The Bidding Game

If there’s anything the housing market has taught us over the past few years it’s that we don’t know anything. All of our most common sayings have seemingly flown out the window. Now, in order to land your dream home, it feels like you need to move fast and carry a big stick. Perhaps the biggest change in some cities is the size of your down payment. Realtor.com recently shared a piece on the cities with the largest down payments. One of them is in North Carolina. 

Is It Charlotte? 

No, it’s not Charlotte or Lake Norman, but it is our neighbor to the left: Asheville. Coming in No. 4 on Realtor’s Top Ten list of cities with the highest down payments is Asheville, NC. According to Realtor.com, “Home list prices have soared over the past few years as a result of that demand. Prices rose 50% from September 2019 to September 2023. However, the number of homes for sale over the same period dropped about 56%.” With a median list price of $600,000 and an average down payment of 21.8%, this leaves buyers footing a down payment of an average of $63,733.

The complete Top 10 list is as follows: 

Conversely, there are cities in the United States where expected or required down payments are shrinking. One of the top ten cities is also in North Carolina. Any guesses? 

Fayetteville, NC nabbed the 2nd spot in the list of cities with the lowest expected down payment. Due to its proximity to Fort Liberty, the largest military installation in the country in terms of population, the vast majority of buyers in Fayetteville are utilizing their VA loan eligibility. This loan type requires no down payment at all. However, since the housing market is still competitive, some buyers are opting for a down payment even with the VA. With a median list price of $330,000 and average down payments of 5.9%, buyers in Fayetteville average a down payment of just $2,779.