As a realtor or real estate investor, an important part of your job and success in your field is to carefully watch the real estate market. Where is it growing? What places are stagnant? Because your income depends on the success of the market, you want to be where the real estate market is hottest. Just because one area is booming this year, does not mean it will be next year but if you keep your ear to the ground, you can find which areas will have the most success. Because housing inventory is down in most areas of the US, this has driven housing prices up. Homes are quickly sold but each sale means that many would be buyers were left disappointed by not being chosen. Which areas in the US are the most successful in 2017? Here are some of the top spots to keep an eye on:
The Sunshine State is doing phenomenal in real estate this year and it ranks high when it comes to superb real estate markets in 2017. Here are a few of the cities that made it to the top of the list.
- Orlando: Surprisingly, Orlando’s average home sales hover around $240,000 in relatively nice neighborhoods. With the median household income around $42,000, this is not too shabby. Though the market is excellent, the demand for rental properties has also increased which pushed rental prices up 8%.
- Jacksonville: This city’s big appeal is the high rate of current job growth. The beautiful location along with the higher influx of people make it one of the most successful markets in the nation. As one of the most affordable places to live in the state, it is not a wonder why Jacksonville is doing so well.
- Tampa: The Tampa Bay area is one of the top 20 fastest growing metropolitan areas in the country. This densely populated area has a strong economy, promising job industry and two major universities in the area, people flock to Tampa by the thousands each year.
- Cape Coral: Known as a vacation mecca and “Boater’s Paradise,” Cape Coral is a great idea for rental acquisition. It has also been a hugely popular retirement choice among the baby boomer generation. If these baby boomer folks are not purchasing homes, they are renting and rental prices have increased 26% giving Cape Coral an edge for investors.
Texas has been one of the most affordable places to live over the last couple years. With many large corporations located in Texas and the job growth expanding, a few Texas cities have made the best 2017 real estate market lists.
- Dallas: Among the top in the nation this year as far as best places to buy investment property, Dallas home prices are expected to skyrocket faster than any US city. It is an affordable place to rent and buy and this is attractive to new residents.
- Houston: With the population growth of this city at 15% since 2000, Houston ranks high as far as best 2017 real estate markets. The economic and job growth of Houston is excellent and with home prices at fair market value, people are continually attracted to this great city.
- San Antonio: As one of the most family friendly and biggest military cities in the United States, San Antonio continues to captivate and draw people to the affordably priced homes.
Job growth in Seattle in one of the most sizzling in the nation. It is so good that the supply cannot keep up with the demand so once homes become available, they are snatched up in a hot second. Home prices have increased 12% and as tourism increases, Airbnb rentals in Seattle are extremely favorable investments.
It may have gotten a bad rap in the news lately, but as Detroit is home to 100 Fortune 500 companies, the growth is constant. Home prices are low and experts believe this city to be one of the best places to invest in rental property.
Nashville has had some unprecedented population growth over the last 3 years creating an intense demand for homes. Growth is expected to continue so realtors and investors should watch this market.
With one of the lowest median home value prices in the nation, Grand Rapids ranks as a great 2017 real estate market, especially when it comes to investment properties.
It is important for the success of your career to stay savvy each and every year when it comes to the most lucrative and prosperous markets in the United States.