There are a lot of great places out there to invest in when it comes to real estate, but only a few are affordable places to buy property before the end of 2024. As the start of the second half of the year begins, you might want to start figuring out where the next location you want to put some money into is before December 31 rolls around.
According to a Re/Max National Housing Report published in May 2024, “Both inventory and new listings grew to levels not seen since the second half of 2022 … Monthly home sales in 2024 have now exceeded the 2023 monthly sales totals for four of the five months.”
What does this mean if you are looking to get in on some real estate for a reasonable price? GOBankingRates reached out to some experts to find out where it is affordable to buy property before 2024 ends.
Boise, Idaho
“The strong growth in tech and quality of life drive a very strong job market in Boise,” said Yosef Adde, a Realtor with eXp Realty and the founder of I Buy LA. “If that weren’t enough, it also has the largest share of very inexpensive home prices — making it attractive to first-time buyers and investors alike with its low property taxes.”
“It has a great outdoor lifestyle, a strong community and a growing tech industry,” said Andrew Fortune, a real estate brokerage owner and Realtor with Great Colorado Homes.
Cleveland
Cleveland “is up-and-coming when talking about infrastructure and community development,” Adde said. “Moderate property prices, with the promise of appreciation, make this city an extremely attractive market for any buyer looking for value and growth.”
San Antonio
San Antonio offers affordability coupled with a booming economy, according to Adde.
“The homes are cheaper than in other big Texas cities like Austin and Dallas,” Fortune said. The average home price is about $300,000. San Antonio has many jobs in healthcare, defense and technology. Many people are moving here, which means homes will be in demand for a long time. It’s a city with a strong economy, but not a lot of national attention.
“With a powerful military presence that creates a diversity of jobs, along with no state income tax, the city puts forth the perfect environment for property investment,” Adde said. “In addition, steady population growth secures stable demand [for] housing.”
Raleigh, North Carolina
“One of the major factors about Raleigh is the presence of the Research Triangle Park, a haven for tech and biotech companies,” Adde said. “With a booming job market, highly affordable housing and great quality of life, Raleigh is in high demand for property investing in the second half of 2024.”
Tampa, Florida
“Florida, in general, can be risky right now, as home prices are dropping in certain areas. Tampa has a strong market though,” Fortune said, noting that the average Tampa home price is around $320,000.
“Many people are moving to Tampa for its warm weather and job opportunities. This means home prices are likely to go up, making it a good place to invest in a home,” Fortune added.
With a growing economy, pushed by the finance, healthcare and tourism sectors, in addition to its desirable climate, Tampa has grown as a hotspot in affordable real estate, in Adde’s professional opinion.
“This is further enhanced by the ongoing urban development and the low cost of living that makes this city so attractive to homebuyers,” Adde said.
Indianapolis
According to Adde, Indianapolis boasts a strong rental market and low home prices.
“A diversified economy underpinned by a base of healthcare, education and manufacturing provides stability for property investments made in Indianapolis,” Adde said. “Low cost of living makes this city attractive both to the buyer and renter.”
Indianapolis “has one of the lowest costs of living among big cities in the U.S.,” Fortune said. “This makes it attractive to people looking to save money. Homes in Indianapolis are quite affordable, with an average price of about $250,000. This city is great for buying a home or even renting one out to make extra money.”
Des Moines, Iowa
“Des Moines offers very affordable prices combined with a dynamic job market,” Adde said.
“It is strong in business because of its insurance and financial services sector, which guarantees the constant development of the economy,” Adde explained. “Affordable housing and high quality of life are the main factors that make Des Moines very attractive for property investment.
“These locations not only offer affordability but also potential for appreciation and a high quality of life, making them ideal for property investment in the latter half of 2024,” he said.