Yes, the real estate market around the country has been crazy the last couple years, but it turns out Fayetteville has become one of the worst places to buy a house in the country.
A recent study by WalletHub found that Fayetteville was ranked at No. 252 out of 300 when it comes to best places to buy a house.
The study broke down into two major categories: Real-Estate Market and Affordability & Economic Environment. Within the Real-Estate Market category, things like median days on the market, foreclosure rate, vacancy rate, share of young homes and more, were considered. For the Affordability & Economic Environment category, things like home price as a share of income, maintenance affordability, job growth rate, unemployment rate, median credit score and more were considered.
A lot of factors went into the study, and it seems the factors that are sinking Fayetteville the most have to do with foreclosure rates. Fayetteville is near the bottom, with some of the worst rates in the country. Fayetteville also came in low on median credit score factors.
Fayetteville did rank decently in the overall Affordability & Economic Environment category, coming in at 79th overall.
It’s not all bad news though, as some experts say it’s still a decent time to buy a home regardless.
“Many households will likely own their homes for a long time, so I think there is little point in trying to time the market by a few months in the current environment,” said Eva Steiner, Associate Professor of Real Estate at Penn State Smeal College of Business. “My advice is not to rush into any purchase decisions just because there is a risk that prices may rise further. The most important factor to consider is the long-term affordability of the purchase.”
But what about the rest of the country and the rest of North Carolina overall? Things are looking much better in some places. Let’s take a look at the top markets nationwide, and a few more of the North Carolina cities on the list.