Western Reader
As the American real estate market continues to evolve, savvy investors are always on the lookout for the next big opportunity. According to a recent study by SmartAsset, certain neighborhoods in Texas, Tennessee, and Florida are poised to offer significant returns in the coming year.
The neighborhood of Rio Grande City in Texas is leading the pack, with property values expected to appreciate by an impressive 12.3% over the next year.
This figure is nearly three percent higher than any other region in the country. The area’s proximity to the Texas-Mexico border and its robust local economy make it an attractive option for both homebuyers and investors.
AIR B&B to lead real estate market crash. If you want a new home your happy days are around the corner. Same for rental property. The best time to get rich is in a crash. Good luck.
— Robert Kiyosaki (@theRealKiyosaki) September 6, 2023
Following closely behind are two neighborhoods in Knoxville, Tennessee, and North Miami, Florida. These areas are projected to see home values increase by 9.5% and 8.8% respectively.
The study, which utilized Zillow data, examined changes in home value across 2,000 ZIP codes from July 2023 to July 2024.
Interestingly, the South appears to be a hotspot for property appreciation. Approximately 80% of the top 50 projected home price increases are located in this region.
Cities such as Winston-Salem, North Carolina, Athens, Georgia, Myrtle Beach, South Carolina, Savannah, Georgia, and Charlotte, North Carolina are all expected to see substantial growth.
However, the South isn’t the only region with promising prospects. Certain neighborhoods in Idaho and Michigan are also predicted to experience significant growth.
Post Falls and Twin Falls in Idaho are forecasted to see growth of 8.2% and 7.9% respectively, while homes in Muskegon, Michigan are predicted to appreciate by 8.6%.
Real estate markets are about to do something they haven’t done since 2005.
For the first time since the financial crisis, EXISTING home prices are about pass NEW home prices.
The median new home sales price is now down to $416,000.
Meanwhile, the median existing home sales… pic.twitter.com/8TRkayTSn6
— The Kobeissi Letter (@KobeissiLetter) September 11, 2023
Even in the bustling metropolis of New York City, certain neighborhoods are projected to grow by 7% or more by next summer. These include Fort George, Jamaica, and Washington Heights.
In some of these affluent neighborhoods, a modest appreciation of around 5% could translate to a growth in home value of around $100,000.
The study’s predictions were generated using Zillow’s Home Value Forecast (ZHVF) metric. This tool considers the value of homes in the 35th to 65th percentile range and factors in mortgage interest rates, property tax, construction costs, quality of loans, and the amount of inventory on the market.
While the real estate market can be unpredictable, these projections offer valuable insights for those looking to invest in property.
Whether you’re a seasoned investor or a first-time homebuyer, these undervalued markets present an exciting opportunity for substantial returns. As always, it’s crucial to conduct thorough research and consider all factors before making any investment decisions.
This article appeared in The Patriot Brief and has been published here with permission.
GIPHY App Key not set. Please check settings