from Tim Burrell: Forbes magazine studied the major cities around the United States to see which were Sellers Markets and which were Buyers Markets. Their conclusion: Raleigh is the top Seller's Market in the United States.
In short, in ranking sellers markets Raleigh is Number 1, San Francisco 2, Austin 3, San Antonio 4, St. Louis 5, Houston 6, Portland Oregon 7.
Here is what Forbes had to say about Raleigh "This scenario is also playing out in Raleigh, N.C., the No. 1 city on our list. Moderate growth and disciplined building over the last five years prevented the market from developing a significant glut. Additionally, a strong local economy has helped contribute to the city's healthy 1.6% vacancy rate.
What's more, the rate of home sales against home inventory was healthy in Raleigh; in this category, it ranked fifth best of big cities, according to Moody's metrics. Even though the market has low vacancy to begin with and displayed strong construction restraint during the housing boom, Raleigh still has the eighth best rate of tightening."
The low vacancy rates in Raleigh is more impressive with the increase in properties owned by investors that are available to rent. It is also surprising that the inventory ranked so well, as we have a 23% increase in the number of new homes for sale this year compared to last year.
The way they judged a buyer's vs. a seller's market is a simple supply vs.demand analysis of housing stock: At the current rate of sales, how long would it take to sell off the inventory? If that measure comes back high, it is a buyers market, generally over 6 months of supply. If it is low, under 6 months, it is a seller's market.
Click here to take a look at the Forbes Sellers Market Article.