegas, Nevada; Bakersfield, California; Aurora, Colorado; Jacksonville, Florida; and Nashville, Tennessee – all cities in the southern and western regions.

Data for Raleigh included a median home value of $371,682, with the median listing price jumping 25.2% year over year. From the end of 2020 to the end of 2021, the housing price index (HPI) increased by 20.7%. Population growth, the latest metric they measured, jumped 15.79% between the 2010 and 2020 censuses.

“Raleigh is a growing hub for young professionals,” the study states. “This strong increase suggests this is a great opportunity for Raleigh residents to sell.”

In Charlotte, similar jumps in population and housing prices were observed. The current median home value is $354,884 and the median listing price is up 18.9% year over year. The housing price index rose by the same percentage as Raleigh, at 20.7%; and population growth was even faster than Raleigh’s, at 19.57%.

The report cites Charlotte’s climate, strong education system and museums as reasons for the high demand for living in the Queen City.

“Charlotte is a real estate seller’s market, as indicated by 72% of its homes selling above asking price in April 2022,” the report said.