Southern metropolitan areas are setting the stage for more affordable real estate and strong economic growth with an increasing population of young professionals and first-time buyers, Realtor.com reports. Hastened by remote work flexibility and a record-breaking housing market leaving few available options elsewhere, migrating Americans are finding hidden gems among southern markets with strongly anticipated home price appreciation.
The metro area reporting the greatest affordability is Spartanburg, SC, where estimated home values in the second quarter of 2021 fluctuated around $185,571, more than $100,000 below the national median. On the contrary, Dallas takes the spot for the most expensive metro area seeing major economic growth as home prices linger around $293,976, thanks to strong demand from incoming buyers.
The top 10 under-the-radar, more affordable real estate markets that are expected to see some strong home price appreciation are all below the Mason-Dixon Line, according to a recent report from the National Association of Realtors®. These are all places experiencing strong job, wage, and population growth and where homes are still affordable compared with local incomes and the rest of the country.
“They’re hidden gems because they have strong economies and strong job growth and lots of people are moving into the areas, which suggests prices should be higher. But they’re still affordable,” says Gay Cororaton, a senior economist at NAR. “So they’re hidden gems for now.”