15 Cities To Buy a Home Right Now if You Want To Make Money When You Sell
While housing experts attempt to predict if home prices will finally become affordable in 2023, record-high inflation rates have already caused a lot of damage. Many consumers have soured on the idea of purchasing a home amid prices and mortgages for available houses that continue to soar.
It will be interesting to see how persistent Federal Reserve interest rate hikes will influence home prices and the housing market overall this year, but there are certain areas in the United States where selling a home can make you a tidy sum. The findings of one new study are clear: If you want to make money selling your home, consider buying in Texas.
According to a study by the financial advice site SmartAsset, of the 15 cities rated the best housing markets for growth and stability, all but six are in Texas, with six Lone Star spots making the top 10 (in case you’re wondering, no city from Michigan or Ohio made the top 100).
To rank the best and worst housing markets for growth and sustainability, SmartAsset clocked data from 400 metropolitan areas throughout the U.S. for every quarter between 1998 and 2022, measuring them on two benchmarks: Overall home price growth (the total growth in home prices during the 25-25 study window) and stability (the incidence of homeowners experiencing a significant price decline, 5% or more, at any point in the 10 years after they bought their home).
According to Redfin, in February, home prices in Texas were down 0.7% compared to last year, selling for a median price of $335,500. But the state’s proximity to oil and gas reserves and strong tourism and business opportunities have led to many municipalities with homes that have significantly increased in value, without much historical chance of losing that value, over the past 25 years.
Benefitting from a growing population — which almost doubled in the last two decades — encouraged by the presence of high tech successes like Amazon, Apple and Tesla, the 2023 Best Housing Markets for Growth and Stability study has the Greater Austin metropolitan area at #1.
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“The Austin-Round Rock-Georgetown metro area ranks No. 1 overall, thanks in large part to home values that have skyrocketed in the last 25 years,” SmartAsset reports. “Between 1998 and 2022, home prices increased by 353.92%, the most cumulative growth in our study, without much downside.”
Here are the 15 best housing markets for growth and stability in the U.S., according to SmartAsset:
15. San Angelo, Texas
- Overall Home Price Growth Since 1998: 195.11%
- Stability: 0.00%
14. Fort Worth-Arlington-Grapevine, Texas
- Overall Home Price Growth Since 1998: 201.68%
- Stability: 1.00%
13. Waco, Texas
- Overall Home Price Growth Since 1998: 196.93%
- Stability: 0.00%
12. Bismarck, North Dakota
- Overall Home Price Growth Since 1998: 198.19%
- Stability: 0.00%
11. Billings, Montana
- Overall Home Price Growth Since 1998: 198.53%
- Stability: 0.00%
10. Houston-The Woodlands-Sugar Land, Texas
- Overall Home Price Growth Since 1998: 203.90%
- Stability: 0.00%
9. San Antonio-New Braunfels, Texas
- Overall Home Price Growth Since 1998: 204.11%
- Stability: 0.00%
8. Dallas-Plano-Irving, Texas
- Overall Home Price Growth Since 1998: 213.13%
- Stability: 1.00%
7. Odessa, Texas
- Overall Home Price Growth Since 1998: 226.49%
- Stability: 3.00%
6. Rapid City, South Dakota
- Overall Home Price Growth Since 1998: 208.90%
- Stability: 0.00%
5. Kennewick-Richland, Washington
- Overall Home Price Growth Since 1998: 211.07%
- Stability: 0.00%
4. Fort Collins, Colorado
- Overall Home Price Growth Since 1998: 224.17%
- Stability: 2.00%
3. Boulder, Colorado
- Overall Home Price Growth since 1998: 256.48%
- Stability: 1.00%
2. Midland, Texas
- Overall Home Price Growth Since 1998: 255.50%
- Stability: 0.00%
1. Austin-Round Rock-Georgetown, Texas
- Overall Home Price Growth Since 1998: 353.92%
- Stability: 2.00%
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