Investing in real estate, whether to purchase a home that you will live in as it appreciates in value or to fix up and resell, can be a very valuable financial move. As real estate markets continue to rise in value, an investment into this market can benefit you greatly. Take a look at some of the up-and-coming cities in the U.S. that are poised to become hot markets for real estate investing.
The first is Charlotte, North Carolina, a city that features a strong job market and a diverse economy. The median home price in Charlotte is currently $248,811, which marks a nearly 6% increase in the year in home values and close to a 10% increase in sale prices. The National Association of Realtors highlighted affordability in its assessment of Charlotte as a market expected to outperform in the next five years.
Next up is nearby Charleston, South Carolina, another city in the South that was recently named a “small jewel with tremendous growth potential.” The Urban Land Institute provided this description of Charleston, a charming city with plenty of appeal. Here, you’ll find historic homes and a welcoming atmosphere. The short supply of homes in the city contributes to the boutique market and the steady growth in home values.
In Charleston, 2018 was a year of record-setting growth in the real estate market, while 2019 nearly matched those numbers. The high-end segment of Charleston’s real estate market saw more than 50% growth in home values since the low point following the Great Recession.
San Antonio, Texas, is another city that’s set to grow substantially in the coming years. Single-family home prices have increased by nearly 9% over the last 12 months, while the fast-growing downtown area continues to add high-rise apartments and townhomes. What makes San Antonio especially appealing is its cost of living, which is lower than other cities on this list. It’s one of the few cities that has increased its production of homes that cost less than $200,000.
Looking to live closer to the West Coast? Boise, Idaho, is a city worth considering for your real estate investment. Boise has a record as one of the best long-term real estate investment places in the nation, thanks to ever-increasing supply-and-demand dynamics that drive up home prices. The Boise Metro Area continues to have tight inventory, and home prices have gone up and broken records, even through the coronavirus pandemic.
As you decide where you want to invest next, consider these hot real estate markets to take advantage of rising home values and high demand.
I’ll continue to monitor economic reports closely, but if you have any immediate questions, please call or email today.
Source: Norada Real Estate, Buildium, Curbed
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