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The recently released Emerging Trends in Real Estate 2016 report from PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI) suggests that established hubs like New York and Washington, D.C. are losing steam, and developing cities in quieter markets may well be on their way to becoming the next great American metropolises.
Emerging Trends in Real Estate is a highly esteemed “trends and forecast publication” providing housing industry projections for the U.S. and Canada. For this year’s installment, PwC and ULI interviewed 404 people and received survey responses from 1,465 housing industry professionals.
One survey respondent affirms, “2016 is the year of the secondary and tertiary markets. They continue to be more attractive on a relative opportunity basis than some of the gateway cities. Gateway cities, we know, are places people want to be, but we are thinking of cities like Nashville, Charlotte, Indianapolis, Louisville, Portland, Austin, Raleigh, Durham. These cities continue to attract lots of people. There are a lot of places that people love to live and work; they are manageable environments and have a better value proposition.”
Budding job markets and better home affordability are just two factors driving Americans to these growing cities. Judged on investment, development and homebuilding activity, the top 10 most lively real estate markets in the United States are:
- Dallas/Fort Worth
- Austin
- Charlotte
- Seattle
- Atlanta
- Denver
- Nashville
- San Francisco
- Portland, OR
- Los Angeles
These results show that the tide is always turning and business can sprout anywhere. It is crucial to remain attune to industry developments in order to take advantage of new business opportunities. While it’s these cities that are currently projected to boost the housing economy, tomorrow it might be yours, and you must be prepared when that challenge arrives.
To read the PwC and ULI report in full, please click here.