Where is the US real estate market really booming? These five markets are seeing things heat up amid the spring/summer buying season.
San Antonio, TX
During the recession and housing downturn of 2007-2008, Texas seemed to fare pretty well, with several cities bouncing back quickly and making solid recoveries. San Antonio was one such city, and continues to be a hot housing market even nine years later.
According to data from Trulia, the average listing price in San Antonio is $287,866, which is not bad considering all this market has to offer and the high level of housing demand its residents are seeing. When you compare the median home price in Dallas, for example (which is $698,285 by the way), its pretty easy to see that living in San Antonio is a bargain! Especially when you consider all the cultural, recreational, and economic opportunities that are located there. In fact, San Antonio’s financial firms and data centers, plus its solid job growth helped it earn the #3 spot on Forbes’ Best Buy Cities for 2016.
And if you’re thinking of investing in some Texas real estate, San Antonio may be the place to look. Median rent in River City is $1,325/month, according to Trulia and there are currently close to 4,000 homes for sale.
Grand Rapids, MI
Although many parts of Michigan had difficulty rebounding after the economic downturn, Grand Rapids is currently Forbes’ #1 pick for its Best Buy Cities for 2016. According to Forbes, Grand Rapids’ diverse economy is one of the biggest driving factors in its recent growth.
“In addition to its historic roots in furniture-making (these days for Steelcase, Haworth, and Herman Miller), Grand Rapids has a “Medical Mile” of medical suppliers, as well [as] firms specializing in aerospace and advanced manufacturing,” Forbes’ Erin Carlyle reports.
According to Trulia, the median sales price for homes in Grand Rapids is $130,000, so clearly housing is maintaining its affordability, even with substantial growth.
Investors should definitely take note here, as median rent for Grand Rapids is $1,195/month. With home prices so low and rent remaining fairly high, Grand Rapids’ housing market may also be attractive to first time buyers.
Yet another market that’s poised for continued economic growth, North Carolina’s “Queen City” of Charlotte boasts relatively affordable home prices and high quality of life.
According to Movoto, the median list price for homes in Charlotte is $266,870, which is up a whopping 20% from a year ago. This could be due in part to an increased level of demand brought on by slim inventory. Movoto reports that there are currently 2,693 homes on the market, which is down 5% from a month ago and down 18% from a year ago.
Charlotte also showed up on Forbes’ Best Buy Cities List for 2016, earning the #4 spot. According to Forbes, home prices in the Charlotte-Gastonia-Concord, NC-SC metropolitan statistical area is forecast to grow 22% over the next three years.
Coming in at #16 on Forbes’ Best Buy List for 2016, Denver boasts an annual job growth rate of 2.3% and a very low unemployment rate of 3.2% (the US unemployment rate is currently 5.5%).
Not only is Denver a place where economic opportunity abounds, there is a high quality of life and numerous recreational activities to enjoy, making it a frequent contender on lists compiling the best places to live in the US. In fact, Denver ranked #1 on U.S. News’ Best Places to Live list in March of this year.
Real estate in Denver is a little pricier than the other places we’ve named so far, but the higher pay scales workers enjoy helps balance things out. According to Movoto, the median list price for homes in Denver is currently $515,000. This is up 5% from a year ago. Average salaries in Denver are fairly high however.
According to Payscale.com, the average salary is $72,867 for a construction project manager, $67,897 for a mechanical engineer, $52,144 for an executive assistant, and $45,600 for an office manager.
Last but not least, this Florida city boasts affordable homes, solid job growth, and fairly good wages. Not to mention warm, sunny weather and an abundance of recreational and entertainment opportunities.
According to Forbes’ Best Buy Cities List for 2016, Orlando ranked #2 in large part due to its 3.7% annual job growth rate and its very reasonable real estate prices. In fact, Forbes reports that homes in Orlando are, on average, underpriced by 10%.
Movoto’s data backs up this claim, reporting that the median list price for homes in Orlando are $187,999 – which is actually 5% lower than a year ago.
As for wages in Orlando, according to Salary.com, the hourly wage is $25.83 for a registered nurse, $16.07 for an office manager, and $9.06 for a sales associate.
If you’re considering purchasing a home in any of these markets, please consider Luxury Mortgage for your financing needs. Whether you’re looking for a primary residence or you’re interested in buying a second home or even investment property, our team of experienced loan officers can help. We’re licensed in all of the states mentioned above, as well as many others throughout the nation.
Give us a call today to learn more: 888-379-0303.