The National Association of Realtors (NAR) has just released a new report identifying the top 10 real estate markets in America that are expected to outperform the national average over the next 3-5 years.
The organization used several factors to determine the top cities, including; domestic migration, housing affordability for new residents, consistent job growth relative to the national average, population age structure, attractiveness for retirees and home price appreciation, among others.
“Potential buyers in these 10 markets will find conditions especially favorable to purchase a home going into the next decade,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco. “The dream of owning a home appears even more attainable for those who move to or are currently living in these markets.”
A total of 3 Carolina cities were listed among the top 10, including Charlotte, Charleston, and Raleigh.
Listed in alphabetical order, the top 10 markets include:
- 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
“Some markets are clearly positioned for exceptional longer-term performance due to their relative housing affordability combined with solid local economic expansion,” said NAR’s Chief Economist Lawrence Yun. “Drawing new residents from other states will also further stimulate housing demand in these markets, but this will create upward price pressures as well, especially if demand is not met by increasing supply.”
In most cities on the list, about half of renters can afford to buy a home, a much higher percentage than the national average. Due to this relative affordability, home-ownership rates are expected to increase significantly over the next 3-5 years.