4 Cities Where Homes Could Earn $1 Million or More in Equity in 10 Years
Written by
G. Brian Davis
Edited by
Amen Oyiboke
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It’s rare for a home to appreciate by a million dollars in just ten years. But it does happen.
“Appreciation relies on the interaction of population growth and mobility, job market growth, availability of housing, and other complex variables in the economy,” said Real Estate Developer Lily Huang, founder of Grand Sea Building. “And they’re all subject to drastic and unpredictable changes over a decade.”
Even so, some cities look more likely to offer that rare seven-figure appreciation than others. Keep an eye on these cities that could surge over the next decade.
Colorado Springs, Colorado
- Average Home Price: $449,746
People love living on the Front Range of Colorado. The eastern edge of the Rockies offers easy access to the mountains for hiking, biking, and winter sports, without being in the midst of them.
Colorado Springs’ home prices have lagged behind those of its northern neighbors, including Denver, Boulder, and Fort Collins. Investor and software founder Jonathan Garini, at FifthElement.ai, lives in Colorado and is currently exploring investment properties in the Broadmoor area.
“With lower buy-in costs, an expanding military and defense technology sector, and spillover demand from Denver, it’s becoming a premier mid-market investment zone,” Garini said. “The trick is to buy in neighborhoods with good infrastructure momentum — near transit lines, new commercial developments, or improved zoning for local schools.”
Austin, Texas
- Average Home Price: $504,043
Austin exploded in value during and after the pandemic, but property prices outpaced local supply and demand fundamentals. Home prices have since dropped 6.5% over the past year, according to Zillow.
That creates an opportunity for savvy buyers to seek out motivated or distressed sellers and score a deep discount. In turn, that makes it more likely for them to see their home pop by $1 million over the next decade.
“We’ve seen demand leaps in some Sun Belt markets, including regions in Florida, Texas, and Arizona,” said Huang. “Cities like Austin have popularized themselves due to job growth and overall lower cost of living compared to coastal hubs.”
Boca Raton, Florida
- Average Home Price: $545,862
Boca Raton serves as a similar example, where surging demand caused home prices to temporarily get ahead of local fundamentals. That’s created some market softness right now, with home prices dipping 3.9% over the last year.
Alex Mendel works as a real estate agent in the region with the Keller Williams Mendel Group, and raves about Boca’s growth. “While short-term market shifts may affect appreciation, long-term growth is supported by the area’s prime location, pleasant weather, tax benefits, and increasing prestige. The best appreciation opportunities are found where lifestyle, location, and long-term demand merge, and Boca Raton checks these boxes.”
Jupiter, Florida
- Average Home Price: $680,450
Continuing the theme of Sun Belt markets that got out over their skis a little too far, Jupiter home prices have also pulled back 3.9%.
As the real estate broker with local Echo Fine Properties, Jeff Lichtenstein works in the region daily. “Prices in some neighborhoods have tripled or quadrupled over the past 25 years. These aren’t homes on the water; $2 million is the new $1 million in Jupiter today,” said Lichtenstein.
The pleasant weather, oceanfront living, lack of income taxes, and blossoming cultural amenities all conspire to boost Jupiter’s odds of booming.
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