Exploring Today’s Hottest Home Markets
Even in a rapidly changing economy, there are several home markets that look likely to keep growing in 2023. Mouse over the cities below to see where these are and learn more about what’s driving the market.
NASHVILLE, TN
Nashville is No. 11 on the list of top markets to watch.
The city’s relative affordability has prompted many buyers to relocate from more expensive major metros, and now has a millennial homeownership rate of 55%2.
A new $2.1 billion football stadium3 in the East Bank district could bring events such as the Super Bowl to Nashville.
DALLAS, TX
Dallas/Fort Worth sits in the No. 1 spot4 for development and redevelopment opportunities.
BOSTON, MA
Boston’s rental market is expected to grow7 in 2023 due to low vacancy rates and low property taxes.
PHOENIX, AZ
Phoenix was the third most popular migration destination8 in Q2 2022.
Phoenix offers a business-friendly environment9, high quality of life and a diversifying economy10, thus attracting lots of young professionals — particularly millennials11.
Build-to-rent inventory in Phoenix is expected to double12 in 2023.
TAMPA, FL
Property prices across the country are expected to drop in 2023, but not in Florida.
Tampa’s median home price has increased 25% over the past 12 months due to high demand.
Out-of-state baby boomers looking to retire are the strongest driver of real estate here.
AUSTIN, TX
Austin has the strongest local economy and the highest investor demand of any market.
Sources:
1 https://www.pwc.com/us/en/about-us/newsroom/press-releases/emerging-trends-in-real-estate-2023.html
2 https://www.builderonline.com/data-analysis/top-entry-level-housing-markets-for-2022_o
3 https://rebusinessonline.com/sun-belt-markets-dominate-top-10-markets-to-watch-in-2023-according-to-emerging-trends-report/
4 https://fortworth.culturemap.com/news/real-estate/dfw-real-estate-market-2023/
5 https://knowledge.uli.org/-/media/files/emerging-trends/2023/emerging-trends_uscanada-2023.pdf
6 https://ibuyer.com/blog/florida-housing-market-predictions-2023/
7 https://www.phillycaller.com/index.php/business/23-market/1371-massachusetts-real-estate-stats-and-trends-for-2023/
8 https://www.redfin.com/news/q2-2022-housing-migration-trends/
9 https://azbigmedia.com/business/migration-snapshot-heres-how-many-people-are-moving-to-arizona/
10 https://azbigmedia.com/business/migration-snapshot-heres-how-many-people-are-moving-to-arizona/
11 https://www.forbes.com/sites/forbesbusinesscouncil/2022/03/24/build-to-rent-primed-for-explosive-growth-in-2022/?sh=126a659d30d8
12 https://www.builderonline.com/building/need-some-optimism-look-to-the-build-to-rent-market_o
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