Think-Realty-Magazine-November-2018

MARKET ANALYSIS

Cleveland, Ohio

LOCAL MARKET MONITOR

Take a Chance on Me 10 MARKETS POSITIONED FOR FURTHER RECOVERY IN 2019.

POPULATION (2018)

HOME PRICE VS INCOME PRICE

JOB GROWTH RATE (LATEST)

JOB GROWTH RATE (1 YEAR AGO)

HOME PRICE INCREASE (LATEST)

LOCAL MARKET MONITOR

206,448

-16%

1.7%

0.7%

6%

Florence, SC

by Ingo Winzer

315,693

-19%

2.4%

0.9%

5%

Evansville, IN

ome places don't survive their original success. Think of the

more likely to find a new purpose than to shut down. A decade after the recession that hit especially hard in older manufacturing towns, we can detect signs of renewed life in these ten markets, that will boost the value of local real estate, both sin- gle-family and rentals. Home prices in these markets are low compared to the "income" price, which means there's plenty of upside; jobs are increasing at a good pace - and much better than a year ago; and the (quite modest) increase in home prices in the past year means demand is again growing.

You take a chance investing here. You won't see rapid returns, and location is extremely important, but the downside is small, and the cost is very reasonable. These markets aren't “sexy” yet, but that may be something to brag about. •

S

752,157

-16%

1.5%

0.5%

5%

Greensboro, NC

mining and cattle towns of the West, or the old industrial centers of Upstate New York. However, a lot of cities go through cycles of rebirth. For example, Seattle went from lumber to aircraft to hi-tech. Smaller towns still face problems if a big employer leaves, but the large investment in modern infrastructure in mid-sized cities, such as health- care facilities, schools, transportation networks, retail outlets, and the social spending that comes from state and fed- eral governments, means they're much

981,005

-15%

2.8%

0.8%

4%

Tulsa, OK

2,060,810

-21%

2.3%

0.4%

4%

Cleveland-Elyria, OH

313,749

-22%

1.5%

0.7%

4%

Columbus, GA

Ingo Winzer is president of Local Market Monitor, which analyzes conditions in 300 U.S. markets, using such econom- ic data as home values and growth in employment and population. Winzer, who

704,243

-27%

1.7%

0.3%

3%

Akron, OH

838,972

-15%

2.1%

0.6%

3%

El Paso, TX

has analyzed real estate markets for more than 20 years, was a founder and executive vice president of First Research, an industry research company that was acquired by Dun & Bradstreet in March 2007. He is a graduate of MIT and holds an MBA in finance from Boston University. Winzer resides in Cambridge, Mass. www.localmarketmonitor.com.

442,867

-18%

1.7%

0.7%

2%

York-Hanover, PA

558,166

-23%

2.7%

1.1%

2%

Scranton, PA

Source :: Local Market Monitor, 2018

94 | think realty magazine :: november 2018

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