You’ve heard the news by now: the US real estate market is slowing down. This means buyers have new opportunities to find their first home, maybe in one of the hottest real estate markets in the country. More properties are getting up the market, meaning the property stock is about to recover after a severe drop in 2018. The crazy prices are not that crazy anymore, and real investment prospects for people in different economic backgrounds appear. If you’ll be able to crack that bottle of wine and celebrate your first apartment or house, where will it be? Which are the best markets to find a home?
While forecasts show the prices on real estate properties will only grow by a shy 2.2%, so seem to be the overall house sales. Estimations show that in 2019, the sales rates will decrease by 2%. However, if you haven’t settled yet, this is the perfect year to do it. Below are some of the most popular real estate markets in the US where prospects should start searching for houses or apartments.
Lakeland, Florida
The real estate market in Lakeland, FL is accelerated by its ideal location. The city is surrounded by larger cities and is located at a 40-45 minutes drive from Tampa, Orlando, and other surrounding areas. While the distance between Lakeland and other nearby cities is relatively short, house prices are lower.
A growing number of commuters that choose the city to relocate in a more affordable area is driving the unexpected growth of the market.
Still, in Lakeland is little inventory. Considering that buyers are still eager to buy a property in the area, this might be a problem in the near future.
Besides, renters also seem to be attracted by the region. Students from all over the States rush to move to Lakeland to attend the courses of the Southeastern University in Florida and the Florida Southeastern College.
Because of the lovely weather in the area, retirees and first-time homebuyers seem to be coming in flocks to Lakeland. Fortunately for all Lakeland aspiring residents, there are construction projects in progress all around the area. Soon, the market will be able to meet demand.
According to realtor.com, the median home price forecasted for 2019 in the area will reach $187,319, and the market will experience a sales growth of 4%. The prices are also expected to grow by 8.2%.
El Paso, Texas
Buyers may be attracted by the authentic Mexican meals and the small-town air of El Paso, but the real estate market here has so much more than this to offer. Situated at the US-Mexico border, El Paso is filled by affordable houses and flocks of people coming to the city to move in.
With a forecasted median home price of only $150,000 and a precited sales growth of 7.9%, the El Paso real estate market is expected to boom in 2019. The house prices are expected to grow by a shy 2.5% in the next 12 months and this means more and more people will choose to relocate here.
Interested buyers generally come from the neighbouring areas, Arizona and California being only two of those.
Phoenix, Arizona
The housing prices in Phoenix Arizona will still be situated at affordable rates, according to the real estate agents at the Kay Grant Group. With a forecasted median home price of only $267,000 and a predicted sales growth rate of 3.6%, realtors expect an influx of students, Millennials and retirees in the area.
With reasonably-priced homes and plenty of sunshine, the town is a hot spot for migrants from Los Angeles, San Francisco or Seattle. Californian people also seem to be moving here on a daily basis. The job market is on a peak, Phoenix having some of the lowest unemployment rates in the US. This and the low house prices will soon generate an influx of workers relocating here.
Las Vegas, Nevada
The houses in Las Vegas are expected to reach a median price of $277,574. After years of severe decline, the market is slowly recovering and the prices are expected to grow by 7.9%. the low mortgage rates and lower cost of living, as compared to the cost registered years ago have brought an influx of young buyers attracted by the prospect of moving to Sin City.
As the area has become a development hub for young start-ups, young wealthy buyers are coming down in flocks in Las Vegas.
Baltimore, Maryland
There are many factors that contribute to the development of the Baltimore area, according to real estate agents and specialists. Both investors and private buyers are attracted to the area. The economy is diverse and attracts yearly a growing number of people that relocate here for their jobs. The rental demand is also high, which makes real estate investors come in flocks and invest large amounts of money in rental properties. The demographics in the area also seem to be growing. Baltimore is one of the US cities with the highest population density. More than 600,000 residents are living in the city, according to US Census data.
The affordability of investment properties is another factor that boosts the appeal of the area. According to a series of studies, the median house price in Baltimore is expected to reach a little over $250,000. Compared to other top markets in the US, Baltimore is still situated at a more affordable rate.
The real estate market in the US is booming. Not all states and cities enjoy the same popularity rates, but the ones above are expected to perform best in 2019. Given the positive socio-economic outlook all these locations have, investors and real estate agents should expect to see a peak in rental rates and sale rates.
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