6 Best Cities To Buy Property in the Next 5 Years, According to Real Estate Agents

Over the course of the next five years, some real estate markets are going to go bust and some are about to boom. If you are thinking about i nvesting in property — whether residential or commercial — you might want to get in on a few cities that are expected to be great investments through 2029.

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GOBankingRates asked a few real estate agents to weigh in and give their top picks for the best cities to buy property in the next five years.

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6. Austin, Texas

“If you are talking about a period of five years, Austin has to be at the top of the list,” said Scott Orich, an agent at Flyhomes . “The city’s 12-year streak as the fastest growing large metro in the US ended in 2023, but the Texas boomtown looks poised to recapture the title in 2024.”

“Austin also has room for expansion, admittedly less so than before, but it’s still there,” Orich described. “Just as important, Austin is winning the PR battle, from the tangible benefit of having Tesla relocating its headquarters, to the less tangible, of Hollywood celebrities flocking from Los Angeles.”

5. Salt Lake City, Utah

Dubbed the ‘Silicon Slopes,’ the great Salt Lake region was one of the fastest growing job markets last year, according to Orich.

“Local area experts credit ‘work from anywhere’ pandemic conditions for the initial spike, but very quickly both employees and corporations realized Salt Lake could accommodate their pre-pandemic lifestyle and business needs at lower cost than the Bay Area, Los Angeles, Seattle, etc.,” shared Orich.

“The Salt Lake region has room to grow and similar appeal to many of its more expensive counterparts,” Orich added.

4. Seattle, Washington

“Seattle and the ‘Eastside suburbs’ saw a major home appreciation spike during the pandemic, but unlike in San Francisco, Austin or Miami, prices never significantly reset like they did in those cities,” Orich explained.

“This makes Seattle the ‘steady’ bet of this list,” Orich continued. “If you can deal with the winter gloominess, the greater Seattle region offers a combination of access to high paying jobs and proximity to the outdoors that’s hard to beat. The region is also largely built out today, so the risk of a major home price depreciation is unlikely. High cost of entry, but steady and predictable appreciation awaits.”

3. Nashville, Tennessee

“Nashville has become a top destination for both tourists and residents alike in recent years,” said Robert Fausette, the founder and CEO of Revival Homebuyer .

“The city’s vibrant music scene, growing economy, and low cost of living have contributed to its popularity as a place to live and invest in property,” Fausette continued, pointing out that the average home price in Nashville is currently at around $350,000, which is relatively affordable compared to other major cities.

In Fausette’s estimation, as the city continues to attract new businesses and residents, property values are expected to increase over the next decade.

“Nashville’s strong job market and quality of life make it an attractive option for both investors and homeowners,” shared Fausette. “With a lower average home price compared to other hot markets, now is a great time to invest in properties in this growing city.”

2. Las Vegas, Nevada

“The region has been rapidly growing, and while numbers might have slowed as of late, buyers and residents should be bullish on the city’s trajectory,” stated Orich.

“The average home price in the city currently stands at around $300,000, which is significantly lower than other major cities like New York or San Francisco,” highlighted Fausette. “This makes it easier for investors to enter the market and see a return on their investment in a shorter period of time.”

“A large part of the success is that the perception of the city is changing,” noted Orich. “No longer just an entertainment destination, Las Vegas is starting to be recognized as a great place to raise a family. The city is growing up in front of our eyes, with all the resources of a major metropolitan.”

1. Detroit, Michigan

“Rounding it out with a pure affordability play and the nation’s most affordable city to buy a home, Detroit,” offered Orich.

“This suggestion is more of a wildcard because we’re talking about a volume play. Detroit is a city that will appeal much more to a multi-family investor than a prospective homebuyer,” said Orich.

“Detroit has seen a resurgence recently, and studies have shown the area’s abundance of natural resources will position the city well to deal with the effects of global warming,” Orich highlighted.

This article originally appeared on GOBankingRates.com : 6 Best Cities To Buy Property in the Next 5 Years, According to Real Estate Agents