A recent study ranked Wilmington as one of the best real estate markets in the country. But what does that mean practically for homebuyers and sellers?
Whether you’re looking to buy a new home or sell your house, you want to know the market you’ll be dealing in.
A new study from WalletHub looked at 300 U.S. cities to find the best real estate markets.
Real estate markets are often fluid and can be hard to predict. The study didn’t just consider where listings were cheapest or most expensive but also examined factors like market growth and the strength of the overall economy in order to find which cities offered the best places to invest in a home.
Wilmington is one of the strongest markets in the country
WalletHub’s report ranked
Wilmington as the seventh-best small real estate market and the 30th-best overall real estate market.
To qualify as a small market, cities had to have a population under 150,000, meaning the study was just looking at Wilmington and not including the surrounding metropolitan area.
Two main factors were considered: the real estate market itself and the health of the overall economy. The metrics measuring the real estate market were weighed about four times as much as the general economy metrics.
While affordability dragged Wilmington down a bit compared to other cities, strong growth in the job market and a low foreclosure rate boosted Wilmington up the rankings.
Other North Carolina real estate markets
Wilmington landed at 30th in the overall rankings of the best local real-estate markets, but four other North Carolina cities ranked higher on the list. Overall, nine cities from the Tar Heel State appeared in the top 300.
Here’s how other North Carolina cities fared.
- 4. Durham
- 6. Cary
- 9. Charlotte
- 19. Raleigh
- 30. Wilmington
- 119. Winston-Salem
- 155. Greensboro
- 207. High Point
- 222. Fayetteville
Charlie Kingree is the trending topics reporter for the StarNews. He can be reached at ckingree@usatodayco.com.
This article originally appeared on Wilmington StarNews: Wilmington's real estate market ranks among best is US. Here's why
