Some Lesser-Known but Growing Real Estate Markets
4 Housing Markets Real Estate Agents Should be Watching
There are plenty of hot real estate markets around the U.S. You’re probably already familiar with some of the most popular markets, like Denver and Seattle, but what are some other up-and-coming housing markets around the country to keep an eye on?
What Are Some Lesser-Known (But Still Growing) Housing Markets?
Keep reading to learn more about four of these under the radar markets… you might be surprised by some of them!
1. Grand Rapids, Michigan
Thanks to problems in the auto industry, Michigan struggled economically for many years. That all seems poised to change, though. Forbes ranked this city on the state’s west coast the #1 place to invest in the housing market for 2016.
Grand Rapids has plenty to offer it’s residents, too. The cost of living is affordable, especially when compared to other hot markets like Denver. Employment prospects are good, with a variety of industries taking up residence, and a recent 3.9% expansion in employment. The population is also growing by 3.1% on average — a rate higher than the national average of 2.3% population growth.
2. Charleston, South Carolina
Down south, Charleston is also in the midst of a booming housing market. Many local experts are even concerned about a looming housing shortage, as buyers struggle to find their next new home in the area. In fact, 96% of sellers received their asking price or higher.
Big companies like Boeing, Mercedes, Google and Volvo have a presence in the city, which is great news for the employment climate in the area. Charleston has also solidified a reputation as one of the country’s best small cities — the town remains alive until well into the evening hours, which is hugely attractive to younger buyers.
3. Atlanta, Georgia
Housing prices continue to rise in Atlanta, and residents can have a difficult time finding a home to purchase due to inventory shortages. But, it’s still one of only a handful of major cities with median home prices below $200,000, making it more affordable than cities with similar amenities.
According to Scott Askew, the President of Engel & Völkers Intown Atlanta, “The 2016 outlook is, in a word, excellent. I hope that Jonathan Smoke, Chief Economist with Realtor.com, was correct when he made his predictions for markets that “are poised for a substantial growth in prices and sales” next year. He named north Atlanta as the fifth best market in the U.S. during 2016.”
4. San Antonio, Texas
San Antonio’s northern neighbor, Austin, tends to get most of the coverage when housing markets are being discussed, but it’s not the only hot Texas town (literally and in real estate terms).
Like much of Texas, employment prospects are good, and the absence of a state income tax is another draw for residents. Affordability is also better than in rapidly growing cities like Austin. The last several years have seen a lot of growth, but some experts do predict that the San Antonio real estate market is going to level-off sooner rather than later.
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