Top 10 Growing Housing Markets in 2023
What makes a place to live desirable? Is it friends and family? Weather that’s ideal for your favorite outdoor activities? Good jobs that help you care for your family? Homes with just the right size, style and features? Educational opportunities and cultural attractions? Is it views of the shimmering lake or the hypnotic ocean, the grandeur of the mountains and canyons, primordial forests and whispering meadows? The warmth and low humidity of the desert? Or is housing affordability most important?
However you want to live, the lifestyle you and your family want exists somewhere in the vast United States. So how do you find it? There are plenty of Best Places to Live surveys but we’ve chosen a few that have more information for you besides Best Restaurants and Most Expensive Homes. To us, the ideal place to live has the right mix of amenities that only you can choose and that is still affordable for you and your family.
The National Association of REALTORS created an interesting list of places with the most potential for growth in 2023, citing housing affordability, the percentage of renters who can afford to buy a median-priced home, job growth, migration gains and population growth, an increase in active housing inventory and less severe housing shortages. Using data compiled in November 2022, the top ten results were cities and metropolitan statistical areas (MSAs) all located in the southern part of the U.S.:
Atlanta-Sandy Springs-Marietta, Ga.
Coming in at number one, Atlanta has greater housing affordability than comparably sized cities despite a rapidly growing population. One in five renters (21.3%) can afford to buy the median-priced home for a higher average than the nation, says NAR. Atlanta is the destination for many major technology companies such as Apple, Microsoft and Visa which are relocating from the West Coast. The median listing price is $413.9K, median price per square foot is $259, and median sales price is $395K. Homes sold in 54 days and at 98.75% of the original listing price, putting the metro area in a seller’s market.
Raleigh, N.C.
Listed as #6 in the Best Places to Live, historical Raleigh was founded in 1792 to serve as North Carolina’s capital. Named for the gallant Sir Walter Raleigh, the city is the largest of the Raleigh-Durham-Chapel Hill MSA, which is also known as the Research Triangle for research and development in textiles and chemicals. As the largest urban hub in N.C., Raleigh was known for manufacturing and distribution a wide variety of products including communications equipment, electronic equipment, computers, and processed foods. The median list price of homes is $434.9K, price per square foot is $224 and the median sold price is $420K. Homes sold within 98.95% of the original listing price, identifying Raleigh as a seller’s market.
Dallas-Fort Worth-Arlington, Texas
The warm-weather metroplex of Dallas and Fort Worth is equally appealing to singles and families of young professionals. Jobs are plentiful and the cost of living affordable for most income levels. The cities experienced a boom following the 1970s construction of the sprawling Dallas-Fort Worth International Airport. Locals joke that Fort Worth, where cowboy and cattle ranching culture is still huge, is where the West begins and Dallas, a financial, banking and transportation hub, is where the East fizzles out. Fort Worth is smaller, has less traffic, is more laid back and affordable than Dallas which has a more urban attitude and ambiance. Both cities have world-class museums, fine dining, fine art galleries, performing arts centers and festivals, and the Dallas Cowboys games halfway in between. Home sellers in Texas aren’t required to disclose sales prices, but the DFW metroplex is in a seller’s market with a median listing price of $439.9K and homes sold for $243 per square foot.
Fayetteville-Springdale-Rogers, Ark.-Mo.
Located in the beautiful Ozark Mountains, the Fayetteville MSA is the birthplace of Walmart, headquarters of Tyson Foods, and the flagship campus of the University of Arkansas which helps attract young residents for a median age of 34.2. Residents are friendly, helpful, and know how lucky they are to live in a place with small town values and big city job opportunities. It ranks #7 in the U.S. News and World Report’s Best Places to Live and #8 in Cheapest Places to Live. The number of renters who can afford to buy a median-priced home is the largest of the ten metros on this list at 34%. The median listing price is $410K, the price per square foot is $198, and the sold prices are $365K.
Greenville-Anderson-Mauldin, S.C.
Nestled in the foothills of the Blue Ridge Mountains, Greenville has transformed itself from a sleepy mountain town into a manufacturing hub for companies like GE and Michelin. The downtown has been revitalized into a walkable business center with condos, restaurants and entertainment. With mild year-round weather, residents enjoy outdoor activities at the beautiful Falls Park on the Reedy and mountain-biking and camping in the easy-to-get-to nearby foothills. With the fourth largest number of renters who can afford to buy a median-priced home at 25.5%, the Greenville MSA is affordable. The median list price is $344.9K, median price per square foot is $170, and the median sold price is $334.9K.
Charleston-North Charleston, S.C.
Southern charm is just as strong as its business reputation in Charleston, S.C. Situated between the Appalachian Mountains and white sand coastal beaches, the city is the largest banking hub behind New York City. Temperatures are moderate, cultural arts are plentiful, the city is unusually free of trash and graffiti, and the cost of living is relatively affordable. Sold prices aren’t available, but the city is in a buyer’s market. The median list price is $525K and the price per square foot is $295.
Huntsville, Ala.
The home of the legendary Space Camp and the U.S. Space & Rocket Center, Huntsville is an aerospace hub that attracts workers from all over the world, making the city a favorite for foodies, arts and diversity enthusiasts. It was voted as #1 in Best Places to Live, #3 Cheapest Places to Live and #16 in Fastest Growing Places to Live. On a side note, it’s home to the humorously named minor league baseball team, the Rocket City Trash Pandas. Warm year-round weather sets the stage for numerous outdoor events, including food truck rallies to the delight of residents. Nearly one in three renters (29%) can afford to buy a median-priced home. Home prices rose 17.2% year-over year making the median listing home price is $339.9K. Sold home prices aren’t available, but the median listing home price per square foot was $162.
Jacksonville, Fla.
Situated in northeast Florida, near the Atlantic shoreline, Jacksonville is evolving into a culturally diverse, vibrant business center with plenty of bridges and roadways to get residents to the beaches and golf courses quickly. As #24 in the Best Places to Live and #35 in Best Places to Retire. Jacksonville has a long history of firsts and bests, from introducing the blues and rock and roll bands like the Allman Brothers, to the invention of the first personal computer. Jacksonville is affordable with a median list price of $314K, $192 per square foot, and median sold price of $285K.
San Antonio-New Braunfels, Texas
From the bustling restaurants lining the Riverwalk to the iconic Alamo, to the fun shopping and Tex-Mex cuisine at the Mercado, San Antonio is a popular destination to soak up Spanish and Old West heritages and for romantic getaways. It’s also home to SeaWorld San Antonio, Six Flags Fiesta Texas, and numerous festivals and fiestas, so tourism is a major part of the local economy. New Braunfels is a German heritage area known as one of the best places to live in Texas. The median home price is $300K and the price per square foot is $168. The MSA is currently in a buyer’s market and 27% of renters can afford to buy a home.
Knoxville, Tenn.
On the banks of the Tennessee River and close to Great Smoky Mountain national Park, Knoxville is a college town, home to the University of Tennessee. Outdoor enthusiasts will love the setting, emphasis on sports, new business and proximity to other cities like Atlanta, Nashville, and Chattanooga. The median home price is
$364.9K, up a whopping 19.5% year-over-year. The median listing home price per square foot was $194, and the median sold price was $322.5K.
