MARKET ANALYSIS
LOCAL MARKET MONITOR
Nashville, Tennessee
POPULATION (2018)
LOCAL MARKET MONITOR
JOB GROWTH RATE (2018) LATEST HOME PRICES VS INCOME PRICE AVERAGE HOME PRICE ($000)
1,273,568
3.5%
6%
-2%
292
Raleigh, NC
15 Markets with “Room to Grow”
974,861
2.9%
9%
0%
244
Fresno, CA
2,395,645
2.8%
10%
9%
251
Fort Worth, TX
THESE MARKETS ARE UNLIKELY TO BUBBLE OVER ANY TIME SOON.
2,426,363
2.7%
9%
3%
279
Charlotte, NC
935,536
2.3%
7%
-3%
284
by Ingo Winzer
Worcester, MA
1,830,345
2.2%
10%
8%
297
Nashville, TN
oumight not want to invest in Seattle or Denver or San Francisco right now. Home prices have been soaring in these markets and the local economies are flying high, but how much higher can they go before you get worried that a crash will eventually tank your investment? Some investors love to speculate; most don't. If you're looking for markets where prices are still moderate, are rising, and have a long way to go before they can be considered too high, consider the 15 markets we're listing here, along with these additional positive characteristics: Y
above the average. Home prices have been rising fast - but not too fast - which means demand for homes and rentals is good. GOOD PRICE-TO-INCOME RATIO Current home prices are either below the income price or just a bit above it - which means they can go quite a bit higher before there's even the mention of a bubble. As a bonus, the average home price in all of them is modest. You don't need a million dollars to buy a single property. And they're not all the usual suspects, like Raleigh, Charlotte, and Nashville. Worcester, Kansas City, and Greenville
aren't on most investors’ radar - yet. So, stay out of those tight cities with astronomical values and head for places where rentals are in demand and home prices have room to move! •
2,131,336
2.1%
8%
3%
320
Philadelphia, PA
832,327
2.1%
6%
-14%
208
Allentown-Bethlehem, PA
2,087,471
2.1%
8%
-3%
209
Kansas City, MO
1,038,583
2.1%
9%
-6%
198
Grand Rapids, MI
874,869
2.0%
8%
1%
233
Greenville, SC
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
5,710,795
1.9%
9%
-5%
250
Atlanta, GA
3,524,583
1.9%
7%
6%
272
Minneapolis-St. Paul, MN
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.
907,301
1.8%
6%
-4%
217
Albuquerque, NM
1,010,025
1.8%
7%
-5%
219
Tucson, AZ
ECONOMIC GROWTH In each, economic growth is well
Source :: Local Market Monitor, 2018
94 | think realty magazine :: october 2018
thinkrealty . com | 95
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