Charlotte is the third hottest housing market in North Carolina, according to a new report, right behind Durham and Raleigh.
NerdWallet analyzed figures from real estate data firm Zillow for 175 U.S. cities to see how long a home was for sale, as well as the median age of the market’s inventory, to determine the fastest moving real estate markets in the country.
The report found that a house in Charlotte is listed on Zillow for an average of 95.7 days, and Charlotte’s housing inventory is 70.8 days old. NerdWallet ranked Charlotte the No. 62 hottest housing market in the U.S.
The findings for fast-moving real estate markets suggest that homebuyers should consider getting preapproved for a mortgage since inventory is tight, according to NerdWallet. Preapproval means a lender reviews income, assets, debt and possibly credit history to provide an estimate of how much house a buyer can afford.
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“Preapproval can be especially important for homebuyers in cities where houses sell quickly, because a fast-moving market is often a sign of high demand for a smaller supply of housing,” the report read.
With a house listed on Zillow for an average of 76.9 days, and with a housing inventory age of 62.2 days, NerdWallet ranked Raleigh the No. 1 hottest housing market in North Carolina. Durham ranked No. 2, with a house listed on Zillow for 89.9 days and a housing inventory age of 72.5 days, according to the report.
Wilmington ranked right behind Charlotte, and No. 5 was Burlington.
NerdWallet found that the states with the most cities in the list of 175 fastest-selling U.S. markets are California, Florida, North Carolina, Michigan, Texas and Tennessee.