Phoenix, often associated with deserts and retirement communities, is predicted to become one of the top real estate markets in the U.S. in 2023. The city boasts steady growth in home sales, increasing property values, and a low foreclosure rate. Its affordability makes it an attractive option for many people looking to move out West. Additionally, Tucson, Phoenix's southern neighbor, is also expected to experience a thriving real estate market this year.
Los Angeles is more than just glitz, glam, and Hollywood hills. Despite its reputation for being expensive and having limited affordability, the city's economy is growing. Technology is becoming a significant growth driver in L.A., diversifying the city's economic base. Total employment in Los Angeles is forecasted to grow in 2023, with the median home value projected to rise as well.
The Boston real estate market continues to be a hotbed for property ownership. According to FortuneBuilders, the current median home price in Boston is just under $380,000, with an unemployment rate of 4% and a population of about 667,000. The median household income is just over $75,000. Boston's thriving sports scene, home to the Patriots, Red Sox, Celtics, and Bruins, adds to the city's appeal.
Sacramento's real estate market is expected to be red hot in 2023, thanks to solid job creation and economic growth. Home prices in Sacramento are forecasted to grow by 7.2% this year, with the volume of home sales anticipated to increase by 4.9%, according to Realtor.com. Furthermore, the Huffington Post has named Sacramento one of America's "secretly cool" cities, garnering more national recognition.
Investing in Jacksonville's real estate market or buying a home there is a smart move. The city's housing market remains one of the more affordable in the nation, which benefits investors, homeowners, and the growing demand for rental properties. The median listing price for homes in Jacksonville is just over $200,000, with homes purchased a year ago appreciating by more than $18,302 on average. The unemployment rate stands at 4.7%, with a one-year job growth rate of 3.7% and a median household income of just under $50,000.
Some of Jacksonville's best neighborhoods include Avondale, Beach Haven, Julington Creek, Miramar, Cobblestone, Atlantic Beach, and Jacksonville Beach. These areas offer a diverse range of living options, catering to different tastes and preferences.
Raleigh is quickly becoming a hub for entrepreneurs and startups. Ranked as the fastest-growing city outside of Texas and number one for "business and careers," Raleigh is an excellent place for young professionals, entrepreneurs, and families. The downtown area has experienced a massive increase in apartment units over the past few years, with demand continuing to outpace supply. This high demand is driving more people into the housing market, with properties in Raleigh being smaller and more functional, catering to modern-day young professionals.
Austin, the state capital of Texas, is a major "hipster" capital that's fast becoming a real estate haven. The city has a growing Millennial population and a thriving technology sector. The median home value in Austin is $305,600, but don't let that deter you. Austin has also been named a "coolest" city and a "best dressed" city.
For those with children or planning to have them, the quality of schools is an essential factor to consider. Even if you're not particularly interested in schools, local school ratings significantly impact the real estate market in any area. The largest school districts in Austin are the Austin Independent School District, the Eanes Independent School District, the Lake Travis Independent School District, and the KIPP Austin Public Schools. Music lovers will also appreciate Austin's vibrant music scene, making it an ideal spot for them.
Homeowners in our nation's capital can expect their home equity to remain intact or rise in 2023. Presidential elections typically cause a dip in the Washington area housing market in late summer and early fall, as buyers await the election results. However, this trend didn't hold in the most recent election cycle. Home buying in Washington, D.C., continued at a rapid pace, with home sales reaching their highest level since 2006.
If you're considering D.C., some of our favorite areas are Georgetown, Dupont Circle, Cleveland Park, Capitol Hill, Forest Hills, and Arlington. These neighborhoods offer a mix of urban living, historical charm, and access to the city's amenities.
These eight cities represent some of the top real estate markets in the U.S., offering excellent opportunities for investors and potential homeowners. Keep in mind that this is just our list of top cities, and it's crucial to conduct thorough research before making any real estate investment decisions.
For more information on real estate investments and property management, visit the Gordon James Realty website (https://gordonjamesrealty.com/property-management-resource-center/). Our team of experts is here to guide you through the process and help you make informed decisions about your real estate investments. Contact us today to learn more about our services and how we can help you succeed in the ever-changing world of real estate.
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