3 Surprising Southern Housing Markets Booming for 2019
...and one more not so surprising locale.
2019 may be raring to go, but the real estate market is losing its momentum across the country. That's good news for many potential buyers (lower prices, less competition), but is the trend holding true nationwide? Not exactly. Realtor.com took a look at the 10 housing markets across America poised to rise in popularity for 2019, and the results may surprise you.
To find out what was trending, Realtor.com's data team considered the "number of sales of existing homes and their prices, along with the amount of new home construction in the 100 largest markets." They also looked at each area's local economies, population trends, unemployment rates, and more to zoom in on the top 10 metropolitan areas where home sales and prices are expected to increase in 2019. Can you guess what Southern cities made the cut?
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In first place — drumroll please — came Lakeland, Florida. While this small Tampa Bay Area city may not be on your radar, it secured the number one slot with a median list price of $224,950, a projected sales growth of 5%, and a predicted price growth of 7.4%.
Trailing closely behind in third and fourth place were El Paso, Texas and Chattanooga, Tennessee, respectively. Perhaps surprising compared to their better known Lone Star and Volunteer State counterparts, Realtor.com has found these cities to be on the brink of a boom. Over in "The Sun City" of El Paso, the median listing price is $175,050 and Realtor.com experts anticipate a 7.9% sales growth and a 2.5% price growth. In Chattanooga, the median listing price clocks in at $269,950, with a predicted sales growth of 5.2% and a predicted price growth of 4.3%.
Rounding out the top 10 for the South was Miami. In ninth place with a median list price of $385,050, the data team predicted Miami will enjoy a 3.3% sales growth and a 5% price growth in the new year. For the full scoop, read Realtor.com's in-depth story here.
Thinking of buying a new home? Check out The Basics of Buying a Home.