As a real estate pro, you know homebuying is hot again. We've bounced back from the worst days of the recession.
Which real estate markets are the hottest and why? Here are some of the best housing markets—and what distinguishes them as especially dynamic in overall superb circumstances.
Texas isn't just for cowboys: this diversified state is desirable to outsiders. A mixture of tech, military, energy and other industries supercharges the economy, yet the biggest cities—Houston, San Antonio, Austin and the Dallas-Fort Worth metroplex—remain affordable compared to their coastal kin. In fact, Business Insider recently named the 17 best American cities for first-time homebuyers, and six of them were in Texas.
Forbes Real Estate Council also recently affirmed this, highlighting Austin, Houston and Dallas in its list of 15 trending markets(opens in a new tab). Throughout the Lone Star State, you can find urban properties that provide a great combination of cost, business opportunity and quality of life.
The Sunshine State has more in common with Texas than just great year-round weather—it's another home to top real estate locales. National Mortgage News showcases the 12 hottest housing markets(opens in a new tab) (based on loan applications) of summer 2018, and a third of them—Lakeland, Tampa, Jacksonville and Orlando—are in Florida.
The Keystone State may be cooler in climate, but its real estate market is on fire. The Philadelphia market(opens in a new tab) is a particular standout, with five city ZIP codes where median prices have doubled over the past decade. In an interesting turn of events, some of Philly's historically overlooked neighborhoods—such as Strawberry Mansion and West Philadelphia—have recently become attractive to investors, in part because of new opportunities and lower prices.
Among other parts of Pennsylvania, the Lehigh Valley market(opens in a new tab) shares in that trend, as demand outpaces inventory.
4. Washington, DC
The District of Columbia is striking up significant homebuying heat, too—the addition of more than a million square feet of office space(opens in a new tab) in 2017 predicts a rising demand in residential properties. Throw in Colonial Village, Deanwood and other neighborhoods(opens in a new tab) that combine proximity to government and business centers with quality of life and single-family dwelling affordability, and you’ve got a market set to accelerate.
The most recent Attom Data Solutions Pre-Mover Housing Index puts our nation's capital near the top of the list in terms of loan applications—a ranking that shows the region is heating up and stands ready to get hotter in the near term.
Georgia now boasts an exceptional market too, largely due to an impressive job climate and affordable cost of living. Forbes Real Estate Council recognized Atlanta as one of its selected 15 booming markets(opens in a new tab) this year, noting that corporate headquarters for The Home Depot, Coca-Cola, Delta and other large firms yield a healthy crop of citizens who can pay more for a place to live.
If you're looking to grow your real estate game, you can now see there are plenty of hot markets worth exploring. To find other exciting markets near you, search for areas with opportunities like access to different career types and activities.
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