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12 Cities With Booming Real Estate Markets

Posted by The Aramco Group on Wed, Oct 11, 2017 @ 09:10 AM

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Real estate is making a comeback. At least, that’s how it feels in some areas of the United States. People are flocking west and south, whether it be to the sunny beaches of Florida or the mountain landscapes of Colorado. Perhaps you’ve considered making a similar change.

Whether you’re looking to relocate for work, be closer to family, or just experience something new, there’s sure to be a booming real estate market in a city that’s right for you. So which markets are booming this year? Let’s read on to find out.

Jacksonville, FL

Real Estate markets across the Sunshine State are expanding. Jacksonville is no exception: with a 2016 job growth rate of 3.8%, people from across the nation are flocking for new work opportunities. Let’s not forget Jacksonville has the same amenities offered in larger cities, including sports teams (go Jaguars!) and universities. Couple this with beaches to the East and sunny weather, and it’s no wonder Jacksonville has grown in popularity.

Cape Coral–Fort Myers, FL

Another sweet spot in Florida is Cape Coral-Fort Myers, located on the Gulf Coast. Vacancy rates have dropped over the past year, thanks in part to its job growth rate stemming from the hospitality and real estate industries. Baseball fans are also in luck: Fort Myers is home to the Boston Red Sox and Minnesota Twins’ spring training sites.

Nashville, TN

The capital of the Volunteer State was predicted by Zillow to be the hottest housing market in 2017, with a forecasted home value appreciation of 4.3%. Employment opportunities are available in the strong healthcare industry, which has contributed to the city’s overall growth. While country music is a mainstay in the Nashville’s culture, the city has so much more to offer. Residents can also enjoy a rich, diverse music scene, and independent restaurant options.

Knoxville, TN

This Tennessee city is expected to see a 4.4% increase in home value this year, and it’s not hard to see why. Knoxville has a diverse culture and a rich music scene. For those looking to enjoy the outdoors, The Cumberland Gap and the Smoky Mountains are just 90-minute drives away. Sports fans will also enjoy the local teams and the University of Tennessee Volunteers. Best of all, Knoxville has a lower cost-of-living compared to other southern cities like Nashville and Atlanta.

Seattle, WA

At 5.6%, this Washington State city has the nation’s largest expected home value growth rate. Unlike other cities mentioned on this list, however, Seattle’s cost of living is expected to rise in the near future. This is due to tech companies like Amazon growing and constantly hiring new employees. Nevertheless, Seattle still boasts beautiful scenery and a laid-back attitude that makes for a great living situation. Better yet, Seattle gets less annual rainfall and fewer rainy days than cities along the Great Lakes.

Portland, OR

Yes, Portland is known for its hipster vibes, but that’s no reason to ignore this booming city. Zillow projects home values to increase 5.2%. The city features lush, green parks and is within a few hours of the Pacific Ocean and Mt. Hood National Forest. Portland is perhaps most known for it’s “Keep Portland Weird” mentality, and is therefore home to independent breweries, restaurants, and shops. Though down from 2016’s whopping 15% growth rate, Portland still remains of the most popular cities in the nation.

Sacramento, CA

The Golden State’s capital is growing in popularity, with an expected 4.8% rise in home value this year. Similar to California’s large cities of San Francisco and Los Angeles, Sacramento is known for its rich culture and diversity. Yet a lower cost of living makes Sacremento a perfect spot for residents looking to keep their spending in check. Let’s not forget the 28-acre Old Sacramento State Historic Park, simply known as “Old Sacramento”, which is now a national landmark.

Denver, CO

The capital of Colorado has become one of the fastest-growing cities in the nation, contributing to its projected 3.6% increase in home values this year. Don’t let its location fool you: Denver is home to beautiful year-round weather. Close proximity to the Rocky Mountains allows for residents to take up snowboarding and skiing in the winter, and hiking and camping in the summer. Denver is also a bustling city, complete with distinct neighborhoods that feature their own personalities. It’s no wonder U.S. News ranked Denver the second best place to live in the nation!

Colorado Springs, CO

About 90 minutes south of Denver is another Colorado hotspot: Colorado Springs. Similar to Denver, this city enjoys year-round mild weather and close proximity to outdoor activities (including Pikes Peak). Yet Colorado Springs also enjoys a lower cost of living, allowing residents to save a bit more. The city itself is home to beautiful parks, local entertainment options, and great schools. Complete with easy drives to Denver and ski resorts like Aspen, it’s easy to see the appeal of Colorado Springs.

Ogden, UT

Forty miles north of Salt Lake City is the mid-size city of Ogden. Zillow estimates this town’s home value to rise by 4.7%. Similar to Denver and Colorado Springs, Ogden features easy accessibility to the outdoors, making it a great location for mountain bikers, skiers, and snowboarders. Ogden also features a low unemployment rate (2.9%) coupled with growing income (1%). New families should take a second glance at Ogden, too, as Forbes named it one of the best cities for raising a family.

San Antonio, TX

Residents of this Texas city enjoy a low cost of living compared to other cities in the state, thanks in part to Joint Base San Antonio. Employment opportunities are also available from large companies like USAA and Toyota. What’s more, new and established residents alike can always take advantage of the rich history and diverse culture this city has to offer.

Grand Rapids, MI

Located on the western side of the state, Grand Rapids enjoyed steady job growth (2.7%) in 2016 across various industries from education to manufacturing. Residents of this growing city take advantage of excellent craft breweries and the local art scene. Despite being the second-largest metro area in the state (after Detroit), Grand Rapids has an easy-going charm that’s reminiscent of the Midwest at large.

With a wide variety of climates, landscapes, and entertainment options to choose from in this list of booming real estate markets, where will you decide to live and work?

Topics: real estate