Purchasing a home is a major investment and it helps to know which markets are on the rise to become hot housing markets. GOBankingRates listed the top 11 up-and-coming housing markets for U.S. homebuyers, finding that the Denver, Colorado is a rapidly growing housing market.
GOBankingRates reviewed housing and lifestyle-related data including housing affordability, job growth, home sales, and emerging real estate trends to identify the top 11 up-and-coming housing markets for U.S. home buyers.
According to the report, Denver is not only known for its outdoor havens, but was also recently ranked in in the top 10 18-hour cities (those with access to walkable entertainment options well into the night) in a 2015 report by PWC and the Urban Land Institute. Almost 55,000 new residents moved to the metro area within the last year alone, according to the U.S. Census Bureau. The current median home price in Denver is $458,000, up almost 15 percent from last year.
“Denver is attracting professionals of all ages as well as families,” said Brian Harris, broker associate and Realtor at Kentwood City Properties in Denver. “The vibrancy of our city core, as well as the $500-million renovation and expansion of Denver Union Station into a multimodal transportation hub, has attracted interest across the country."
Coming in second is the Dallas-Plano-Irving metropolitan statistical area (MSA), with steady growth and affordable housing. GOBankingRates reports, the median list price for this city is $274,000, $40,000 more than the national median but well under other cities on this list.
The local economy maintains a healthy industrial and financial sector according to Forbes. The area is also home to many well-regarded universities, including University of Texas Southwest Medical School and University of North Texas.
The U.S. Census Bureau estimates that almost 25,000 new residents flocked to San Jose, California, and its surrounding areas in the past year alone. This third up-and-coming housing market host top area universities including University of California, Berkley, and Stanford University.
GoBankingRates also noted that San Jose real estate is highly desirable, and it doesn’t come cheap. The median home price is just under $900,000, up 28 percent from last year, and available homes sell in less than a month.
Following the Denver, Dallas, and San Jose metros are Boston, Massachusetts; Detroit-Warren-Dearborn, Michigan; Raleigh-Durham-Chapel Hill, North Carolina; Columbus, Ohio; Austin, Texas; Pittsburgh, Pennsylvania; Charlotte, North Carolina; and Portland, Oregon, respectively.
Top Five Up-and-Coming Housing Markets
1. Denver, Colorado
2. Dallas-Plano-Irving, Texas
3. San Jose, California
4. Boston, Massachusetts
5. Detroit-Warren-Dearborn, Michigan