You may have read that 2018 is the right year for you to buy a home. If you’ve looked at homes online, it’s likely that you’ve also used Zillow to do the searching. Recently, Zillow has marked Raleigh as the #2 hottest housing market for 2018. The predictions come from a combination of rising home values, rental prices, steady income growth, job opportunities, and a low unemployment rate. Additionally, Charlotte ranked #4 on the list.
Living in the Triangle, it’s obvious how popular this area is, with steady growth in the areas surrounding the big cities of Raleigh and Durham. Recently, communities are popping up in smaller towns like Wendell, Youngsville, and Rolesville, due to the explosion that Wake County has seen in recent years.
“Growing cities in the Sun Belt, places like Raleigh, Charlotte and Nashville, offer plenty of opportunities [in] health care and finance, while providing a less expensive, but still convenient alternative to the larger and pricier markets in the Northeast,” said Zillow senior economist Aaron Terrazas, reported by the News and Observer.
The median home value in 2018 is predicted to be around $234,000 by Zillow, due to Raleigh’s income growth on 9 percent last year. So, why are certain cities more expensive than others? Zillow says that home value depends a lot on the local average household income. In large cities with well-paying jobs like Seattle and San Francisco where there are higher paying jobs, like in the tech industry.
For the last few years, homes have been in short supply against the constant demand. However, Realtor.com predicts in 2018 that supply will be catching up. With new home construction, supply can catch up because buyers aren’t going from house to house, but to a newly built home.
Though now may be the time to buy, you can expect a lot of competition when entering the market. The best way to stay ahead? Start your home search as soon as possible. Know the market. Because prices are rising, if you find the right home in the right price range, Javier Vivas, Director of Economic Research at Realtor.com, says to go ahead and make your move.