Top Picks: Discovering the Best Places to Invest in Real Estate in 2024

invest in real estate

As you seek the best place to invest in real estate in 2024, key market indicators should guide your decision. Our research takes you straight to the heart of the US real estate scene, uncovering where job expansions, population growth, and housing market advances converge to make certain cities standout investment opportunities. So, let’s get to the point.

The Top 10 US Cities for Real Estate Investment

America’s real estate market continues to provide numerous opportunities for investors and homebuyers looking to capitalize on favorable market conditions.

We’ve identified the top 10 US cities for investment in real estate in 2024. They present a mix of established metropolises and burgeoning hubs, each boasting unique factors that make them appealing to investors. Without a doubt, the following cities are the ones to keep an eye on:

  1. Atlanta, GA
  2. Austin, TX
  3. Tampa, FL
  4. Nashville, TN
  5. Raleigh, NC
  6. Denver, CO
  7. Charlotte, NC
  8. Boise, ID
  9. Columbus, OH
  10. Las Vegas, NV

From the vibrant business hub of Atlanta, Georgia, to the entertainment capital of Las Vegas, Nevada, these cities offer a diverse range of investment opportunities. They all share common traits: a robust economy, a thriving job market, and a rapidly growing population. We’ll examine each of these cities individually to understand what sets them apart in the current real estate market.

The prices below are sourced from Rocket Homes reports as of March 2024, while the employment data comes from the Bureau of Labor Statistics.

Atlanta, Georgia

real estate in atlanta

Atlanta, Georgia, stands out as a prime city for real estate investment. Its strong and diverse economy is driven by a wide range of industries, including finance, healthcare, logistics, and manufacturing.

The city serves as a major business hub in the southeastern United States, home to numerous Fortune 500 companies, regional headquarters, and startups. Atlanta’s economic resilience and continuous growth contribute to stable demand for real estate across different sectors.

The city has experienced significant population growth, which has further boosted the real estate market. With an average property price of $419,716, Atlanta offers affordable investment options in comparison to other major cities, making it a top choice for real estate investment in 2024.

Austin, Texas

Austin, Texas, represents the blend of a major city and a fast-growing hub. Its job market is expanding rapidly thanks to flourishing industries like technology, healthcare, and manufacturing.

The city is home to major tech companies, including Dell, IBM, Apple, and numerous startups, earning it the nickname “Silicon Hills.” This increase in job opportunities has led to a surge in demand for real estate assets.

The current average house price in Austin is $568,825, reflecting the city’s strong position in the real estate market. The rise in the young population has led to a substantial spike in home prices, presenting a lucrative opportunity for savvy investors.

Tampa, Florida

Tampa, Florida, is another city investors should consider. Manufacturing, logistics, and professional services have played important roles in the development of the local economy.

The city benefits from its strategic location, pro-business environment, and access to global markets through the Port of Tampa Bay. This economic dynamism has increased the demand for housing in this flourishing city.

The city’s population is experiencing consistent growth. One of the reasons for this is its relatively low cost of living compared to other major metropolitan areas in Florida. With an average property cost of $411,383, Tampa offers investors access to an attractive and affordable real estate market.

Nashville, Tennessee

Nashville, Tennessee, with its dynamic economy and vibrant culture, is an appealing option for real estate investors. The city’s job market expanded by 10.4% from 2020 to 2023, anchored by sectors like trade, transportation, and healthcare.

Its affordable cost of living and reputation as a center for music, healthcare, and higher education attract people from across the country and around the world.

The average housing price in Nashville is $525,101, offering investors a slice of this bustling metropolis at an affordable price point. The city’s strong job market and affordable housing make it an ideal location for investment.

Raleigh, North Carolina

Raleigh, North Carolina, has also drawn the attention of real estate investors. Its job market is anticipated to maintain stability in 2024, exhibiting a positive job outlook and an estimated job growth rate of 3.7%. This stable job market is helping to fuel demand for housing.

The city has experienced consistent population growth and was named one of the fastest-growing places in the United States in 2023-2024 by U.S. News & World Report. With a median home price of $425,075, Raleigh offers a robust real estate market for investors seeking potential investment opportunities.

Denver, Colorado

real estate in denver

Denver, Colorado, holds appeal for real estate investors. Home prices in Denver have been steadily rising over the past five years, a trend that’s expected to continue. The consistent rise in home values reflects a robust real estate market that’s ripe for investment.

The city offers a strong rental market, with the average apartment rent at $1,979. This high rental demand, driven by a growing population of millennials and young professionals who prefer renting over homeownership, coupled with the city’s stable economic growth, makes Denver an ideal place for real estate investment.

Charlotte, North Carolina

Charlotte, North Carolina, is undergoing swift expansion owing to its varied economy. Additionally, it offers an attractive quality of life for its residents. The economic factors contributing to the growth of real estate in Charlotte encompass:

  • A diverse range of industries and companies
  • A low unemployment rate
  • A growing population
  • High demand for housing in the urban core

The city is home to major financial institutions like Bank of America and Wells Fargo, as well as a growing number of tech startups and Fortune 500 companies. This economic strength translates into a stable job market and increased demand for residential and commercial real estate.

The real estate market is experiencing favorable growth, with the following indicators:

  • A 3.7% increase in March 2024’s median home sold price from the previous year to $409,486
  • A 1-year market forecast that anticipates a 1.2% rise in values
  • An average rental yield of approximately $1,653, which contributes to a steady rental income for property owners

These factors make Charlotte a great place to invest in real estate.

Boise, Idaho

With its balanced job market, affordable housing, and expanding population, Boise, Idaho, is an excellent destination for real estate investment. The city offers:

  • A robust job market
  • Affordable housing options
  • An expanding population
  • A strong and growing economy

Boise hosts major employers in industries such as technology (e.g., Micron Technology), healthcare (e.g., Saint Alphonsus Health System), manufacturing (e.g., Boise Cascade Company), and utilities (e.g., Idaho Power Company). These companies provide stable employment for thousands of residents and often attract skilled professionals from other regions, leading to increased demand for housing in the area.

The average house price in Boise for March 2024 is estimated to be $399,900. The rise in demand for real estate assets in Boise makes it an attractive location for those seeking potential investment opportunities.

Columbus, Ohio

Columbus, Ohio, with its robust economy, reasonable housing, and expanding population, is a prime choice for real estate investment. Finance, healthcare, and manufacturing industries have all contributed greatly to the city’s economic development. These industries are not only creating jobs but also boosting the demand for rental property.

The city has seen significant population growth, which has further boosted the real estate market. With an average property price of $278,846, Columbus provides affordable investment opportunities, making it a top investment destination in 2024.

Las Vegas, Nevada

Las Vegas, Nevada, is a desirable spot for property investors, and here’s why. The city’s job market has exhibited growth, marked by substantial increases in nonfarm employment, such as the addition of 1500 jobs in February this year. With the population steadily increasing, there is a constant need for housing.

The current average home price in Las Vegas is $408,990, which indicates its solid position in the real estate market. Additionally, the city’s strong tourism industry contributes to the demand for rental properties, making it an attractive option for investors looking to capitalize on both long-term and short-term rental markets.

Emerging Markets: Up-and-Coming Locations for Real Estate Investments

best places to invest in real estate

For investors looking to diversify their portfolios, emerging markets provide a new vantage point. These markets, often overlooked in favor of traditional hotspots, present promising opportunities due to their growing economies, affordable housing, and strong rental demand.

Two such markets that have emerged as bright spots on the real estate map are Spokane, Washington, and Durham, North Carolina. These cities are witnessing positive real estate trends, positioning them as potential investment hotspots for investors in 2024.

Spokane, Washington

Spokane, Washington, is an up-and-coming location for real estate investment. Here are some reasons why:

  • Expanding economy
  • Rising job opportunities in various sectors
  • Cost-effective housing market
  • High rental demand

The presence of major employers like Providence Health & Services, Washington State University Spokane, and Fairchild Air Force Base provides a stable job market, which in turn supports the demand for housing.

The city’s real estate market has experienced substantial growth, as evidenced by the consistent rise in average house prices. In March 2024, the median home price in Spokane surged to $392,597, marking an impressive 7.2% escalation from the preceding year.

Durham, North Carolina

Durham, North Carolina, is another emerging market for real estate investment due to its expanding population and advantageous real estate market conditions.

The presence of institutions such as Duke University, Research Triangle Park (RTP), one of the largest research parks in the world, and several pharmaceutical and biotech companies has fueled job creation and attracted skilled professionals to the area.

The city’s real estate market is displaying a degree of competitiveness. The average house price in Durham stood at $414,880 last month, reflecting a 2.1% increase from the previous year.

With a growing population of students, young professionals, and families, Durham has a strong demand for rental properties. Investors can benefit from steady rental income and potential appreciation of property values over time.

Key Factors to Consider When Choosing a Location for Real Estate Investment

Selecting the perfect location for real estate investment can be overwhelming, considering the multitude of factors that require assessment. As we’ve already mentioned, the most important factors to consider include:

  • Job market: A robust job market increases demand and profitability, making it a key indicator of a healthy real estate market.
  • Population growth: Population growth stimulates housing demand and has the potential to elevate property values.
  • Local housing market trends: Local housing market trends directly affect property values and can lead to lucrative investment prospects.

These factors should be considered when analyzing the real estate market.

Strategies for Successful Real Estate Investing

A strategic approach is essential for successful real estate investing. Whether you’re a seasoned investor or a novice, it’s vital to have a clear investment strategy. Some of the common strategies include:

  • Investing in rental properties
  • House flipping, i.e. buying a property with the intention of renovating or improving it, and then reselling it for a profit
  • REITs (Real Estate Investment Trusts) that allow individuals to invest in real estate assets without directly owning or managing properties
  • Crowdfunding platforms

Investing in rental properties, for instance, offers consistent cash flow, potential tax benefits, and the ability to use leverage to enhance the investment’s value. On the other hand, crowdfunding platforms allow investors to diversify their investments across various properties, regions, and asset classes, thereby reducing individual risk exposure. Choosing the right strategy depends on your financial goals, risk tolerance, and market knowledge.

How to Get Information About a Property’s Ownership, Sales History, Value, and Physical Characteristics

reverse address lookup

Before embarking on a real estate investment, you need to accumulate as much property information as possible. This includes details about owning real estate, such as:

  • Ownership
  • Sales history
  • Value
  • Physical characteristics

You can access crucial information through online real estate platforms, local property records, or real estate professionals.

Another option is reverse address lookup services, which aggregate data from multiple public sources, allowing you to search for property details. On Nuwber, for instance, you can get comprehensive information about a property’s previous and current residents, house type, value, mortgages, refinancing, and nearby properties.

It’s also important to evaluate key property characteristics such as durability, location, valuation, and potential cash flows when considering an investment property as a real estate investment.

Overcoming Challenges in Real Estate Investing

Like any other form of investment, real estate investing has its own set of challenges. These can range from:

  • property management issues
  • changes in market conditions
  • financing difficulties
  • legal and regulatory hurdles
  • unexpected repairs and maintenance costs

However, with a thoughtful approach, these challenges can be effectively overcome.

One of the key challenges in rental real estate investing is property management. Successful management of a property involves various elements such as:

  • Tenant retention
  • Maintenance issues
  • Legal complexities
  • Fostering positive tenant relationships

By addressing these aspects promptly and effectively, you can ensure that your real estate investment yields the desired returns.

Summary

In conclusion, 2024 presents a promising landscape for real estate investment. From established markets like Atlanta, Georgia, and Austin, Texas, to emerging hotspots like Spokane, Washington, and Durham, North Carolina, the opportunities are vast and varied. By considering key factors, such as population growth, job market strength, and local housing market trends, and overcoming potential challenges, you can navigate the thriving real estate market and secure profitable returns.

FAQ

Which real estate is best to invest in?

Commercial properties are considered one of the best types of real estate investments due to their potential for higher cash flow, longer leases, and lower vacancy rates. Consider investing in commercial properties for higher income potential.

What are some of the top cities for real estate investment in 2024?

Consider investing in real estate in cities like Atlanta, Austin, Tampa, Nashville, and Raleigh, as they are among the top cities for real estate investment in 2024.

What are some strategies for successful real estate investing?

To be successful in real estate investing, consider strategies like investing in rental properties, house flipping, REITs, and crowdfunding platforms. These methods offer various ways to diversify and grow your investment portfolio.

How can I get information about a property’s ownership, sales history, value, and physical characteristics?

You can gather information about a property’s ownership, sales history, value, and physical characteristics by utilizing online resources like Nuwber, real estate platforms, and local property records, or turning to real estate professionals.

What are some of the challenges in real estate investing and how can they be overcome?

To overcome challenges in real estate investing such as property management issues and market changes, you can implement effective management strategies and stay updated with market trends. This will help you navigate these challenges successfully.

Eugene Kirdzei
Eugene Kirdzei

Chief Technical Officer at Nuwber
With nearly two decades of experience in the IT industry, Eugene possesses comprehensive knowledge across his professional field, including in data management, data protection, and information search. Through his writing, he aims to provide valuable insights and practical advice on how to safely explore the online environment and leverage digital tools to enhance people’s lives.