Many markets are emerging as gold mines for growth, thanks to new homes, new residents and promising employment opportunities.
“The strength of the residential real estate market is closely correlated to growth in jobs and households," explains Jonathan Smoke, chief economist for realtor.com®, which recently ranked the “boom towns” striking it rich. “The good news for these markets is that these growth factors have already started to translate into new construction. At the same time, it may be a year or so before some markets on our list start to see an increase in inventory. If anything, this is a road map for where builders should be thinking about where to break ground next.”
The top 10 markets, according to realtor.com®, are:
1. Gilbert, Ariz.
(ZIP Code 85297)
• Largest Neighborhood: Power Ranch
2. Los Angeles, Calif.
(ZIP Code 90012)
• Largest Neighborhoods: Cultural, Elysian Park, Historic, Mission Junction
3. Dallas, Texas
(ZIP Code 75201)
• Largest Neighborhoods: Arts District, Downtown, Farmers Market, Uptown
4. Miami, Fla.
(ZIP Code 33132)
• Largest Neighborhoods: Downtown, Midtown, Seaport
5. Las Vegas, Nev.
(ZIP Code 89179)
• Largest Neighborhood: Mountain’s Edge
6. Seattle, Wash.
(ZIP Code 98121)
• Largest Neighborhood: Belltown
7. Rolesville, N.C.
(ZIP Code 27571)
• Largest Neighborhoods: Carlton Point, Cedar Lakes, Rolesville
8. Brooklyn, N.Y.
(ZIP Code 11249)
• Largest Neighborhood: Williamsburg
9. Chicago, Ill.
(ZIP Code 60603)
• Largest Neighborhoods: Downtown Chicago, The Loop
10. Atlanta, Ga.
(ZIP Code 30363)
• Largest Neighborhood: Atlantic Station
Published with permission from RISMedia.