For much of the past year, housing markets were ablaze in many parts of North Carolina. Motivated buyers were flush with cash and armed with low-rate loans. Agents were desperate for inventory to sell. Sellers gasped and smiled as competing offers soared. Builders broke ground on as many new projects as available labor and materials allowed.

According to a recent nationwide analysis by the website Redfin, Raleigh had the second-highest per-capita rate of building permits issued for single-family homes during the first quarter of 2022. Among the nation’s metropolitan areas with a million or more residents, only Austin, Texas, reported a higher rate. Charlotte was number five. Both North Carolina communities had eye-popping increases in median sale prices, as well: 25% and 22%, respectively.

John Hood is a John Locke Foundation board member.

Trending Videos