A Healthy Outlook
Communities with robust housing markets all have a few things in common: a solid economic outlook, strong home sales in recent years, and an ample supply of entry-level houses. According to Realtor.com, the official site of the National Association of Realtors (NAR), these indicators, coupled with continued low mortgage interest rates, will create some truly hot housing markets this year.
Downtown and suburban Memphis, Tennessee
Strong job growth, no city income tax, and a constant demand for new homes lead real estate analysts from NAR to predict that Memphis will see a 3 percent increase in home values and a 0.1 percent increase in sales. The strongest sales are expected to be in East Memphis, the bustling downtown area, and the suburbs of Lakeland and Arlington.
Charleston-North Charleston, South Carolina
While Realtor.com predicts an overall 1.8 percent decline in home sales nationwide in 2020, Charleston-North Charleston in South Carolina is poised to see a 1.2 percent increase in the number of home sales and a 0.8 percent increase in home prices year over year. Some of the hottest spots will include the Cane Bay Plantation development and neighborhoods to the north of North Charleston in Berkeley County.
Winston-Salem, North Carolina
House sales saw an upswing in Winston-Salem in 2019, and Realtors expect that trend to continue, with a 3.6 percent increase in the number of sales and a 0.5 percent increase in prices. Demand for housing is high in the city, and contractors are working around the clock to increase the supply of entry-level homes, which should attract more first-time buyers and grow the economy.
Colorado Springs, Colorado
With a view of Pikes Peak and a reputation for promoting healthy lifestyles, Colorado Springs has long been a popular place to settle down. While Realtor.com expects the number of house sales to drop off slightly, losing about 1.4 percent, it also predicts home sales prices will increase as much as 6.3 percent, making the city a lucrative spot for sellers and investors.
Rochester, New York
Located on the shore of Lake Ontario and home to the Rochester Institute of Technology, Rochester, New York, has something new to brag about—its downtown has just undergone a revitalization that’s drawing new businesses and residents to the city. Home sales are expected to increase by a healthy 4.7 percent, and sales prices are predicted to rise by 0.4 percent. Rochester’s housing outlook may be rosy for years to come.
Columbia, South Carolina
Much of the state of South Carolina is experiencing strong economic growth, and nowhere is that more apparent than in Columbia, where home sales have been consistently rising over the past few years. Realtor.com expects a slight drop in prices (of about 0.2 percent), but predicts a strong 5.5 percent increase in the number of sales, which will create a robust housing market. First-time home buyers will have a strong supply of entry-level homes to choose from.
Metropolitan Chattanooga, Tennessee-Georgia
Spilling over the border of Tennessee into Georgia, and strategically well positioned on the banks of the Tennessee River, Chattanooga boasts a brand-new riverfront development and widespread community revitalization. This large-scale face-lift is attracting new businesses, spurring job growth, and boosting home sales. Residents can expect the number of home sales to increase by 2 percent, accompanied by an increase of 3.6 percent in sales prices.
Houses are in high demand in Tucson, where a booming economy is attracting major corporations, such as Caterpillar, creating a bounty of new jobs and leading to an influx of new residents. House prices are expected to rise 3.3 percent in 2020, and home sales are anticipated to increase by a healthy 3.4 percent, making Tucson a bright spot in the nation’s housing market.
The Texas communities of McAllen, Edinburg, and Mission have grown so much that they're growing together. Homes are selling like hotcakes in this southern Texas community that has a lively retail center and is home to the University of Texas Rio Grande Valley. Realtor.com predicts sales to climb an additional 4.4 percent in 2020, and sales prices are expected to increase 4 percent, making this border community a top prospect for home sales in the coming year.
With one of the highest job growth rates in the nation, Boise is attracting new residents on a continual basis, and builders are working overtime to provide enough housing. Home sales are expected to increase a modest 0.3 percent, but sales prices are set to jump an incredible 8.1 percent in 2020, which puts Boise in first place as the potentially hottest housing market in the nation in 2020.
Your home is most likely your largest investment. Home insurance is a valuable way to protect the investment, but could you save money on your home insurance policy? Read our top tips for how to safeguard your property while saving money.