A new report by GoBankingRates identified nine cities where home values may rise above the national median price, now $231,000, due to yearly gains of +2.8%. Those cities are most likely to be located in Florida, the Midwest and Texas.

The report stated, “While the idea of affordable housing in an urban center isn’t plausible for plenty of Americans living in the Midwest and South, other areas are rapidly changing as well.”

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Let’s take a look at these 9 cities:

  1. Charlotte NC – Charlotte is seeing rapid growth and a huge influx of people moving to its city center for economic opportunities. Because of this rapid growth and more people, housing inventories are struggling to meet demand and prices are expected to rise.
    1. When – 2020
    2. 2019 home value – $230,300
    3. Projected home value in 2020 – $239,780.42
    4. One-year projected growth rate – +4.12%
  2. Spokane WA – Spokane is the only city featured in this report that is near the Pacific Coast and one of the few cities in this report that is outside of the South.
    1. When – 2020
    2. 2019 home value – $221,600
    3. Projected home value in 2020 – $238,336.99
    4. One-year projected growth rate – +7.57%
  3. Petersburg FL – St. Petersburg has always been a strong vacation destination. Couple that draw with a strong job market and a great location along the Gulf Coast and the Tampa Bay.
    1. When – 2020
    2. 2019 home value – $226,800
    3. Projected home value in 2020 – $238,336.99
    4. One-year projected growth rate – +5.09%
  4. Irving TX – Irvine is considered to be more affordable than Dallas and Ft. Worth however now new jobs are being created here by the city’s proximity to the Dallas-Ft. Worth airport.
    1. When – 2021
    2. 2019 home value – $223,700
    3. Projected home value in 2021 – $246,457
    4. One-year projected growth rate – +4.96%
  5. Port St. Lucie FL – Located between Miami and Orlando, the beaches of Port St. Lucie attract second homeowners and snowbirds.
    1. When – 2021
    2. 2019 home value – $227,400
    3. Projected home value in 2021 – $246,261.12
    4. One-year projected growth rate – +4.06%
  6. Lawrenceville GA – Lawrenceville is a suburb 30 miles from Atlanta. Jobs and local economic development at its local Gwinnett County Airport are spurring housing demand.
    1. When – 2021
    2. 2019 home value – $225,100
    3. Projected home value in 2021 – $245,205.51
    4. One-year projected growth rate – +4.37%
  7. Rochester MN – Rochester is often included on Best Places to Live lists. The city boasts a strong job market, developed infrastructure and is the home of the Mayo Clinic.
    1. When – 2021
    2. 2019 home value – $228,500
    3. Projected home value in 2021 – $244,466.11
    4. One-year projected growth rate – +3.43%
  8. Grand Prairie TX – Grand Prairie is definitely included in price rises within the Dallas-Ft. Worth area.
    1. When – 2023
    2. 2019 home value – $2145,900
    3. Projected home value in 2023 – $263,209.76
    4. One-year projected growth rate – +5.2%
  9. Kissimmee FL – Kissimmee is a beneficiary of Disney World.
    1. When – 2023
    2. 2019 home value – $221,300
    3. Projected home value in 2023 – $258,388.64
    4. One-year projected growth rate – +3.95%

 

Thanks to InmanNews’ Veronika Bondarenko for source data.

Also read: Recession “Real” Possibility in 2020