Below is an excerpt of Lance Lambert’s article published on January 28, 2019.
The question is no longer if the nation is in the throes of a housing slowdown, but rather how deep and wide it will wind up being—and how much of a blow it’ll deliver to the American real estate market. The signs are becoming ever more troubling. The number of existing home sales has dropped to the lowest level in three years, price growth has slowed precipitously, and some super-pricey, bellwether cities are actually seeing prices fall. (We’re looking at you, San Francisco, Dallas, and Miami!)
The fact that home growth has slowed in 70% of the United States’ 200 largest housing markets has economists debating whether the housing slowdown is the canary in the coal mine, warning of economic woes to come. But let’s all take a deep breath and one giant step back: Not every market is slowing down. In fact,realtor.com® found 10 metros where home prices are actually shooting up.
Welcome to the nation’s strongest housing markets—places that so far have eluded the shifting tides, with double-digit annual price growth.
A similar phenomenon is happening in Greensboro, NC, where the median list price has climbed 14.6% over the past year, to $220,000. Home values are getting driven up there by an influx of folks moving from the heart of the Research Triangle in Raleigh and Durham, each around an hour away, where median home prices are $340,000 and $351,000, respectively. The triangle is home to several top universities, including Duke University, as well as a slew of high-tech companies and startups.