10 Markets Expected to Explode in 5 Years
December 11, 2019
A handful of housing markets are poised to see higher sales and outshine others over the next few years.
Housing affordability combined with solid local economic expansion is driving 10 markets, in particular, to emerge as standouts, says Lawrence Yun, chief economist of the National Association of REALTORS®. “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,” says Yun.
NAR identified 10 markets expected to outperform the rest of the market, factoring in domestic migration, housing affordability for new residents, consistent job growth, population age structure, retiree appeal, home price appreciation and more. The following 10 markets emerged on top (listed in alphabetical order by city):
- Charleston, S.C.
- Charlotte, N.C.
- Colorado Springs, Colo.
- Columbus, Ohio
- Dallas-Fort Worth, Texas
- Fort Collins, Colo.
- Las Vegas, Nev.
- Ogden, Utah
- Raleigh-Durham-Chapel Hill, N.C.
- Tampa-St. Petersburg, Fla.
“Potential buyers in these 10 markets will find conditions especially favorable to purchase a home going into the next decade,” says NAR President Vince Malta. “The dream of owning a home appears even more attainable for those who move to or are currently living in these markets.”
Updated: July 02, 2020