Even though the real estate market has been in considerably bad shape since the end of the subprime mortgage crisis there are still flourishing markets in some specific cities throughout the United States. Buyer’s markets do in fact still exist, it is simply a matter of knowing where to buy. Five cities in particular are still enjoying a flourishing market, so if you are a buyer looking for a home or a buyer looking to invest and you do not mind making a long distance move, there may just be a market out there for you.
One of the cities boasting a flourishing real estate market is the Florida city of Panama City. The median home price there as of this year is $383,000, up from $223,000 in 2006. In that time the population has also jumped from 166,000 to 187,000 and the per capita income has grown from $31,000 to $40,200. The projected home price gain in a five year period for the area is 72 percent, a great outlook for sure.
Another Florida city also made the cut, and Vero Beach’s prospects are only a little less reassuring than those of Panama City. The median home price there is $386,000, which is up from $235,000 in 2006. The population in the city grew from 131,000 to 147,000 and per capita income grew from $44,400 to $51,200. In Vero Beach the projected five year home price gain is only a little bit lower than in Panama City, coming in at 64 percent.
Bridgeport, Connecticut is also home to a healthy real estate market, with a median home price of $784,000. This is a huge increase from 2006, at which time the median price was only $480,000. Population stayed fairly steady, increasing from 910,000 to only 934,000, but the per capita income rose from $70,000 to $87,000. Five year home price gains for Bridgeport, although not nearly as optimistic as Panama City, Florida, are projected to be somewhere around 63 percent.
Florida makes this list yet again with Lakeland coming in at the number four spot, with the median home price up to $282,000, from $178,000 in 2006. Population rose from 551,000 to 599,000, and per capita income from $30,200 to $39,100. The projected gain in home prices after a five year period is currently 59 percent, coming in at a close fourth place.
The fifth flourishing market when it comes to real estate is in McAllen, Texas which has a current median home price of $109,000, up from $70,000 in 2006. Population in the city has risen from 695,000 to 785,000 and the per capita income from $17,000 to $23,200. Although per capita income and median home prices are relatively low, the five year outlook regarding gains is still 57 percent, leaving it not to far behind Lakeland, Florida, which holds fourth place. Many people feel there is no hope regarding real estate investments right now but the truth is that it is all about finding the right market. And either of these five could be the right market for you.
Matt is a real estate agent interested in design, web software, flash templates and movies.