Want to make a profit on your next home? Realtors say you should buy in these ten neighborhoods where prices are set to soar next year
Homeowners in a neighborhood of Rio Grande City, Texas, are expected to see their property values increase by 12.3 percent over the next year, nearly three percent more than anywhere else in the country.
The area, located just north of the Texas-Mexico border, was ranked as the best place to buy in 2023 based on home price growth in a new study from SmartAsset.
It was followed by two others in Knoxville, Tennessee and North Miami, Florida, where homes will increase in value by 9.5 and 8.8 percent, respectively.
The projections were calculated using Zillow data. They looked at 2,000 zip codes across the country for changes in home values between July 2023 and July 2024.
About 80 percent of the fifty largest expected increases in house prices will take place in the South. Some of the cities included: Winston-Salem, North Carolina; Athens, Georgia; Myrtle Beach, South Carolina; Savannah, Georgia and Charlotte, North Carolina.
Main Street in Rio Grande City, Texas, where homeowners are expected to see their homes increase by 12.3 percent over the next year
Two zip codes in Knoxville, Tennessee (pictured) were forecast to see home values increase by 9.5 and 8.3 percent
Exceptions in the top 20 neighborhoods included Post Falls and Twin Falls in Idaho, which are expected to see growth of 8.2 and 7.9 percent, as well as Muskegon, Michigan, where homes are expected to increase in value by 8.6 percent will rise.
A handful of New York City neighborhoods are expected to grow by 7 percent or more by next summer. These include Fort George, Jamaica and Washington Heights.
In some affluent neighborhoods, the average home value was so high that an increase in value of about 5 percent translates into a value increase of about $100,000.
In Carmel Valley, San Diego, the projected 5.3 percent growth on the current $1.85 million home would lead to an average price increase of $98,382.
The forecasts were generated using Zillow’s Home Value Forecast (ZHVF) metric, which considers the values of homes in the 35th to 65th percentile range and takes into account mortgage interest rates, property taxes, construction costs, loan quality and the amount of stock on the home. the market.
Another two zip codes in North Miami, Florida (pictured) were forecast to see home values rise by 8.8 and 8.5 percent, respectively
In Muskegon, Michigan (pictured), homes are expected to increase in value by 8.6 percent
Real estate agent Portland real estate previously used Zillow data to reveal the states where it takes the longest to sell a house.
Hawaii is the state where it takes the longest to sell your home, it has been found, with properties spending an average of 65 days on the market.
Louisiana is second on the list – with 60 days – while Mississippi comes in third with an average of 58 days.
According to the study, the metropolitan area in Hawaii where residents have the most difficulty selling their homes is Kapaa, a small town on Kauai with an estimated population of about 11,000. Here a house was for sale for an average of 101 days.
In Louisiana, homes take the longest to sell in the historic city of Opelousas, spending an average of 87 days on the market.
In Greenwood, Mississippi, residents have the most difficulty selling their homes, with properties typically sitting on the market for 120 days – more than double the average in the rest of the state.
Tied for fourth place are New Mexico and Florida, where it takes the average homeowner 55 days to sell – 13 days longer than the national average.