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May 11, 2018

The 5 Best Real Estate Markets in The U.S. Today

You are in the market for a new home, or maybe it’s an investment property; either way, you need to know which markets offer the best value for money.  While no two real estate markets are the same, tracking the returns is usually the best way to determine which markets are the best.  With that in mind here are five of the best real estate markets in the U.S. Today.

Grand Rapids, MI

While you might have thought that this list would focus on big cities, the reality is that many of the best markets in the U.S. are smaller – but fast-growing – cities.  Even if you are looking at lofts for sale, cities like Chicago or New York might get the initial attention, but you shouldn’t overlook a great city like Grand Rapids.

In fact, the city has one of the lowest vacancy rates in the entire country and it is a young and vibrant place with nearly 22 percent of residents under the age of 35.  Beyond this,Grand Rapids is a place where people own their homes and this means that they are more likely to take care of their properties. 

Besides the steady returns, the city remains affordable as the median home price is just under $170,000.  Combining these factors means that Grand Rapids is not only a great place to live but also a choice investment destination.

Nashville, TN

While Atlanta is often considered the first city in the south, Nashville is giving it a run for its money.  The Music City is so much more than country music and stars.  In fact, it is fast becoming an emerging tech hub and many consider it more livable than other big cities in the region.

Like Grand Rapids, Nashville has a large percentage of younger residents with nearly one-quarter under the age of 35.  But what really sets the city apart is that it hosts one of the hottest job markets in the entire country.

Still not convinced?  Check out all the destinations in the city.  Sure, you’ve got the Grand Ole Opry but the city also boasts NFL and NHL teams as well as a thriving arts scene.  Nashville has it all and this is a big reason why the property market is on fire now.

Raleigh, North Carolina

Are you noticing a trend here?  Many of the best real estate markets today are close to major universities and by extension have young populations working in high-tech industries.  Not only will these cities be some of the best job markets in the future but their young populations mean they will need to be family-friendly as well.

Now, Raleigh is not only the capital of North Carolina but it is in the heart of the famous Research Triangle.  In terms of the housing market, the city boasts one of the lowest vacancy rates in the country – 15th overall – and is known for its yields.  While Raleigh is not one of the cheapest markets in the country, it is not overly expensive either as the median housing price is roughly $250,000.

El Paso, TX

While this West Texas town doesn’t get the same attention as Houston, Dallas, or Austin, it doesn’t mean that the property market isn’t one of the best in the entire country.  Like the other cities on this list, El Paso is also a university town.  But unlike the other cities, it is also home to its own cuisine – Tex-Mex.

El Paso is young, and by and large single, and with median prices hovering around $190,000 it is also affordable.  It doesn’t matter if you are looking for a place to live or a place to invest, this city should be on your list.

Cincinnati, OH

While the city is only the third-largest in Ohio it boasts one of the hottest property markets in the country.  What sets Cincinnati apart?  For starters, the city has one of the highest homeownership rates in the U.S. at 63 percent. 

Beyond this, it remains a major industrial center – though much of this has transitioned towards advanced manufacturing.  This means that the companies which remain are stronger and more likely to survive the twin onslaught of globalization and automation.

What else is there to say about the real estate market in Cincinnati?  While it is not the largest city in Ohio, it might be in the best strategic location.  This helps investors as the fact that the city is a major hub in the region will help it to thrive in the long-term.

Picture Source: Pixabay

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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