Courtesy of National Association of Realtors. Image Source: NAR.
The two biggest factors that influence a local real estate market, not surprisingly, are the affordability of the homes and the availability of jobs. Markets are also affected by how many people are moving into an area, the age of the population, whether retirees want to move there and whether home values appreciate over time, to name a few.
The National Association of Realtors released their yearly report predicting which markets are expected to be strongest over the next three to five years, based on the above information. Cities from all over the U.S. made the list:
- Charleston, South Carolina
- Charlotte, North Carolina
- Colorado Springs, Colorado
- Columbus, Ohio
- Dallas-Fort Worth, Texas
- Fort Collins, Colorado
- Las Vegas, Nevada
- Ogden, Utah
- Raleigh-Durham-Chapel Hill, North Carolina
- Tampa-St. Petersburg, Florida
The detailed infographics in the report include a lot of interesting information specific to each market, such as where new home buyers in the market are moving from, their median age, and whether buying is financially feasible for those currently renting.
“The dream of owning a home appears even more attainable for those who move to or are currently living in these markets.”— NAR President Vince Malta