Real estate market analysis reveals the best U.S. cities for property investment in 2024
- A new study has revealed a ranking of the best cities for real estate investments in 2024, with Miami, Florida, ranking at the top.
- The ranking is determined by annual price growth for different property sizes, personal income, income growth, population growth, and search volume for real estate terms.
- Miami, Florida, boasts the highest 13% increase in the value of five or more-bedroom homes, making it the prime property investment location of the year.
A recent study has ranked the top ten U.S. cities for real estate investment in 2024, uncovering hotspots where property values are soaring, incomes are rising, and population growth is fueling demand.
The analysis, conducted by real estate experts Agent Advice, ranks U.S. cities based on nine key factors, including search volume for real estate terms, annual price growth for different property sizes, personal income, income growth, and population growth. The final index score, out of 100, was calculated by combining the factors, revealing the top real estate investment opportunities of the year.
- 1. Miami, Florida (Score: 80.17/100)
Taking the top spot, Miami is proving itself a goldmine for property investors, driven by rapid annual price growth across all property types—particularly a 13% surge in homes with five or more bedrooms. The city’s population growth rate is modest at 0.7%, but rising income levels (up 4.4%) are supporting strong real estate market demand in 2024.
- 2. Tampa, Florida (Score: 74.66/100)
Tampa claims second place thanks to a booming property market, with prices rising by more than 11% across all bedroom types. With a 2.7% increase in personal income, Tampa’s real estate sector is set to keep growing. Its location on the Gulf Coast, paired with a high quality of life, makes Tampa a prime investment choice, with more investors seeking to capitalize on its upward trajectory.
- 3. Charlotte, North Carolina (Score: 72.84/100)
Charlotte secures third place with its balanced growth across the board. The city has seen over 10% annual price growth for one-bedroom to three-bedroom properties, making it an attractive option for a variety of buyers. Charlotte’s population growth rate (1.8%) and increase in personal income (3.6%) add to its appeal, positioning this fast-growing city as a prime location in the booming Southeastern market.
- 4. Raleigh, North Carolina (Score: 69.68/100)
Raleigh ranks fourth, driven by property price increases exceeding 10% for one-bedroom to two-bedroom homes. Although its population growth is steady at 2%, the city’s high quality of life and a 3.2% rise in personal income per capita highlight its potential for strong returns, making Raleigh a prime spot for real estate opportunities.
- 5. Phoenix, Arizona (Score: 68.65/100)
Phoenix rounds out the top five, with impressive property price hikes, particularly for one-bedroom units at 11.5%. Its population is growing at a steady 1%, while personal income has risen by 3.9%. Phoenix’s urban development and affordable cost of living continue to attract both residents and real estate investors.
Top 10 U.S. Cities for Real Estate Investment in 2024
|
|
City |
Score/100 |
Annual price growth (one-bedroom) |
Personal income per capita growth rate |
Population growth rate |
|
1 |
Miami, FL |
80.17 |
9.4% |
4.4% |
0.7% |
|
2 |
Tampa, FL |
74.66 |
11.4% |
2.7% |
2.2% |
|
3 |
Charlotte, NC |
72.84 |
10.1% |
3.6% |
1.8% |
|
4 |
Raleigh, NC |
69.68 |
10.4% |
3.2% |
2.0% |
|
5 |
Phoenix, AZ |
68.65 |
11.5% |
3.9% |
1.0% |
|
6 |
Orlando, FL |
65.92 |
9.3% |
1.5% |
2.0% |
|
7 |
Austin, TX |
65.78 |
4.4% |
4.6% |
2.1% |
|
8 |
Nashville, TN |
64.45 |
7.8% |
5.0% |
1.5% |
|
9 |
Dallas, TX |
64.35 |
7.1% |
3.8% |
1.9% |
|
10 |
Jacksonville, FL |
64.01 |
9.2% |
3.2% |
2.2% |
- 6. Orlando, Florida (Score: 65.92/100)
Orlando’s robust population growth rate of 2%, alongside a nearly 10% rise in one-bedroom property prices, makes it a standout market for investors this year. Personal income growth may be more modest at 1.5%, but the city’s booming tourism and entertainment industries ensure continued demand for housing.
- 7. Austin, Texas (Score: 65.78/100)
Austin continues to attract investors with a 4.6% rise in personal income and steady population growth of 2.1%. While property prices have seen slower growth compared to other top cities, Austin’s strong job market positions it as an attractive long-term investment.
- 8. Nashville, Tennessee (Score: 64.45/100)
Nashville’s real estate market growth is supported by a 5% increase in personal income, the highest among the top ten cities, while property prices for homes with five or more bedrooms have seen an 11% increase. Nashville offers a compelling investment opportunity for those looking to capitalize on its ongoing development.
- 9. Dallas, Texas (Score: 64.35/100)
Dallas offers a balanced real estate market, with one-bedroom prices rising by 7.1% and population growth at 1.9%. With an average personal income of $70,493, the city remains attractive to investors.
- 10. Jacksonville, Florida (Score: 64.01/100)
Jacksonville rounds out the top ten, with a 9.2% annual price growth in one-bedroom properties and a solid population growth rate of 2.2%. The city’s affordable real estate market, coupled with a rising personal income of 3.2%, makes it an emerging market with strong potential for investors looking to enter at a low cost.
A spokesperson from Agent Advice commented on the findings: “These rankings highlight the diverse opportunities across the U.S. for real estate investors. While cities like Miami and Tampa have long been known for their real estate potential, emerging markets like Raleigh and Phoenix show that high returns can be found in less popular locations. Real estate investors should consider both the immediate price growth and the long-term economic and demographic trends when making decisions.”
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