It’s no secret that real estate prices have increased substantially in the past few years, with the pandemic era of the early 2020s seeing massive spikes in home prices nationwide.
Learn: 9 Major US Cities Where Buying a Home Is Surprisingly Cheap
Consider: 5 Types of Homes That Will Plummet in Value in 2024
Whether you’re looking for business opportunities or a new residential location that has been proven by the incoming masses, checking out these areas could be of extreme interest to you. Here’s a list of upward-trending real estate markets in the U.S.
1. Detroit, Michigan
Growth: +217.9%
Detroit’s real estate market has seen more than 200% growth in prices for the past decade. After the city filed bankruptcy in 2013, various administrations have strategic initiatives in place, such as urban revitalization projects, homeownership assistance and programs designed to encourage investment in the city’s infrastructure and commercial base.
2. Tampa, Florida
Growth: +206.8%
Tampa’s rise in popularity was on track well before the pandemic “real estate rush, ” but when much of America decided, en masse, to target Florida for their new residence, Tampa was among the state’s top destinations. Top reasons for the city’s growth include a growing technology market, growth in net birth rate, and relatively lower cost of living compared to similar metro areas around the country.
3. Dallas, Texas
Growth: +175%
Texas was another top destination for migration during the pandemic, adding to the city’s long-standing growth track. The Dallas Morning News reports that the Dallas-Fortworth area “had some of the largest home price increases in the country for most of 2021 and 2022, with year-over-year price increases of more than 10%.” The area continues to experience growth in real estate prices despite low inventory and higher interest rates.
4. Kansas City, Kansas
Growth: +257.4%
Not to be confused with Kansas City, Missouri, this midsize town is across the Missouri border in the state of Kansas. Despite being the smaller metro area of the two cities, it has clocked impressive growth. The surrounding suburbs are known for their affordability, even though the average home price has increased about 30% in the last two years.
5. St. Petersburg, Florida
Growth: +212.7%
This area has also grown due to Florida’s increase in net migration in recent years. This real estate market is somewhat interwoven with Tampa’s because they are part of the same great metropolitan area. However, St. Petersburg has experienced slightly more growth, as home prices in the downtown area are up 24.7% compared to last year.
6. Port St. Lucie, Florida
Growth: +208.6%
Located on Florida’s Treasure Coast, one of the city’s biggest draws is a coastal, beach town lifestyle for less. Even with the increase in home values, the region boasts an affordable median home sale price of $395,000. Many residents migrating to Port St. Lucie come from New York, Washington, DC and Boston, with much higher median home prices.
7. Miami Gardens, Florida
Growth: +312.1%
This small community is one of the highest appreciating markets in Florida. As of March 2024, Miami Gardens’s home prices had increased by a whopping 10.4% compared to the same time last year. The city is home to Hard Rock Stadium, which hosts a number of high-profile events. There’s also a burgeoning commercial base spurring migration related to economic growth.
8. Lehigh Acres, Florida
Growth: +277.4%
Redfin describes this housing market as competitive, with a median sale price increase of 4.1% compared to last year. This residential community west of Fort Myers has several affordable housing options with a median sale price of $348,700. In addition to affordable home prices, Lehigh Acres is close enough to major cities like Fort Myers, providing residents with easy access to urban amenities while enjoying the tranquility and lower cost of suburban living.
9. Palm Bay, Florida
Growth: +219.3%
According to Uhaul’s 2023 Top U.S. Growth Cities of 2023, the Palm Bay-Melbourne, FL area received record-breaking numbers of new residents. The report reveals that “In the Palm Bay-Melbourne market, 54.7% of all one-way U-Haul traffic was arriving compared to just 45.3% departing in 2023.”
An eastern Florida president of the moving company asserts that growth in this area has been exploding due to “many companies investing in this region and creating jobs such as Embraer, SpaceX, Northrop Grumman, Lockheed Martin and L3Harris Technologies.”
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This article originally appeared on GOBankingRates.com: 9 Locations Where Housing Prices Are Skyrocketing Post-Pandemic
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