Purchasing a house is by far the biggest investment decision you’ll ever make. Get it right, and you could be in for a comfortable lifestyle. Get it wrong, and tens of thousands of dollars could be stripped off your prized asset. If you’re keen to move out of a location that is pushing your bill paying abilities to the limit, or you want a change of scenery, it is essential that you know the best places to move as per the housing market.
2017 was a year of political, environmental and economic turmoil that led to the lowest inventory of home sales since records began. The experts at Trulia believe that while the chaos may continue in 2018, it could lead to a very different housing market. One where prices begin to fall and inventory starts to rise. Even so, there are locations where prices will continue to rise in the future and here are five of the most likely candidates.
1 – Las Vegas, Nevada
The housing market in Sin City picked up significantly in 2017 as the median price rose from $239,000 in January to $262,000 in November. In fact, home prices have been rising steadily since January 2016, and the housing experts at Realtor believe the average price will rise 6.9% in 2018 with sales growth of almost 5%.
Given the city’s glitzy reputation, the relatively affordable price of property is shocking; it is lower than almost every other major Western metro area. As such, residents of California who are nearing retirement age are packing up and heading to Vegas. This influx should see the price of property in the city rise for the foreseeable future which makes it a solid investment.
2 – Nashville, Tennessee
The home of country music has seen a revival in the housing market over the last five years as prices have risen almost 90%. Prices rose almost 11% in 2017 and are set to rise by up to 8% in 2018. Nonetheless, this market seems to be one of the nation’s best-kept secrets as sales are only likely to rise by 1%.
Luxury properties tend to stay on the market longer, but single-family homes are snapped up almost as soon as they are put up for sale. In 2017, Nashville was ranked as the #1 single-family housing market in America. The median list price of a home in the city rose 30% from April 2015 to April 2017 when it was $340,000. At present, the median price has risen again, this time to $358,000.
3 – Dallas, Texas
To be frank, the Texan housing market as a whole is looking good with cities such as San Antonio, Austin, Fort Worth and El Paso likely to see increased housing prices. The Dallas market could be the jewel in the Lone Star State’s crown however as prices are set to increase by 5.6% as sales will rise by 6%.
Although the median price of a house in Dallas is $339,000, existing homes within the city limits could set you back around $500,000 on average. New homes are extremely expensive, and you will be hard-pressed to find one for under $700,000 in the city. However, the suburbs still offers affordability with good quality homes available for $350,000.
4 – Stockton, California
The city of Stockton has suffered due to its reputation as a high crime area. However, there is an air of optimism as it is in the midst of a revitalization which may ultimately transform the city. At the time of writing, it is still possible to get a property in the city for as little as $285,000. Meanwhile, residents of San Francisco, which is 90 minutes away, have to pay up to $1.3 million for a similar home.
The housing market in Stockton is set to grow in 2018 with prices rising by over 6%. Home sales will increase by almost 5% in what could be the start of something big. If Stockton can shake off its ‘bad boy’ image, it has a lot to offer. There is a host of new neighborhoods being developed while numerous historic buildings are being restored downtown. It is also close to an array of vineyards, and in what is becoming a competitive market, desirable homes are sold within days of listing.
5 – Sale Lake City, Utah
One realtor in Salt Lake City says the housing market is ‘dynamite’ at present. While housing prices rose 5.5% in 2017, the increase will probably be less than 4% in 2018 which means prospective homebuyers need to get involved while they still can. There are a number of businesses coming into the city, and it attracts buyers in all price ranges. Once outsiders visit Salt Lake City, they inevitably fall in love with it.
Real estate experts in the city believe Salt Lake City’s market has been depressed compared to the rest of the nation but is finally beginning to catch up. Indeed, the market is getting so hot in the city that buyers are routinely offering up to 25% above the asking price. It is also a common occurrence for people to sell their properties in expensive locations such as Silicon Valley and move to Utah where they can purchase a bigger house for a quarter the price.
An increasing number of Americans now realize that real estate is really important. Now, it is normal for prospective buyers to obsessively comb the market to look for bargains while also trying to ascertain whether the purchase is a good long-term investment.
While most people purchase a home in the belief it will be their abode for decades, it is still important to find a property that appreciates in value. If its price rises, you have the option to sell for a good profit and perhaps find another suitable home in a different city. The market will rise and fall in different cities so make sure you’re properly positioned when the time comes to buy or sell a property.