For the last several years, the top performing real estate markets in the country have had record-setting seasons. These booming markets are experiencing historically low inventory levels with incredibly high buyer demand, which has driven up prices at exponential rates. It’s nothing for a home to be sold within minutes of being placed on the market. This is great news if you are a real estate investor, because you can purchase real estate in a thriving market and expect to enjoy a generous return on your investment in a short amount of time.
Are you thinking of investing in real estate? Here’s the 5 hottest markets in the country right now:
Raleigh, North Carolina
On the East Coast, it’s the Raleigh, North Carolina market that has everyone talking. In the past year, home values have increased by nearly 6 percent and it is anticipated to grow by another 6 percent in the next year. Property values in the city average at about $263,000. Homes are selling quickly in Raleigh, so buyers should be prepared to face the competition when they place an offer on a home that they love.
Columbus, Ohio
Nestled in the heart of the Midwest, Columbus, Ohio is enjoying a boom year for real estate. It has long been known as a college town, but Columbus is now a place where young professionals and families want to settle down. Currently, the median property value in Columbus is $147,000, representing an increase of about 9 percent in the last 12 months. It is expected that both housing prices and home values will continue to rise by another 7.5 percent in the coming year, making this a real estate market that is both hot and affordable.
Austin, Texas
Millennials, Gen Xers and Baby Boomers can all agree on one thing — Austin, Texas is the place to be. This is the one place in the south where the real estate market has been thriving for quite some time. Currently, the average home value in Austin is $350,000, and prices have increased by 7.9 percent in the last year. It is one of the most competitive markets in the country, and property owners can expect multiple offers and quick sale on their home.
Denver, Colorado
High atop the Rock Mountains, homes are selling quicker than ever before in Denver, Colorado. The average home value in this cool and comfortable city is about $416,000, and prices have increased by 7.6 percent in the last year. It is anticipated that prices will rise by another 5.6 percent in the next year.
San Jose, California
Not only is San Jose, California one of the hottest real estate markets on the West Coast, it also is one of the top performing markets in the entire country. California has long been known for its valuable real estate, but right now San Jose is taking center stage. The average property value in San Jose is $1.1 million — and prices have risen by an astounding 23 percent in the last year. The good times are expected to continue, as prices may increase by yet another 15.7 percent in the next 12 months.
As you can see, the best real estate markets in the country are not in one central location. Markets are booming from the east coast to the west coast and even throughout the heartland of America. Now is the ideal time to invest in real estate. For more information on the current market conditions in your area, contact a real estate agent today.