Everything is changing rapidly and so are the emerging real estate markets. In today’s blog, we will discuss the Emerging Real Estate markets in 2021; the markets which will dominate the real estate world and will be an eyeball for every investor.
Why to discuss the emerging real estate markets? The reason is pretty simple. As everyone wants to get in early on the next big thing, whether it’s the latest electronic gadget or an online currency that’s about to take off. And real estate is no different.
The pandemic has shuffled the many factors and trends of real estate. Prices are rising to new heights and home sales have decreased substantially and in the most cases, showing their record lows. But some markets still remain persistent. Recently, the economic team from Realtor.com and data team of Wall Street Journal identifies the top real estate markets for 2021. The research identified the areas with strong housing demand and rising prices combined with robust economies, lots of good-paying jobs, and the amenities that make a place desirable. These markets have lots of restaurants, bars, and shops as well as reasonable commutes to work. The quarterly index looked at a pool of the country’s 300 largest metropolitan areas, which include the main city and surrounding suburbs, towns, and smaller urban areas.
The top markets include a mix of higher-end, outdoorsy, resort areas, smaller cities and other affordable places. On the top of the list is Coeur d’Alene which is a popular vacation spot. Austin, the capital of Texas bagged the second spot. Austin is an emerging tech hub that is growing by leaps and bounds. This year, it also grabbed the top position in the list of US cities which are most liked by foreign investors.
Top ten Emerging Real Estate markets in 2021:
- Coeur d’Alene, ID, $799,000
- Austin, TX, $520,000
- Springfield, OH, $144,900
- Billings, MT, $428,500
- Spokane, WA, $434,900
- Lafayette, IN, $297,450
- Reno, NV, $562,000
- Concord, NH, $362,450
- Manchester, NH, $419,950
- Santa Cruz, CA, $1,222,000
(Courtesy: The realtor.com)
The figure beside every name shows the median home prices in these markets. For example, in the Coeur d’Alene metropolitan area, the median home list price was $799,000 in March, according to Realtor.com data. Though unemployment in these markets is less than in other cities of the country the problem is these markets, like the rest of the country, simply don’t have enough homes for sale to meet the demand from buyers. That means prices are more likely to stay high—and even continue going up.