Top-tier universities in the surrounding areas supply a steady stream of student residents and faculty. Rent price growth is up 10.2% year-over-year. The population grew 23% in the last decade, with in-migration accounting for two-thirds. However, real estate agents in the area are still confident the foundational growth metrics underpin a favorable outlook for investors. Like other markets, the Triangle is experiencing price adjustments as the Fed raises interest rates. Small, out-of-state real estate investors or “laptop landlords” increased their purchasing activity during this time and took a particular interest in Raleigh, Durham, and Charlotte. Tampa, FL, took the top spot with an increase of 21.9%. Overall, the year ended strong for Raleigh, ranking second for the largest median-price increase (up 17.9%) for a market of its size, according to ATTOM US Home Sales Report. The average quarterly profit margin for home sales is 15.6%. The typical gain was about $167,750 or a profit margin of 64.3%.
In the second quarter of 2022, sellers in the Raleigh-Durham-Chapel Hill area, known as “The Triangle,” reaped record-breaking profits. Like Austin, it’s fallen out of the top 20 on several lists, but ranked #6 on PwC’s Markets to Watch report.
The last Supernova we’re spotlighting is Raleigh-Durham-Chapel Hill. The decline isn’t expected to trigger a widespread credit crisis among homeowners, but those who purchased in late 2021 and early 2022 may soon be underwater. Investors may want to wait since Goldman Sachs predicts prices to dive by more than 25% in 2023 compared to 2022 peaks. Whether Austin will become another Icarus or push past these growing pains is yet to be determined. Boise faced a similar meteoric rise and sharp fall last year. Like other Supernovas on the list, the imbalance of demand and supply pushes living costs to unmanageable heights for many residents. His SpaceX project is constructing a half-million-square-foot building in Bastrop, 30 miles outside of Austin. Major employers include Amazon, Apple, Dell Technologies, and IBM, each employing over 6,000 workers.Įlon Musk also recently moved his Tesla headquarters from California to Austin to take advantage of Texas’s business-friendly environment. The high-paying tech jobs are one of the biggest reasons for this demographic to flock to the region. During that same time, Austin became a “Millennial magnet” as 24,000 moved in. Rent increases are desirable for landlords, but Austin rents nearly doubled in one year, making it the fifth most expensive large city for renters. Still, concerns linger about how affordability will impact future migration and job opportunities, especially in low-wage service industry jobs. The stability of its economy and an above-average level of white-collar employment appeals to real estate investors looking for sustained population and job growth. Last year, the city placed tenth on Zillow’s report, but it’s fallen off the 2023 list and crept down ’s Top Housing Markets for 2023 to number 80.ĭespite its mixed reviews, Austin’s economy is still growing, and experts say a pending recession is unlikely to shake it. The next Supernova on PwC’s list is Austin. Since 2000, prices have risen by 160.71%. The appreciation rate for the area was among the highest in the nation at 25.15% for a 12-month period between the first quarter of 20, according to Norada Real Estate Investments.
Whether catering to the demands of homebuyers, renters, or tourists, investors are likely to find opportunities to build their portfolio in Nashville. In 2022, there were 14.4 million, an increase of 13% over 2021. Tourism experts anticipate 15 million visitors in 2023. This business activity is a magnet for workers across the country and results in an unemployment rate below the national average.Īdditionally, millions of tourists are drawn to Nashville every year to experience the sounds of Music City. Nashville residents are also known for supporting entrepreneurial endeavors, with over 20,000 small businesses registered in Davidson County. Other notable employers with a large workforce include Nissan, Vanderbilt University,, General Motors, and Randstad, the staffing agency. With nearly 25,000 employees, Vanderbilt University Medical Center is the largest employer. Nashville and its surrounding area are home to over 2 million residents and 50,000 businesses.
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