Three local municipalities scored high in a measure of the healthiest housing markets in the state, led by Cary at No. 2
Durham came in at No. 9 and Raleigh at No. 10, in a Top 10 list compiled by SmartAsset, an online financial advice company.
The fourth annual study calculates health by the average number of years people live in their homes, the value of their homes, how easy it is to sell them, and ownership costs.
The finding that three markets in the Triangle scored so high does not surprise Tom Gongaware, past president of the Raleigh Regional Association of Realtors and a general manager at Allen Tate.
"There is no question that the Raleigh-Cary and Durham real estate markets are extremely active and healthy," Gongaware said. "Unfortunately, that means affordability is becoming more of a challenge for many buyers — a challenge that must be addressed. There is high demand for limited inventory, which leads to competing offers and rising prices."
Matthews scored highest in North Carolina.
The analysis measured housing health as a market that is stable and affordable, where homeowners can readily sell their homes, with little risk of losing money in the long run.
Stability was measured by the number of years people stay in their homes, and the percentage of homeowners with negative equity.
Risk was determined by the percentage of homes that decreased in value. Housing market fluidity was determined by the average time a home is on the market (the longer it takes to sell, the less fluid the market). Affordability is the monthly cost of owning a home as a percentage of household income.
Affordability made up 40 percent of the index, and the other three factors accounted for 20 percent each.