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All County Property Management North Metro – By G. Brian Davies | Last updated July 20, 2022 Real Estate Investing, Real Estate News, Spark Blog | 19 comments
The coronavirus pandemic has seen many real estate markets soar. Some saw house prices increase by over 50% in one year!
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Their homes, and generally their desire to have more space. Many homeowners take on home improvement projects. The stock market’s sudden collapse and seasonal recovery left many investors looking for strong assets — especially as a hedge against inflation in the face of record government spending and new money creation.
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But America’s renewed fascination with real estate has not spread evenly. Which begs the question: What are the hottest real estate markets in America right now?
Using data from Zillow, we calculated and mapped the top 100 most popular real estate markets in America.
You will first discover that they are largely concentrated in the west and southeast. The upper Midwest was completely shut down.
All these hot markets are small towns rather than big metropolises. For example, last year the fastest growing real estate market in Naples, FL saw a 52.71% jump in home prices. Rounding out the top five are Summit Park, UT (49.67%), Punta Gorda, FL (47.07%), Fort Myers, FL (46.26%), and North Port-Sarasota-Bradenton, FL (46.15%). Notice a trend there? It’s hard to miss, four of the top five fastest appreciating cities are in Florida. It certainly doesn’t hurt that Florida has no income tax!
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However, some major cities made the list in the third quarter of 2022. Tampa real estate rose 35.57%. Miami saw home prices jump by 31.00%. Jacksonville jumped 32.58%, Las Vegas 29.71%, Dallas-Fort Worth 29.61%, and Atlanta 29.98%.
If you’re looking to invest in real estate for the long haul, consider researching these markets. But be aware that higher prices are not necessarily higher rents, and you may find yourself with poor cash flow. Make sure you do your due diligence, and consider buying turnkey properties if you’re out of state. You can potentially buy properties with tenants already paying rent, especially if you use a platform like Roofstock.
One trend we saw in 2020 and 2021 was the acceleration of urbanization trends, particularly in the largest, most expensive cities. But in many cases, residents migrated to suburbs around the same city, and therefore stayed in the same county.
We also keep an eye on nationwide migration trends, particularly as Americans are leaving high-tax states in favor of lower-tax states. But these migration trends cannot fully explain the hottest real estate market in 2020-2022.
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Take New Jersey, one of the states with the highest taxes and largest outbound migration. Every county in South Jersey saw home prices increase by more than 10% year-over-year!
Or Vermont, with its high inbound migration. Sure, it saw strong appreciation by historical standards, but nowhere near what you’d expect.
Appreciation isn’t everything, of course. You still need a property with good cash flow, or you’re going to be out of pocket.
If you’re looking for the best housing markets in the United States for cash flow, here’s a map of the 100 largest cities in the United States, contrasted by their Gross Rent Multiplier (GRM). Remember, less is better!
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Alternatively, check out this list of cities with the best cap rates. (If you’re not familiar with them, here’s an overview of how cap rates work).
Before buying a rental property, always run the numbers through a rental income calculator. Most new real estate investors underestimate expenses and fail to calculate real estate cash flow assets.
Real estate prices increase for many reasons. But at their core, they grow because the demand for homes exceeds the limited supply of available housing.
It sounds obvious, and it is. But where there is strong population growth, there is almost always strong real estate appreciation.
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Unfortunately, the Census Bureau’s official statistics are a year or two behind population growth. This leaves investors to rely on less authoritative data to try to track population trends.
What is the cause of population growth? Job growth, at least traditionally. A growing local economy attracts people from across the country. In fact, job growth often serves as a leading indicator of population growth.
However, in an era of mass telecommuting, inherent amenities such as the waterfront or historic environment can attract inward migration even without abundant local jobs.
When a homeowner moves, and simultaneously sells their old home while buying a new home, it does not change the total available housing inventory. They add their own home to the list for sale, and they take their new home off the market.
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First-time home buyers, however, do not have an existing home to sell. So they buy a house from the market without adding it to the available inventory.
In other words, they add to the demand for housing, but not the supply. Which increases the price of the house.
We compare multiple buy-and-rehab lenders and multiple long-term landlord loans on LTV, interest rates, closing costs, income requirements and more.
Even the best housing markets in America, the hottest real estate markets, eventually cool. It can happen gradually, or it can happen (relatively) suddenly, as we saw in the housing bubble collapse after 2008.
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Housing markets go through predictable cycles. Lack of housing supply encourages more new home construction. Homebuilders are slowly building a head of steam, as the process from finding sites through pulling permits to building and selling a home takes time. At a certain point, housing developers start building more homes than local demand actually needs or wants, but by the time they find out, they still have months or years to complete existing construction projects.
At that point, supply exceeds demand, and you see the housing market improve. Developers stop building, and eventually supply gets pinched again, and the cycle repeats itself.
While parts of America may already be in a bubble, I doubt most markets in the country are in a bubble, even the hottest real estate markets.
To begin with, supply – especially of starter homes – remains insufficient to meet demand, to put it mildly. Building material and labor costs are around record highs, putting additional upward pressure on home prices.
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Meanwhile, millennials have reached the “settle in the suburbs and pop out a few kids” phase in their lives. See above about the rise in demand from first-time home buyers to supercharge for housing.
At the moment, I see a major reshuffling of the deck in the real estate markets. The biggest, most expensive cities like New York and LA will never be irrelevant, even before the pandemic we saw rents and demand drop. Even after the pandemic is in the rearview mirror, growth in telecommuting should fuel that trend.
I’ve seen consistently hot housing markets in areas with natural attractions. Beautiful beaches or lakes, great skiing and hiking, areas with history and culture. Post-industrial cities need to reinvent themselves if they want to keep high-income residents after they discover they can telecommute to live and work anywhere.
Keep an eye on all the hot real estate markets in 2022 shown in the map above. And note that the best housing markets in America are often satellite towns, seeing astronomical growth.♦
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Where are you currently investing in real estate? What do you consider the best housing markets in the US?
G. Brian Davis is a Landlord, Real Estate Investor, and Co-Founder. His mission: to help 5,000 people reach financial independence by turning their 9-5 jobs into rental income. If you want to be one of them, join Brian, Denny, and guest Scott Hoefler for a free masterclass on how Scott quit his day job in less than five years.
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