Real estate had a brutal year in 2023. High interest rates prices out many buyers from jumping into the market. However, there were several markets that pushed through the tough economic times and continued to prosper. Buyers didn’t let interest rates sideline them. Demand continued and mini real estate booms happened.
1. San Diego, CA
San Diego, California is more than just a pretty destination for surfers. The city offers a ton of outdoor lifestyle activities, cultural diversity, and economic growth. Countless people from San Francisco and Los Angeles have moved here since the pandemic for these reasons. San Diego is a much safer city compared to others in California. It continues to attract families from all around to live by the coast and enjoy the weather.
Tech and biotech companies have led the way for job growth. That, as well as remote workers moving here, has caused a spike in population. This has lead to San Diego’s real estate market booming the past few years. The city’s appeal lies in its consistent weather, thriving job market, and coastal living. While prices may be on the higher end, the investment is often seen as worthwhile given the city’s high quality of life.
2. Indianapolis, IN
Indy is a sleeper pick for emerging real estate markets to watch in the coming months. There hasn’t been a giant boom in real estate prices, but instead a steady climb. The economy in Indianapolis is strong with salary levels higher compared to other cities. Surprisingly, the real estate prices haven’t catapulted up with the wage growth.
What does this mean? Local residents in Indy are making more money and spending less on housing on average. This is the perfect recipe for a strong local economy. Because of that, tenants pay rent on time, which is good for landlords.
Additionally, since home prices haven’t surged, real estate investors can purchase rental properties for lower prices. Combined with rent amounts increasing, Indianapolis is a great market to buy a rental property and start cash flowing immediately. This is a great mid-west city to invest in for the short and long term.
3. Nashville, TN
Nashville, Tennessee is widely recognized for its country music heritage. The city’s growth extends beyond entertainment. Nashville has opportunities in healthcare, education, and technology that have attracted many people to move here. The real estate market offers a variety of options, from historic homes to modern condos. This city caters to a diverse range of preferences and budgets.
Nashville is experiencing a surge in population growth, driving demand in both the residential and rental markets. Its affordability, compared to other major U.S. cities, combined with its economic diversification, makes it an appealing market for individuals and families looking for a balance of urban and cultural experiences.
4. Philadelphia, PA
Philadelphia, the city of brotherly love, is rapidly transforming into a real estate hotspot. This historic city is experiencing a boom as of late. While Philly does struggle with a lengthy eviction process for landlords and high squatter rates, real estate has grown recently. There are major new developments in real estate scattered throughout the city, giving it a new appeal.
The real estate market is also gaining traction due to urban revitalization efforts, particularly in areas like Fishtown and Northern Liberties. Old warehouses are turning into trendy lofts and shops. With a lower cost of living compared to other major East Coast cities, living in Philadelphia is a great way to experience city life without breaking the bank.
5. Raleigh, NC
Raleigh, North Carolina, part of the renowned Research Triangle, is quietly making a name for itself in the real estate world. Known for its strong educational institutions, Raleigh offers a stable and growing job market.
Similar to Philadelphia, this city’s real estate market is affordable, attracting both first-time homebuyers and seasoned investors. Raleigh’s appeal lies in its combination of high-quality life, economic stability, and a family-friendly environment.
6. Boise, ID
Boise, Idaho, is an emerging market that offers urban living and outdoor adventure. Known for its friendly community and scenic landscapes, Boise attracts people seeking a more relaxed and nature-oriented lifestyle. The city’s real estate market is growing, driven by its affordability and quality of life.
You don’t have to live in expensive states like California to experience beautiful mountain ranges. Boise’s economy is diversifying, with growth in sectors like technology and healthcare. This is helping increase housing prices. Young professionals, families, and retirees all enjoy living in Boise.
7. Denver, CO
Denver, Colorado, is scaling new heights in the real estate sector. There’s no shortage of breathtaking mountain views and outdoor lifestyle here. Denver has had a booming real estate market for years now, and it’s not slowing down. The city’s economy is robust, driven by industries like technology, aerospace, and renewable energy. People move to Denver (and Boulder) for the outdoor lifestyle. The real estate market here has felt the positive effects of that for years.
8. Portland, OR
Portland, Oregon has unique culture that has drawn many into its city. Over the past few years, there’s been a surge in its real estate market. The city’s focus on eco-friendly living and diverse neighborhoods makes it an attractive destination for many. Portland’s housing market is vibrant, with a trend towards sustainable and energy-efficient homes. Although the recent years have been tougher on the city’s crime rate, it still continues to attract new people to move there.
9. Charlotte, NC
Charlotte, North Carolina is a major financial center. This city is experiencing significant growth in its real estate market thanks to the job market. The city’s status as a banking hub attracts professionals and contributes to its economic stability. It has fun city activities along with comfortable family-friendly neighborhoods. The city’s growth is supported by a strong job, making it a promising market for real estate investment and homeownership. Charlotte’s combination of modern urbanity and traditional southern charm attracts a variety of happy homebuyers.
10. Houston, TX
Texas has been in the limelight for several years when it comes to its real estate markets. Austin and Dallas have completely taken off and boomed. Many people have moved from places like California to Austin and Dallas. This has helped increase the overall health of the state.
Now that Austin and Dallas are getting more expensive, Houston is on people’s radars for the next place that they can call home. The population is growing here, boosting the real estate market and demand for housing. Houston is a diverse city that has both high-end neighborhoods and others that haven’t boomed yet. This is a great real estate market for investors who want to ride the coattails of Texas real estate but don’t want to pay Austin prices.