Buying a home can be the most complicated decision a family or individual ever makes. Buying a home depends on many different factors, from the job prospects in the place of purchase to the distance from a friend's house to the amenities in the surrounding area. This is no exception for people living in the US. Below are five cities that, according to many experts, have the potential to help you earn the highest profits from buying and selling homes in the US in 2020.
1. Dallas
Population: 1,341,000 people
Average house price: 233,148 USD/unit
Recent reports show a sharp increase in housing market density in Dallas. That is proof that North Texas has made positive changes.
Although some people think the housing market here is still overvalued, other factors such as jobs, a large population, and less controversial building regulations make it the Potential land for investors.
Last year, real estate data site Zillow predicted home prices in Dallas would increase by 4.5% in 2020. That’s pretty good for a market that’s considered stable.
2. San Antonio
Population: 1,493,000 people
Average house price: 184,322 USD/unit
Home prices in San Antonio in 2019 increased by 8.9% compared to the previous year, according to the US Federal Housing Finance Agency. Therefore, this place can be considered a potential investment market.
The city is promoting the construction of high-rise buildings and apartments as well as expanding entrances to the city center. But the biggest strength that investors can rely on is the combination of affordability and growth.
Jack Inselmann, regional director at Metrostudy, said San Antonio may be the only real estate market in the United States with home prices under $200,000. With low average prices and a stable economy, this place is increasingly attracting people who intend to buy houses in the suburbs.
3. Charlotte North Carolina
Population: 859,035 people
Average house price: 248,811 USD/unit
Buoyed by a diverse economy and strong job market, the Queen City real estate market delivers reliable returns. Home values in the northern California city of Charlotte have increased an average of 4% over the past 40 years. In 2019 alone, home values here increased by 5.8% and selling prices increased by up to 10%.
Experts believe that, with a suitable economy and relatively stable affordability, this city will continue to grow shortly.
Among the top 25 US markets analyzed by Zillow experts, this is the only place predicted to have an economy that exceeds expectations in 2020.
In selecting Charlotte as a market expected to perform better than last year, the American Real Estate Association emphasized affordability, especially compared to costly coastal cities.
4. Charleston, South Carolina
Population: 130,113 people
Average house price: 328,110 USD/unit
The next place on the list is a name from Southern California. The city of Charleston boasts historic homes and cobblestone streets. In addition, this place is also described by the non-profit organization Urban Land as “a small gem with huge potential”.
It’s a fitting description for this charming southern California city. Market analysts believe that house prices here will continue to increase because of limited supply.
According to the executive director of a local realtor association, in 2019, the real estate market in the city of Charleston reached record growth. The high-end market segment has exploded in recent years, witnessing more than 50% growth since the 2009 economic crisis.
If you’re looking to buy affordable homes, Charleston probably isn’t a good fit. However, if you intend to invest in real estate, this place can be a gold mine.
5. Raleigh, North Carolina
Population: 464,758 people
Average house price: 284,246 USD/unit
The city of Raleigh has been benefiting from the renewal of its surrounding areas. The rate of technology-related jobs in this North Carolina city is second only to Silicon Valley and San Francisco in the entire United States.
Named the 2nd hottest real estate market by the Urban Land Institute, Raleigh and the surrounding Durham areas always have a young population and abundant human resources. Therefore, housing values here have increased by 50% over the past decade. Zillow predicts housing prices in the North Carolina city will increase by 4% in 2020.
