Cary, NC – A new study looked at home sales across all of North Carolina, factoring in how long a house stays on the market, how much homes decrease in value and how much negative equity they have, with Cary coming out in the top 10 statewide.
Second in the State
In this study by SmartAsset, Cary ranks seventh when it comes to ease of sale and second for overall housing market health.
In the study, Cary came out on top when looking at home costs as a percentage of income, with homes costing an average of 17.5 percent of a homeowner’s income. Cary also came out on top when it came to the average percentage of homes with negative equity, with only 5.8 percent, compared to Matthews, North Carolina with the next closest at 6.3 percent.
There were some other factors where Cary was lower down, but still in the top ten state wide. Cary has the seventh-lowest average number of days a home for sale is on the market, at 60.4 days.
All of these factors combined led SmartAsset to rank Cary as the second-healthiest housing market in North Carolina, coming behind Matthews, North Carolina. Just behind Cary is Lewisville, North Carolina in Forsyth County.
Where Cary Lags Behind
While Cary came out high overall in the study, it fell behind when it came to housing market stability and market risk.
SmartAsset categorized stability by looking at how long people live in their homes on average. In Cary, people stay an average of 10.9 years. By comparison, the state average is 15.7 years.
Cary also did not make the top 10 when looking at housing market risk, which SmartAsset defined by looking at percentage decreases in home values. In Cary, 7.6 percent of houses are decreasing in value, compared to the 10th ranked Holly Springs which only had 4.9 percent.
The SmartAsset study also looked at municipalities across the United States and Cary comes in 57th for nationwide housing market health. The top city nationwide was Depew, New York, about 20 minutes east of Buffalo.
Story by staff reports. Photos by SmartAsset and Triangle MLS.