Wall Street Journal: Raleigh 4th best ’emerging’ housing market, Durham 19thDate Published:
by Jason Parker
Raleigh ranks fourth on a list of the top real estate markets in the United States.
The ranking appeared in the recently published Fall 2021 Emerging Housing Market Index, based on an analysis of more than 300 real estate markets nationwide that was conducted by the Wall Street Journal and Realtor.com.
Raleigh was joined in the top 20 by Burlington, N.C., which ranked sixth, and Durham, which ranked 19th. Raleigh and Burlington were in the previous iteration of that same listing, the study authors noted in a statement.
“Each emerging market is home to strong job markets, which have driven up home prices,” the statement reads. “On average, the unemployment rate in the top 20 emerging markets was 3.9% compared to 5.1% for the 300-metro average.”
The unemployment rate in Raleigh is most recently listed as 3.7%, according to the U.S. Department of Labor’s Bureau of Labor Statistics, though the data is still marked as preliminary and is from August 2021.
In September, Wake County Economic Development reported on the organization’s economic development “pipeline,” noting that there could be thousands of jobs and billions of dollars of new investment into the region in the coming months.
That’s on top of what Michael Haley, executive director for Wake County Economic Development, called an “incredibly strong year” in mid-September. Haley noted at the time that 5,815 new jobs and $3.7 billion in capital investment had already been announced during its prior fiscal year, which was October 1, 2020 – September 30, 2021.
“We are pleased by recent rankings recognizing our community as a top place to live, a global life science hub, a ‘millennial magnet’ and top tech hub, among other accolades,” Haley said in September. “Being included on lists like these energize us to keep working on our community and ensuring its success for years to come.”
The index tracks the 300 most populous “core-based statistical areas, as measured by the U.S. Census Bureau” according to the statement issued upon the release of the fall 2021 index.
In total, eight indicators are tracked in two categories, the real estate market and economic health.
Those indicators include the unemployment rate, but also wages, small businesses, effective real estate taxes, and commute times.
Raleigh ranked first in the United States for driving in a recent Wallet Hub analysis. Raleigh also recently ranked sixth in the nation for homebuilding opportunity, in an index created by the National Association of Realtors.
The Wall Street Journal and Realtor.com study factors in housing demand, housing supply and the trendlines of median days listed on open market compared to median listing price, as well as metrics on listing viewership on the Realtor.com website.
“The average median asking price in these areas was more than double the average rate of growth in all 300 markets — at 13.4% vs. 6.6%, respectively,” the study found of the top 20 markets it ranked. “Notably, last quarter’s top markets were generally more affordable, but in the fall quarter’s data, they’re more expensive, on average, with a median price of $392,800 among top markets compared with $359,100 among all 300 markets.”
Home prices in Raleigh – and in Durham – soared to new heights in September, according to data from the Triangle Multiple Listing Service (TMLS).
The year-over-year price appreciation in Wake County, based on the median sale price of real estate listed through TMLS, was found to be 20.6%, and the median sale price in September 2021 was $410,000. In Durham County, the median sale price in September was $369,400, and the year-over-year price appreciation, based on the median sale price in September 2020, was 24.8%.
Original Source: WRAL TechWire