The real estate markets in North Carolina are performing well, with four cities ranking among the top 25 in terms of prices, sales rates, and affordability, according to a report by WalletHub. Cary, Durham, Raleigh, and Charlotte were the top-performing cities in the state, while the Piedmont Triad region was not as strong. The report also highlighted Texas cities dominating the top of the list and mentioned that the Federal Reserve's efforts to control inflation have impacted the real estate market.
New York City is ranked as one of the worst places to buy a house in the United States, primarily due to its real estate market and affordability issues, according to a study by WalletHub.
Texas is a favorable location for first-time homebuyers, with five cities, including Killeen, ranking among the top 15 due to affordability, growth potential, and a higher percentage of young residents.
The real estate market in the Northeast and Mid-Atlantic US is thriving due to strong job markets, affordability, and a high quality of life, with New Jersey, Delaware, Maryland, and Pennsylvania leading the pack in terms of hot real estate markets.
Affordability and proximity to large cities are becoming important factors for homebuyers as offices mandate return-to-office policies, leading to a renewed interest in suburbs of major metropolitan areas such as Boston, New York, Chicago, Detroit, and St. Louis, according to Realtor.com's Hottest Zip Codes report.
Home prices in Tokyo and Zurich are considered to be in bubble territory, and two US cities, Miami and Los Angeles, are overvalued, due to the impact of rising interest rates on housing markets worldwide. Other cities at risk of declines include Tel Aviv, Munich, Hong Kong, Geneva, and Frankfurt, where prices relative to rent values have become too extended.
US homebuyers may have a favorable opportunity this fall as there are more motivated sellers and active listings than in the past year, increasing the chances of finding the right home at a lower price, according to Zillow economist Jeff Tucker.
Certain housing markets, including Allentown, Bethlehem, and Easton in Pennsylvania, have experienced significant price growth over the past four years, raising potential risks for buyers. Other markets such as Knoxville, Tennessee, Cape Coral and Fort Myers, Florida, Boise City, Idaho, and Portland and South Portland, Maine, have also seen substantial price increases driven by remote work during the pandemic. While it may not be a bad idea to buy in these areas, potential buyers should not expect significant price appreciation driving equity growth in the future.
Many young Americans are concerned about the difficulty of purchasing a home due to the high cost of real estate and stagnant salaries, particularly in cities experiencing intense gentrification, with Los Angeles, California seeing the largest increase in housing prices at 23.8% since September 2022, followed by San Diego, California and Richmond, California.
Home prices in Texas and Florida have surged, prompting locals to search for affordable homes in other states such as the Midwest for Texans and nearby states like North Carolina, Tennessee, Georgia, and South Carolina for Floridians.
