2024 Real Estate Alert: 10 Cities Where Your Investment Could Double in Value

With a few exceptions, investing in real estate is almost always a good investment, whether or not you rent out a property for income or buy with the intent to sell after you’ve earned equity.

Some cities even promise such good returns that your investment could as much as double in value this year or in the near term. 

GOBankingRates spoke with real estate professionals about the top cities where your investment will pay off in spades.

Boise, Idaho might just be a great place to invest, according to Nyx Sherwin, CEO & Owner of We Buy 502.

“Boise, Idaho is already experiencing a considerable surge in demand for housing driven by a steady influx of out-of-state buyers drawn to the city’s high quality of life and relatively lower cost of living,” Sherwin said.

The average home value here is $462,151.

Shannon Feick, real estate agent and co-owner of ASAP Properties in Cincinnati, Ohio added that, “Boise’s appeal lies in its combination of affordable living, access to outdoor activities, and a strong job market, particularly in technology and healthcare.”

Another exciting place to invest is Raleigh, North Carolina.

Sherwin said, “With an expanding tech sector and a burgeoning millennial population, the city is seeing a real estate boom that is expected to continue.”

The average home value here is $427,565.

He added that the presence of “the famed Research Triangle Park” adds to its investment appeal.

Another city to consider for potentially doubling your investment is Louisville, Kentucky, Sherwin suggested. “There’s ample room for growth here with an affordable housing market that’s enticing for both new homeowners and investors.”

The average home value here is $229,026.

One city to jump on is Austin, Texas, Feick said, which has a great combination of economic growth and lifestyle appeal.

“Austin’s booming tech industry and cultural scene are attracting a growing population that is driving up demand for housing in a market that’s already seeing rapid price appreciation,” he added. 

The average home value here is $525,545 and is predicted to increase by 10.4% in the next year, according to Jonathan Faccone, managing member and the founder of Halo Homebuyers.

“This makes it a prime location for investors looking for a high return on their investment.”

Las Vegas is no longer just known for its entertainment and casinos, Faccone said. 

“The city has been experiencing a major housing boom with an influx of new residents and job opportunities and is currently at [an average home value of] $402,264 and projected to increase by 11.1% in the next year according to Zillow,” he explained. 

Additionally, he pointed out that Las Vegas has a cost of living that is 15.5% lower than New York City, for comparison. “This makes it an attractive option for investors looking for affordable properties with growth potential.”

Another city experiencing rapid growth, which is quickly becoming a top destination for real estate investments, is Phoenix, Arizona.

“The median home value currently stands at $416,595 and is expected to increase by 11.8% within the next year according to Zillow,” said Faccone. “The city offers affordable housing options compared to other major cities in the US like Los Angeles and New York.”

It also offers the best of Arizona: a warm climate, affordable cost of living and strong job market.

Peter Evering, business development manager at Utopia Property Management, explained that he has his sights set on Redding, California because home prices here have recently been projected to jump by 7.3% this year. 

“A lot of this is driven by the city’s relatively affordable cost of living and home prices (for now),” he continued. “It is also very accessible from major population centers like San Francisco, and especially Sacramento, which is currently experiencing a population boom of its own.”

The average home value in Redding is $378,664.

The Provo/Orem area is a fast-growing tech hub, home to companies like Qualtrics, Vivint and Ancestry.com, according to Judi Kutner, a licensed realtor and senior contributor at Virtual Staging. 

“The area is drawing lots of young professionals from bigger cities,” Kutner noted. “Housing inventory is low, so demand is outpacing supply. Provo/Orem real estate could easily double in value within the next two to three years.”

The vibrant, growing city of Madison, home to the University of Wisconsin, is another contender, Kutner said.

“The education and health services sectors are thriving,” she continued. “Madison offers an exceptional quality of life that’s attracting new residents. Housing demand exceeds supply, signaling room for values to rise 100% in the next five years.”

The current average home value in Madison is $359,889.

This Florida city benefits from a low cost of living, warm weather and a booming logistics industry, according to Kutner.

“Companies like Amazon and Wayfair have opened massive fulfillment centers there recently,” said Kutner. “Population and job growth remain very strong. I think Jacksonville real estate values could double within four to five years.”

The average home value in Jacksonville is $290,910.

All home values were sourced via Zillow and are accurate as of Feb. 28, 2024.