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Kansas City Housing Market: Prices, Trends, Forecast 2022 & 2023

January 6, 2023 by Marco Santarelli

Kansas City Housing Market

The Kansas City housing market is hot and in many ways the envy of housing pundits on both coasts. Home price growth is slowing, but the supply of housing still remains low (less than two months). The residential housing market across the Greater Kanzas City Region remained strong last month according to the latest data from the Kansas City Regional Association of REALTORS® (KCRAR). In October 2022, the average sale price increased by 9.8% to $339,575 while the number of sales was down 23.9% from last year.

Homes sold in an average of 28 days and for 98.1 percent of their initial asking prices indicating that homes are selling for more than the sellers' asking prices. The Kansas City real estate market was already competitive before the coronavirus, with Kansas City home prices rising faster than most U.S. cities.

A lack of inventory across the metropolitan area is the biggest driver of the rising prices. In Kansas City, there are only about 1.7 months of supply of available homes for sale — which is an indicator of Kansas City being a strong seller's real estate market. In the real estate market in and around Kansas City, Missouri, there is still significantly more demand than there is supply. The market will continue to be hot as long as the supply of available homes for sale remains low and mortgage rates remain near historic lows.

Kansas State Housing Market Trends

Kansas City is also in the state of Kansas. It is the third-largest city in the U.S. state of Kansas, and the county seat of Wyandotte County. The following housing market trends are the state of Kansas and the Kansas city located there. “While demand has slowed in recent months, tight inventories remain a problem,” said Kansas Association of REALTORS® president Andrew Mall with Link Realty in Prairie Village. “At the end of September, there were half as many homes available for sale as there were at the same time back in 2019.”

September 2022 Kansas Market Highlights

  • Home sales in Kansas fell by 16.1% in September 2022 compared to the same period last year.
  • National sales fell with sales falling 23.8% over 2021.
  • Home prices continue to increase across the state.
  • The statewide average sale price in September was $283,509 an 8.2% increase compared to last year.
  • Midwest prices rose 6.9% and US prices rose 8.4%.

Kansas City, Kansas home values will end the year up 13.8 percent and then rise by another 6.5 percent next year according to the 2023 Kansas City Housing Forecast published by the Wichita State University Center for Real Estate.

Home prices: The frenzied demand that characterized the market through the early part of this year appears to have eased. Nevertheless, extremely tight inventories will continue to put upward pressure on home prices. Kansas City values should end the year up 13.8 percent before slowing to 6.5 percent in 2023.

Home sales: Total home sales in the Kansas City area should end the year down 8.3 percent at 41,940 units due to a combination of a lack of inventory and softening demand. Sales activity should rebound in 2023, rising 5.6 percent to 44,290 units.

Construction: Single-family permitting activity in the Kansas City metropolitan area slowed over the first half of this year due to supply chain issues and labor shortages. Kansas City should end the year with 6,295 single-family permits, down 10.7 percent from 2021. Permitting activity should drop again slightly in 2023, falling 1.7 percent to 6,185 units.

Missouri Housing Market Trends

According to Redfin, home prices in Missouri were up 7.3% year-over-year in September. At the same time, the number of homes sold fell 7.3% and the number of homes for sale fell 0.84%. Homes in Missouri were selling for a median price of $243,700. On average, the number of homes sold was down 7.3% year over year and there were 8,050 homes sold in September this year, down from 8,671 homes sold in September last year. The median days on the market was 22 days, down 4 days year over year. The average months of supply is 2 months, flat year over year.

The Top 5 Metros in the Missouri Housing Market which have the Fastest Growing Sales Price:

  • Lemay, MO (+33%)
  • Cape Girardeau, MO (+32.4%)
  • Parkville, MO (+28%)
  • Maryland Heights, MO (+25.6%)
  • Waynesville, MO (+23.7%)

Missouri REALTORS® Market Statistics is a monthly statistics report produced by Missouri REALTORS® which includes a statewide video and market summary.

Missouri Year-to-date Figures

  • The Median Residential Property Selling Price (YTD) was 240,000, up 10.9% year-over-year.
  • The number of Listings from Reporting MLSs was 10,338 in September 2022.
  • The number of Residential Properties Sold (YTD) was 65,245, down -9.5% year-over-year.

Missouri Year-to-Year Detail Comparison – September 2022

  • The Number of Homes Sold was 7,609, down 15.6% year-over-year.
  • The Number of Days on the Market was 30, down 20% year-over-year.
  • The Average Selling Price was $287,227, up 8.1% year-over-year.
  • The Median Selling Price was $243,000, up 8.0% year-over-year.
  • The Monthly Dollar Volume was $2,185,507,628, down 8.8% year-over-year.
Missouri Housing Market Report
Source: Missouri REALTORS®

Kansas City, Missouri Housing Market Report

Located on the Missouri River at the confluence with the Kansas River, the city is contiguous with Kansas City, Kansas. But most of Kansas city lies within Jackson County, Missouri. A large, prosperous, self-sufficient, and culturally rich city, it is no wonder why it has seen a continuous rise in its employment, directly impacting the local real estate.

Here are the Greater Kansas City housing market statistics for October 2022 as reported by the Kansas City Regional Association of Realtors (KCRAR).

  • In the Greater Kansas City housing market, the average sales price is up +9.8% to $339,575.
  • Home sales in the Kansas City area totaled 3051 units in October, down 23.9 percent from the same month in 2021.
  • Pending sales were also down by 30.1% to 2770 properties being under contract.
  • Homes that sold in October were on the market for an average of 28 days and sold for 98.1 percent of their original asking prices.
  • The number of active listings increased by 17% year-over-year, which makes the supply equal to 1.7 months (up 30.8% YoY).
  • Months' supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.
  • It is a good indicator of whether a real estate market favors buyers or sellers, and Kansas City is a seller's market.
Kansas City Housing Market Trends
Credits: Kansas City Regional Association of Realtors (KCRAR)

Kansas City, MO Real Estate Market Forecast 2022 and 2033

Kansas City's housing market is one of the most affordable in the nation. It is one of the hottest real estate markets for affordable rental real estate investment. What are the Kansas City real estate market predictions for 2022 & 2023? Based on the FHFA all-transactions home price index (2022 Q2), in Kansas City, MO-KS, house prices rose 14.9% over the past year and rose 2.5% over the last quarter. The cumulative change in the home price index since 2007 is 89.6%.

The Kansas City metro area ranks 62 in FHFA HPI® Top 100 Metro Area Rankings based on the 2022 Q2 home price index. The FHFA home price index measures the average change in home values within a market over time. The index for the Kansas City MSA covers all of the fifteen-county Kansas City metropolitan area, spanning both Kansas and Missouri.

  • According to NeighborhoodScout's data, the cumulative appreciation rate in Kansas City over the ten years has been 95.50%.
  • This equates to an annual average Kansas City house appreciation rate of 6.93%.
  • Kansas City ranks in the top 30% nationwide.
  • During the twelve months, from 2021 Q2 – 2022 Q2, Kansas City's appreciation rate was at 12.30%.
  • Kansas City real estate appreciation rate in the quarter, from 2022 Q1 – 2022 Q2, was at 4.00%, which equates to an annual appreciation rate of 17.01%.

Since the last twelve months, the typical home value in Kansas City metro has appreciated by nearly 11.3% — Zillow Home Value Index. ZHVI represents the whole housing stock and not just the homes that list or sell in a given month. The typical home value of homes in the Kansas City metro is currently $289,729. It indicates that 50 percent of all housing stock in the area is worth more than $289,729 and 50 percent is worth less (adjusting for seasonal fluctuations).

Kansas City has been a seller’s real estate market, which means that there exists a limited supply of homes in Kansas City, and buyers are forced to compete often resulting in higher prices and/or quicker sales that tend to benefit sellers. In other words, based on the last month’s key housing market indicators, the demand is exceeding the supply, giving sellers an advantage over buyers in price negotiations. There are fewer homes for sale than there are active buyers in the marketplace.

As of now Kansas City home prices have reached the highest level in years and upward pressure is expected to continue into the next year even if there is a marginal increase in homes for sale. The inventory can dwindle in 1.7 months if no new homes are listed. High demand will bolster the home-buying market and continue pushing up home price growth even when mortgage rates have topped 7%.

  • Kansas City Metro home values have gone up 11.3% over the past year.
  • Zillow predicts they will rise by 2% between October 2022 to October 2023.
Kansas City Housing Market Forecast
Credits: Zillow

These numbers can be positive or negative depending on which side of the fence you are — Buyer or Seller?  In a balanced real estate market, it would take about five to six months for the supply to dwindle to zero. In terms of months of supply, Kansas City can become a buyer’s real estate market if the supply increases to more than five months of inventory. As of now, Kansas City real estate market remains strong and skewed to sellers, due to a persistent imbalance in supply and demand.

For buyers in Kansas City Area: Interest rates have made many people consider buying during the pandemic but they are rising now. FreddieMac reported the average 30-year fixed mortgage rate was 6.90% in October 2022. The challenge for buyers will be getting qualified for a loan as well as bearing the burden of higher EMI.

For sellers in Kansas City Area: As there are less than two months of supply of properties for sale at a given time, this has created a market that greatly favors sellers. It’s a good time to sell a home. In conclusion, we can say that it is a strong seller's market seen by far, and won't be any major dip in home values for the foreseeable future. The tight Kansas City real estate market here mirrors wider national housing market trends.

Kansas City, MO Real Estate Investment Overview

Is Kansas City a Good Place For Real Estate Investment? Many real estate investors have asked themselves if buying a property in Kansas City is a good investment. You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2023.  Kansas City is the largest city in the U.S. state of Missouri, famous for its distinct barbeque cuisine and jazz heritage. Also nicknamed the City of Fountains, Kansas City is now emerging as a growing market for real estate investments.

When we refer to the Kansas City housing market, it comprises the Kansas City metropolitan area, which is a bi-state metropolitan area anchored by Kansas City, Missouri. Its 14 counties straddle the border between the U.S. states of Missouri (9 counties) and Kansas (5 counties). It is the second-largest metropolitan area centered in Missouri (after Greater St. Louis) and is the largest metropolitan area in Kansas, though Wichita is the largest metropolitan area centered in Kansas.

Kansas City, MO is a minimally walkable city in Jackson County with a population of approximately 460,377 people. In the past ten years, the annual real estate appreciation rate has amounted to 2.88% in Kansas City, according to NeighborhoodScout.com. Kansas City has a mixture of owner-occupied and renter-occupied housing units. Three and four-bedroom single-family detached homes are the most common housing units in Kansas City. Other types of housing that are prevalent in Kansas City include large apartment complexes, duplexes, rowhouses, and homes converted to apartments.

If you are looking to make a profit, you don’t want to buy the most expensive property in the Kansas City real estate market and expect to make a good profit on rents. Perhaps you are looking for a slightly different hold-over, an investment property in Kansas City that you might move into or sell at retirement in the future. Either way, knowing your profit potential and purpose is the first thing to consider.

Top Reasons To Invest In Kansas City Real Estate

  • Kansas City is the largest city in Missouri and is the sixth-largest in the Midwest.
  • Kansas City has long been a favorite of real estate investors.
  • Affordable Turnkey Properties.
  • The largest city in the state of Missouri.
  • The population is expected to grow to 2,200,000 by 2020.
  • The average home price is up 9.8% year-over-year (Oct 2022).
  • 1-year appreciation forecast of 2% (ZHVI).
  • #62 in the U.S. out of the top 100 MSAs – FHFA.
  • The cumulative change in the FHFA home price index since 2007 is 73.4%.

Rents are also growing in Kansas City. As of November 6, 2022, the average rent for a 1-bedroom apartment in Kansas City, KS is $875. This is a 10% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Kansas City remained flat. The average rent for a 1-bedroom apartment increased by 3% to $875, and the average rent for a 2-bedroom apartment increased by 6% to $1,063.

  • The average rent for a 2-bedroom apartment in Kansas City, MO is $1,150. This is a 2% decrease compared to the previous year.
  • The average rent for a 3-bedroom apartment in Kansas City, MO is $1,458. This is a 2% increase compared to the previous year.
  • The average rent for a 4-bedroom apartment in Kansas City, MO is $1,613. This is a 5% decrease compared to the previous year.

Overview of Kansas City & its Real Estate Market

Kansas City is a large, prosperous, self-sufficient, and culturally rich city located astride the Missouri River. In the metropolitan area, the population is estimated at 2.1 million. The median household income in Kansas City is 45,376 and the median home price is $146,300. Kansas City is the largest city in Missouri and is the sixth-largest in the Midwest. It hosts the Kansas City Chiefs as well as the Kansas City Royals. It's home to some of the Best Ribs in America.

The city has over 200 water fountains, making it only second to Rome, Italy, hence the nickname “City of Fountains.” It is also important to remember that only Paris, France has more Boulevards. In 2017, a WalletHub survey for real estate market growth in the United States listed the “Kansas City Real Estate Market” at number 18 out of 300 of the fastest-growing cities in the US.

Kansas City has started to do some major revitalization downtown. More than $6 million has been spent giving the downtown area a facelift and new makeover, including, apartments, offices, and condominiums. These facelifts have also been done in both indoor and outdoor malls, restaurants, and places for concerts, plays, and other forms of entertainment. Kansas City real estate is very affordable; the home prices are near the national average. All of these make Kansas City properties attractively appealing to investors and homebuyers who are looking for gains in cash flow.

Employment in Kansas City

The BLS reported that the unemployment rate for Kansas City fell 0.1 percentage points in September 2022 to 2.6%. For the same month, the metro unemployment rate was 0.2 percentage points higher than the Missouri rate. The unemployment rate in Kansas City peaked in April 2020 at 12.2% and is now 9.6 percentage points lower. You can also compare Kansas City's unemployment with unemployment in other cities.

Keeping aside the impact of the recent pandemic, Kansas City has seen a continuous rise in employment prospects over the last 2 years, a trend that directly impacts the Kansas City real estate market. From 2017 to 2018, the city registered a remarkable 1.9% in terms of overall employment.

This could be further broken down to 3.8% in professional and business services, 3% in terms of government-sponsored employment opportunities, and 1.9% in the trading, transport, and utility sectors. Recent job growth is positive. Kansas City jobs have increased by 1.4%. For the past 20 years, the big growth has been on the Kansas side to the southwest in suburbs like Overland Park, Lenexa, and Shawnee.

The Growth in Kansas City

The national average growth in cities is 4.45%. In Kansas City, in 2010, it was higher than 4.5%. It's growing at the national rate and is expected to grow even faster in the next few years. Between the years 2013-2015, the annual growth was 15,000 then raised to 20,000 between 2015-2016. Kansas City is home to some of the biggest companies, such as H&R Block, Sprint, Hallmark, and BNSF, to help to fuel the attraction of the Kansas City real estate market.

Kansas City is a great attraction for tourists, especially art lovers. Housed by several museums and art destinations, the city is famous for its Jazz Museum as well as the Nelson-Atkins Museum of Art which boasts over 40,000 works of art, vintage antiques, and contemporary works. The influx of tourists into the city has a direct relationship with the growth of the city’s real estate market.

Great Place to Live Due To Rich Culture & Favorable Weather

The city is known for its distinct barbeque cuisine and uniquely crafted breweries, which makes it a preferred destination for foodies. It has more than 100 barbecue restaurants and is known in Missouri as the “world's barbecue capital. The ancient heritage of Jazz music makes it suitable for immigrants who are passionate about music.

The city lies on the shores of the Missouri & Kansas Rivers with a landscape full of fountains. The overall ambiance and accommodating culture are sure to attract more and more residents into the city, which will prove to be a boon for investments in Kansas City Real Estate Market. The weather in Kansas City is beautiful and usually clear and sunny.

September, May, and June are the most pleasant months in Kansas City, while January and December are the least comfortable month. You can almost always count on the 4th of July to be a great day to BBQ and shoot off fireworks and watch your neighbors shoot theirs, creating a competition. The neighborhood fireworks shows have always been as big as the city's, only the last half of the night.

During the shows, everyone in the neighborhood waters the top of their houses for a week straight to avoid catching fire. Where else in America can you find that? Even better, the people are friendly and the weather is inviting. There are nearby lakes for boating, fishing, swimming, and camping. The weather is almost always enjoyable. They get most of their rain in the spring of April and the summer month of June.

Cost of Living in Kansas City

Another great factor that is seen as a boon to the Kansas City real estate market is the cost of living. The cost of living in Kansas City is reasonable and affordable. With the cost of rent and the price you might pay for a house already discussed, there's the cost of day-to-day expenses to consider. A basic lunch around the business district is around $12 unless you go to a fast-food restaurant and order a combo meal, then you're looking at $7.

Milk is around $3.50 a gallon, a 2 lt. A bottle of Coca-Cola is $1.82. These prices are about the same as the national average at –1%. Housing is at 8% below. Kansas City is 15% below Oklahoma and 8% below Indiana. In fact, New York City is 129% above compared to Kansas City, while 14% below Miami, Fl, and 23% below Chicago.

Summary of the cost of living in Kansas City:

  • Four-person family monthly costs: $3,331.71 without rent.
  • A single-person monthly costs: $935.08 without rent.
  • Rent Prices in Kansas City, MO are 32.81% higher than in Wichita, KS
  • Rent Prices in Kansas City, MO are 63.21% lower than in New York, NY.
  • Rent Prices in Kansas City, MO are 26.01% lower than in Atlanta, GA

Rich and Stable Neighborhoods

The city is surrounded by neighborhoods like River Market District as well as the 18th & Vine District and the Country Club Plaza on its north, east & south sides respectively. These vicinities, in combination with the city’s vibrant real estate market, comprise all amenities residents and non-residents alike can take advantage of and put their investments in.

Some of the best neighborhoods in or around Kansas City, Missouri are Waldo, Raytown, The Downtown Loop, Northland, Westwood Hills, Patrician Woods, Chapel, Pendleton Heights, Crossroads, Turner, Westwood, Downtown Kansas City, Ward Parkway, Lake Quivira, Nashua, Shawnee Mission, and Briarcliff-Claymont.

Good Neighborhoods in Kansas City To Invest in Real Estate

  1. The Johnson County of Kansas City: It is high on the list of home buyers as an ideal place to raise a family. It has highly accredited school districts within the county, which include Shawnee Mission, Gardner Edgerton, Spring Hill, Blue Valley, Olathe, and De Soto. Most subdivisions see steady property valuation increases year after year.
  2. The Prairie Village, Kansas City: It is another good neighborhood with low crime rates, mature trees, plenty of quiet neighborhood parks, and accessible community pools.
  3. Leawood, Kansas City: It is a low crime rate area and it’s safer than 79 percent of U.S. cities. The residents have a median household income of $133,702, so they are quite well off. The region is home to the biggest Methodist church in the nation – the United Methodist Church of the Resurrection.
  4. Lenexa, Kansas City: This neighborhood has a median listing price of $394,000. Fifty-four percent report some school education, contrasted with the national average of 22 percent for all cities and towns.

Low median sales prices, which in return, drive a solid rent are another reason to look into the Kansas City real estate market. Add to that the weather, the many activities at your disposal, and the famous “Kansas City BBQ.” There isn't much left to desire when investing in the real estate market. Take a look around, make some calls, and talk to some of the people around Kansas City before you decide.

Good cash flow from Kansas City investment properties means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt. Therefore, finding a good Kansas City real estate investment opportunity would be key to your success. The three most important factors when buying real estate anywhere are location, location, and location. The location creates desirability. Desirability brings demand. There should be a natural and upcoming high demand for rental properties.

The neighborhoods in Kansas City must be safe to live in and should have a low crime rate. The neighborhoods should be close to basic amenities, public services, schools, and shopping malls. As with any real estate purchase, act wisely. Evaluate the specifics of the Kansas City housing market at the time you intend to purchase. Hiring a local property management company can help in finding tenants for your investment property in Kansas City.

Here are the top ten neighborhoods in Kansas City having the highest real estate appreciation rates since 2000—List by Neigborhoodscout.com.

  1. South Hyde Park
  2. Westside North / Westside South
  3. 18th and Vine and Downtown East / Downtown East
  4. Crossroads
  5. Columbus Park
  6. River Market
  7. Longfellow
  8. Pendleton Heights
  9. Western 49-63
  10. Eastern 49-63 / Rockhurst University

NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Kansas City.

Consult with one of the investment counselors who can help build you a custom portfolio of Kansas City turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Kansas City, MO

Not just limited to Kansas City or Missouri but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Kansas City turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

Is It The Right Time To Buy Real Estate? Last year was a big one for the nation's housing market. This year, sales and price growth will continue to be propelled by still-strong housing demand. That growing demand is compounded by younger millennials, who are in their prime buying years. About 4.8 million millennials turned 30 in 2021. These first-time buyers are expected to enter the home-buying to build equity in the US housing market. The wave started in 2020, with 4.7 million Millennials turning 30, an age when many people consider buying a home.

Refinancing your mortgage can be a good financial move. This is especially useful if the new rate would be significantly lower. If you got your initial mortgage a decade ago, you may find that a new rate would be low enough to save you tens of thousands of dollars. Refinancing to the short term can also save you thousands of dollars.

Let us know which real estate markets in the United States you consider best for real estate investing! 


Caveat emptor applies everywhere you buy property. Some of this article's information came from referenced websites. Norada Real Estate Investments makes no express or implied representations, warranties, or guarantees that the information is accurate, reliable, or current. All information should be verified using the below references. Norada Real Estate Investments does not predict the future US housing market.

Sources:

  • https://kcrar.com/media-statistics/market-statistics/
  • https://kansasrealtor.com/news-media/market-stats/
  • https://www.zillow.com/kansas-city-mo/home-values
  • https://www.redfin.com/state/Missouri/housing-market/
  • https://www.kansascity.com/news/local/article244912977.html
  • https://realestate.wichita.edu/data-research/data-by-market/kansas-market/
  • https://www.realtor.com/realestateandhomes-search/Kansas-City_MO/overview
  • https://www.neighborhoodscout.com/mo/kansas-city/real-estate/
  • https://www.fhfa.gov/DataTools/Downloads/Documents/HPI/Fact-Sheets/MSAs/2019Q4/FS-KansasCity-2019Q4.pdf
  • http://www.435mag.com/March-2017/Kansas-City-Real-Estate
  • https://www.corevestmentfinance.com/hot-markets-for-residential-real-estate-investors-2018

Filed Under: Growth Markets, Real Estate Investing, Real Estate Investments

Utah Housing Market (Salt Lake City) Trends & Forecast 2022-2023

January 4, 2023 by Marco Santarelli

Utah Housing Market

The Utah Housing Market is Slowing Down

The Pandemic supercharged Utah’s housing market driven by historically low-interest rates and low unemployment rates. Utah’s home prices have skyrocketed. Utah's housing market had been ranked as the nation’s #1 housing market for the strongest pace of job growth, along with low unemployment, low mortgage rates, few mortgage delinquencies, and low state & local taxes, according to Bankrate.com. Continued historically low mortgage rates and a solid recovery from the pandemic predicted Utah's housing boom.

Utah’s rock-solid economy has provided a big help to the housing market. Utah’s housing prices continue to climb at a rapid pace, but we will have to wait and see if this is sustainable considering that mortgage rates are likely to continue rising in 2022.  In 2022, we can see a decrease in the speed of price growth compared to 2021. Rapidly rising inventory levels and mortgage rates have put the brakes on the Utah housing market. However, prices are expected to climb in all the counties in single digits.

It is a seller’s market in Utah as the current housing supply can't satisfy demand, which will drive prices to increase further even in the face of rising mortgage rates. The rapid appreciation witnessed over the past two years may have begun to decelerate as a result of rising financing costs and deteriorating affordability. This is nothing to worry about; rather, it indicates that the market is beginning to return to normalcy.

The same can be said about the Salt Lake County real estate market. The market is still highly competitive. Even while inventory is rising considerably compared to the previous two years, this does not solve a problem that has existed in Utah for years. There are still insufficient homes.

Utah Housing Market Trends Q3 2022

The following analysis of select counties of the Utah housing market is provided by Windermere Real Estate Chief Economist Matthew Gardner for the 3rd quarter of 2022. Counties include Davis, Weber, Utah, Salt Lake, Morgan, Wasatch, and Summit.

  • In the third quarter of 2022, 7,134 homes were sold, representing a 31.6% decrease year-over-year.
  • Sales decreased by 16.1% compared to the second quarter of the year.
  • Year over year, sales fell across the board.
  • Home sales in all markets covered by this report were lower than in the second quarter of 2022 as well.
  • The average number of residences for sale in the quarter was 149% greater than a year ago and 79% higher than in the second quarter of this year.
  • Utah home prices continued to rise on a year-over-year basis.
  • The average home sale price in the third quarter was up 5.9% from a year ago to $627,503.
  • However, prices fell 5.7% compared to the second quarter of this year.
  • Median listing prices in the third quarter were down across the board.
  • Except for Morgan County, all locations in this survey had greater sale prices than a year earlier.
  • Only Wasatch County had greater sale prices in the second quarter of this year.
  • The average number of days it took to sell a home in the counties covered by this report rose ten days compared to the same period a year ago.
  • Though homes sold fastest in Salt Lake County, average market time rose in all counties covered year over year.

Utah Housing Market Report [November 2022]

In November 2022, around 2,557 homes were sold in Utah's housing market (statewide), down – 45.6% from the last November, according to a report published by the Utah Association of REALTORS®. YTD sales were 41,708, down – 18.8% from last year. The statewide median sales price was up 3.5% to $484,500. Last year at the same time, the median sales price was $468,000.

In Utah, Summit County is the most expensive housing market with a median sales price of $1,335,500 (+21.4% YoY). It is followed by Wasatch County with a median home price of $968,500. Emery County is the most affordable with a median sales price of $179,000, where the price has declined by 23.2% YoY. If we talk about Salt Lake County, 786 sales were recorded in November, down by 48.7%. The median sales price in Salt Lake County was $500,000, up 3.4% from last year.

Why is Utah's Housing Market So Hot?

Rapid population growth and job growth are the two most important drivers of housing demand in Utah right now. According to local real estate agents, there aren’t enough single-family homes to meet the rising housing demand. A balanced market has roughly a six-month supply of houses, which means that if we stopped listing new properties, we'd still have about six months before we ran out. And right now, Utah is down to about four weeks of supply of homes.

As a result, finding a dream house in this market is challenging for buyers, making it extremely competitive. Utah's employment landscape is also one of the most impressive in the country. It has had the most rapidly growing job market in the country for the past decade. Utah's population grew by 18.4% over the past decade, making it the fastest-growing state. It's now the 30th most populated state, with nearly 3.28 million people, according to U.S. Census Bureau data.

A large number of Californians are relocating to Utah, putting extra pressure on the supply side. In-migration to the Salt Lake metropolitan area is still at an all-time high. The issue is that demand is so strong that inventory can't reach a level that indicates a sufficient supply. People are also coming from New York, Boston, Vermont, Austin, Texas, and other cities, according to local real estate agents. They also think that people who are first-time homebuyers in Utah will be priced out of the market by people moving in from other states.

Utah Real Estate Market Report For Nov 2022

Here's how the housing market performed, according to UtahRealEstate.com. Utah’s median home price remains well over the half-a-million-dollar mark. Compare that to January 2019, when it was just below $300,000.

  • In November 2022, around 2333 homes were sold on MLS, down 44.3% from last year.
  • No. of single-family homes sold was 1798.
  • No. of multi-family homes sold was 535.
  • The median days on market were 39, up from 36 days last month.
  • The median selling price was $525,000 for single-family homes, up 1.9% year-over-year.
  • The median selling price was $396,000 for multi-family homes, up 2.9% year-over-year.
  • The data is provided by UtahRealEstate.com, the leading provider of real estate technology in Utah and one of the largest Multiple Listing Services in the United States.
Utah Housing Market Trends
Source: UtahRealEstate.com

Utah Housing Market Forecast 2022 & 2023

Utah's housing market has boomed during the pandemic, and Utah has emerged as a particularly desirable market. Utah home prices are soaring as Californians migrate into the state leading to an imbalance between supply and demand. Utah's economy is currently in excellent shape. The latest data available shows that Utah closed 2021 strongly with solid employment gains and an annual growth rate of 4.7%.

When the data for 2022 will be out, we will get an idea of how it did last year. Nevertheless, Utah's job market is robust enough to avoid widespread foreclosures, and housing demand is expected to remain high in 2023 due to the state's rapid expansion and widespread home shortage. Some experts expect prices to decline in 2023, depending on what happens with interest rates in 2023. So far, Utah home prices are still up year over year.

The 2021 Utah housing market will be long remembered for its record-breaking price increases. Statewide, housing prices increased by 27%, shattering the 43-year-old record of 20.1% set in 1978. Higher mortgages have already impacted buyer demand in 2022. Sales have been declining by massive double-digits. The price growth is trending lower, and 2023 can't be a year of double-digit increase.

According to a study, three Utah towns — Ogden, Provo, and Salt Lake City — are close behind Boise, Idaho, among the nation's top ten cities with “overvalued” home prices. According to Florida Atlantic University and Florida International University, Utah and Idaho cities have risen to the top of the list of cities in other states such as Texas, Michigan, Washington, Arizona, Nevada, and California with the “most overpriced” housing markets in the country.

Utah's housing market will have another excellent year. Rising salaries, according to Matthew Gardner, will likely offset the majority of the potential hardship from higher mortgage payments. The state has a robust economy, the unemployment rate dropped to 2%, which is the lowest level recorded since the Labor Department started keeping records in 1976.

Saly Lake City House Prices
Source: FHFA HPI® Top 100 Metro Area Rankings (as of 2022 Q1)

Utah and the Salt Lake City metropolitan area continue to rank among the nation's hottest housing markets. According to the Federal Housing Finance Agency, the Salt Lake City metro region ranked 13th in terms of year-over-year house price growth among the nation's top 100 metro areas through the first quarter of 2022, with a 25.6 percent year-over-year increase in prices. Price rose 6.5% over the last quarter. The Cumulative change in FHFA HPI since 2007 amounts to 128.2 percent.

Salt Lake City Metro Housing Price Trend
Graph Source: FRED – All-Transactions House Price Index for Salt Lake City, UT (MSA)

Why Are Home Prices So High in Utah?

Utah boasts the nation’s strongest pace of job growth, along with rock-bottom unemployment, ultra-low mortgage rates, few mortgage delinquencies, and low state and local taxes. All those factors pushed Utah into first place in Bankrate’s Housing Heat Index for the fourth quarter of 2020. Utah's home values increased by 15.39% in the 12-month period that ended Dec. 31, third-best among U.S. states, according to the Federal Housing Finance Agency.

Since 1991 Q1, HPI for Utah has increased by 414.95%. Idaho ranked #1 in FHFA State House Price Indexes. The HPI is a broad measure of the movement of single-family house prices. It is measured by reviewing mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac. According to a Bankrate analysis of Labor Department data, Utah also posted the second-strongest job growth in the nation from December 2019 to December 2020.

Even if inventory is significantly higher than it has been in the previous two years, it still does not address what has been a problem in Utah for years. There are still not enough houses. Even though homebuilding soared in Utah in 2021, putting the state on the national map for its housing boom. It made a decent dent in Utah’s housing shortage, but not enough to erase it.

Since the last twelve months, Utah housing prices have gone up by nearly 8.6% — Zillow Home Value Index. ZHVI represents the whole housing stock and not just the homes that list or sell in a given month. The typical home value of homes in Utah is currently $554,955.

It indicates that 50 percent of all housing stock in the area is worth more than $554,955 and 50 percent is worth less (adjusting for seasonal fluctuations). The housing forecast by most experts is negative for 2023. According to Zillow's latest forecast, 4 out of 8 metros in Utah are expected to see a price decline between November 2022 to November 2023. The remaining 4 MSAs are predicted to see minor home price gains between 0.3 to 2.5%.

Region Name Region Type State Name Base Date 31-12-2022 28-02-2023 30-11-2023
Vernal, UT msa UT 30-11-2022 -2.1 -4.9 -7.5
Cedar City, UT msa UT 30-11-2022 -1.8 -4 -2.5
Heber, UT msa UT 30-11-2022 -1.9 -4.3 -2.4
St. George, UT msa UT 30-11-2022 -1.1 -2.8 -1
Salt Lake City, UT msa UT 30-11-2022 -0.4 -1.1 0.3
Provo, UT msa UT 30-11-2022 -0.8 -1.3 0.3
Ogden, UT msa UT 30-11-2022 -0.3 -1 1.1
Logan, UT msa UT 30-11-2022 0.3 -0.2 2.5
Utah housing price forecast
Credits: Zillow

Here's the current overview of Utah's Listing prices by “Counties” (source: Realtor.com)

A list price in real estate is the price of a house for sale determined by the seller and her listing agent. The listing price determines how long it takes to locate a buyer (i.e., Time On the Market = TOM), and TOM influences the price that comes from seller-buyer bargaining. Although paying 1 to 3 percent over the list price is not unusual, you should ask your realtor to come up with a price that is best for you.

Counties Median Asking Price $/SqFt
Salt Lake County
$530K
$254
Utah County
$525K
$217
Davis County
$525K
$216
Weber County
$420K
$216
Washington County
$575K
$285
Cache County
$460K
$204
Summit County
$1.6M
$780
Iron County
$405K
$211
Wasatch County
$1.1M
$422
Tooele County
$470K
$187
Box Elder County
$449.3K
$193
Uintah County
$304.9K
$155

Salt Lake City Housing Market Forecast 2022 and 2023

The Salt Lake City real estate market has been one of Millennials' toughest real estate markets due to limited supply relative to demand. It has become one of the top markets to watch in 2023. According to the most recent Salt Lake County house sales data, it seems that Utah's housing market may be slowing ever so little in the near future. More houses were sold in 2020 than in any prior year, putting 2021 on pace to be the second-highest sales year ever. With 19,202 homes sold in Salt Lake County, 2021 saw another record-breaking price rise, and it is expected to continue this year as well.

In 2021, the median price of homes sold in Salt Lake County increased by 22% from $378,250 in 2020. According to the Salt Lake Board of Realtors, the median price of single-family houses sold in 2021 surpassed the half-million barrier, reaching $533,000, a remarkable 25% increase over the $425,000 median price in 2020. In December, prices were up 24%, just slightly below the largest gain of 27% in June and there’s no sign yet of a slowdown. The board predicts home prices will continue to climb between 10-12% in 2022.

Salt Lake City is a moderately walkable city with a population of approximately 186,419 people. While the city limits encompass 110 square miles, downtown runs nearly two miles from east to west and nearly two miles north to south. Salt Lake City's population is also very young. The largest percentage of the city's population falls in the 25 to 39-year-old age group.

Couple that with a high school graduation rate, and a large number of college graduates and you have an attractive workforce for many large companies. The state of Utah's population grew 9 percent over the last five years, much of it concentrated in Salt Lake City, where the typical home price at the end of 2021 was $583,858 (ZHVI Dec 2021).

The Salt Lake City area's economy is doing well, and it has one of the lowest unemployment rates in the U.S. Utah’s employment outlook during the pandemic continued to outperform the rest of the country. Utah’s nonfarm payroll employment for December 2021 increased an estimated 3.7% across the past 24 months, with the state’s economy adding a cumulative 59,200 jobs since December 2019.

Utah’s current employment level stands at 1,646,900. December’s seasonally-adjusted unemployment rate is estimated at 1.9%, with approximately 31,800 Utahns unemployed. Utah’s November unemployment rate is unchanged at 2.1%. The December national unemployment rate continued to decline, registering 3.9%.

Utah’s economy progressed through 2021. The strength of the overall economy significantly impacts the real estate market as buyers' ability to support housing prices largely depends on key economic factors. The state’s economy has proved to be “one of the nation’s best in reemploying workers” as officials continued to actively encourage those drawing unemployment benefits to seek work in sectors less damaged by the pandemic.

Long-term demographic and economic growth has generated rapid increases in housing prices in Salt Lake County. The median sales price of a single-family home in the county has increased from $378,500 in 2020 to $460,000 in 2021, an average annual growth rate of 21.5%. 2020's annual growth rate was 11.8%. Since 1996, housing prices in Salt Lake County have increased at an average annual rate of 5.1%. Affordability issues may impact rapid price increases in 2022, but we may still see another year of a double-digit increase.

Let us look at the price trends recorded by Zillow over the past few years. Salt Lake City has a track record of being one of the best long-term real estate investments in the U.S. The typical home value of homes in Salt Lake County is currently $589,257, +7.0% from last year (12-month Value Change).

According to NeighborhoodScout’s data, Salt Lake City real estate appreciated 161.55% over the last ten years, which is an average annual home appreciation rate of 10.09%, putting Salt Lake City in the top 10% nationally for real estate appreciation. Salt Lake City's appreciation rates in the last twelve months (2021 Q2 – 2022 Q2) continue to be some of the highest in the nation, at 15.48%. In the latest quarter tracked by them (2022 Q1 – 2022 Q2) Salt Lake City appreciation rates were at 4.02%, which equates to an annual appreciation rate of 17.06%.

In the Salt Lake City metropolitan area, the typical value of homes is $581,413. Salt Lake City Metro home values have gone up 7.2% over the last twelve months year and Zillow predicts they may rise 0.3% from Nov 2022 to Nov 2023.

  • Typical Home Values: $581,413

  • 1-year Value Change: +7.2%

  • 1-year Value Forecast: +0.3%

  • (Data through November 30, 2022)

Salt Lake City Housing Market Forecast
Courtesy of Zillow.com

Salt Lake City Real Estate Investment Overview

Now that you know where Salt Lake City is, you probably want to know why we’re recommending it to real estate investors. Is Salt Lake City a Good Place For Real Estate Investment? You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2023.

If you are looking to make a profit, you don’t want to buy the most expensive property in the Salt Lake City real estate market and expect to make a good profit on rents. Perhaps you are looking for a slightly different hold-over, an investment property in Salt Lake City that you might move into or sell at retirement in the future. Either way, knowing your profit potential and purpose is the first thing to consider.

Salt Lake City is the largest city in the state of Utah, though it tends to be overlooked by real estate investors as just another part of a “flyover” country. Nearly half of all jobs in the state and 40% of the state’s population are located in Salt Lake County. The city is the core of the Salt Lake City metropolitan area, which has a population of roughly 1.2 million. Today, Salt Lake City is a major tourist spot in the U.S. The city is also the national hub of industrial banking.

People are moving there due to the lower cost of housing, good quality of life, and outdoor recreation. The economy is strong and the city has one of the lowest unemployment rates in the nation.  A strong job market and a robust economy have been contributing to the rising housing costs over the past several years. Utah is the only state since 1900 where the homeownership rate has never fallen below 60%

The 2021 Utah housing market will be long remembered for its record-breaking price increases. Statewide, housing prices increased by 27%, shattering the 43-year-old record of 20.1% set in 1978, according to the Salt Lake Board of Realtors. Record price increases were not confined to Wasatch Front counties; nearly every county in the state saw record increases. Twenty-four of Utah’s 29 counties had double-digit gains.

Forecast for 2022: High prices, projected interest rate rises, listing shortages, and slower employment growth will keep Salt Lake County sales at approximately 17,000 units in 2022, according to the Salt Lake Board of Realtors. Mortgage interest rates are projected to climb, but only a little. Based on the estimates of seven organizations, the average rate for 2022 is 3.55 percent.

The pricing momentum will weaken, but another year of double-digit increases is possible; expect a 10% to 12% increase, resulting in an additional $50 million in commissions. Finally, there are two sides to the pricing coin: present homeowners will profit from high price increases again, but future generations will be less likely to own a home, resulting in more inequality and lower wealth for these households.

So what makes Salt Lake City Downtown so appealing to home buyers and investors? Downtown is the oldest district in Salt Lake City, Utah. The grid from which the entire city is laid out originates at Temple Square, the location of the Salt Lake Temple. Downtown Salt Lake City encompasses the areas of Temple Square, The Gateway, Main Street, the central business district, South Temple, and others.

Throughout the last decade, Salt Lake City has seen a significant increase in development, from City Creek Center to 111 Main, these and other developments have played a crucial role in improving the vibrancy of downtown. Like the rest of the state, Salt Lake City Downtown is benefiting from the region’s healthy economy.

More people live and work in the downtown area than ever before. But according to local real estate experts and representatives from the Downtown Alliance, despite the boom, the supply in downtown Salt Lake City isn’t catching up to the demand, and more development is needed in the city’s central business district to accommodate the growing demand for housing and office space.

The Urban Land Institute ranked it the nation’s third-best market for commercial development in its 2018 Emerging Trends report, fueled in part by the big names relocating here like Goldman Sachs, which now has the fourth-largest office in the world in Salt Lake City. Salt Lake City's housing market is booming because of an ideal combination of business growth triggering in-migration and strong native population growth.

And with a variety of affordable homes in high-quality neighborhoods, it is a market that is not yet closed to first-time home buyers. Is Salt Lake City going to be a sizzling real estate market for investors in 2021? Looking at the positive forecast, the annual appreciation rate is predicted to be between 10% to 12%.

You can either choose to invest in your future or market your home to potential buyers. If you are looking for an affordable real estate market with a high potential for return on investment, you should consider Salt Lake City in 2021. Let’s take a look at the number of positive things going on in the Salt Lake City real estate market which can help investors who are keen to buy an investment property in this city.

Positive Demographic Trends

The total fertility rate for the United States hovers between 1.8 and 2.1 depending on the source you want to believe. Mormons, the majority of the population in Salt Lake City and Utah as a whole, have an average of 3.4 children. This puts constant pressure on the Salt Lake City real estate market. It also makes the Salt Lake City housing market unusual in the demand for homes with multiple bedrooms suitable for large families. There is a niche in the Salt Lake City real estate market for large luxury homes, but it is notable for the sheer demand for 4 or more bedrooms in affordable neighborhoods.

Near Certain Real Estate Appreciation

Salt Lake City sits at the intersection of I-80 and I-15. The industry tends to spread out along the highways, and housing follows. Investors in the Salt Lake City real estate market can buy land to develop or invest in housing projects being built in expectation of workers who will soon move to the area. Demand is one factor in the equation that determines the price of housing. The other is supply.

Salt Lake City has seen an increase in housing construction since the economy rebounded. However, geography limits how and where homes can be built. This is causing home prices to appreciate significantly, and there is no evidence Salt Lake City could over-build the way Phoenix did before the Great Recession. A subtle issue hitting Utah is the relative shortage of skilled building trade talent despite the influx of people coming to work in business and tech.

Salt Lake City Market Is Everything Which California Isn’t

California is experiencing an incredible divergence from its ideals. While there is still a red-hot housing market in Silicon Valley, the state also has the highest poverty levels in the nation. They’re chasing businesses out of the state through oppressive regulation and high taxes. In contrast, Salt Lake City is booming because it is business-friendly.

So many California tech firms have relocated to Salt Lake City that the area is now nicknamed “Silicon Slopes”. Forbes listed Salt Lake City first on its list of “next tech meccas”. The city is already home to many new startups. Where there are currently good-paying jobs, new residents are sure to move in. And that only puts more pressure on the Salt Lake City housing market. The very low crime rate in Utah compared to surrounding states is merely a bonus.

The Low Cost of Living in Salt Lake City

Housing aside, another reason why people relocate from the West Coast to Utah is the low cost of living. In fact, the $400,000 house in Utah with four bedrooms and a yard looks cheap when you sold a two-bedroom condo for 50% more than that in California. The overall cost of living in Utah is cheaper than the nation overall, and it is far cheaper than California, so many choose to relocate here from the high-cost states on the coast.

The Growing Salt Lake City Rental Market

The Salt Lake City housing market can’t keep up with demand, and this is pushing many Millennials and new residents into the rental market. While many would like to own a home, affordability is an issue for the young would-be homeowner; the average Millennial earns $68,000 a year while the median home price is $400,000. This explains why Salt Lake City has some of the fastest-growing rents in the country.

As of January 01, 2022, the average rent for a 1-bedroom apartment in Salt Lake City is currently $1,375. This is a 15% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Salt Lake City decreased by -7% to $1,125. The average rent for a 1-bedroom apartment decreased by -7% to $1,375, and the average rent for a 2-bedroom apartment decreased by -1% to $1,633.

  • Two-bedroom apartment rents average $1,633 (an 11% increase from last year).
  • Three-bedroom apartment rents average $2,150 (an 8% increase from last year).
  • Four-bedroom apartment rents average $2,723 (an 11% increase from last year).

The Zumper Salt Lake City Metro Area Report analyzed active listings last month across the metro cities to show the most and least expensive cities and cities with the fastest growing rents. The Utah one bedroom median rent was $1,291 last month. Draper was the most expensive city with one-bedrooms priced at $1,500 while Cedar City ranked as the most affordable city with one-bedrooms priced at $520.

The Fastest Growing Cities For Rents in the Salt Lake City Metro Area (Y/Y%)

  • South Salt Lake had the fastest growing rent, up 20.2% since this time last year.
  • Millcreek rent jumped 16.4%, making it second.
  • Ogden was third with rent climbing 15.7%.

The Fastest Growing Cities For Rents in the Salt Lake City Metro Area (M/M%)

  • South Salt Lake rent had the largest monthly growth rate, up 5%.
  • Ogden was second with rent climbing 4%.
  • Salt Lake City saw rent increase 3.8%, making it third.
Salt Lake City Metro Area Rent Report
Source: Zumper

Landlord Friendliness

Salt Lake City requires landlords to get a business license, even if they own one rental home. The fees that you are required to pay as part of the rental program depend on how well-maintained the units are. However, Salt Lake City in general is very landlord-friendly. Eviction for nonpayment of rent can get someone out in two to four weeks. Courts regularly side with landlords and award triple fees for damages by a tenant. If someone violates the terms of the lease, they have three days to correct the situation. You can end a month-to-month tenancy with 15 days of notice.

Multiple Luxury Markets

Downtown Salt Lake City properties near the Mormon Temple command a premium, but that isn’t the only upscale market in the area. Park City and the northern side of Oakley have properties that cost on average well over a million dollars. As you move up Highway 80 toward Hoytsville and Wanship, properties routinely cost more than a million dollars despite the hour commute to Salt Lake City.

Looking For Salt Lake City Investment Properties?

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Salt Lake City.

Consult with one of the investment counselors who can help build you a custom portfolio of Salt Lake City turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Salt Lake City.

Not just limited to Salt Lake City or Utah but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Salt Lake City turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

Like the Salt Lake City real estate market, the other housing market to go for to diversify your investments is the Baltimore real estate market. The Baltimore real estate market has been in decline for years, but several spots offer significant returns. And there are signs that the city is starting to turn around.

The Baltimore real estate market around the new industrial parks built to cater to Amazon will boom because we can expect as many jobs from Amazon’s suppliers in those areas as Amazon itself – and those workers will want to live close to work. The Baltimore real estate market is promising and shows a new increase of opportunities for both buyers and sellers.

Similarly, Cincinnati, OH is another great market to get started in real estate investing. Cincinnati's real estate market is on the upswing and looking strong for the foreseeable future. It provides many opportunities to investors, regardless of the market you want to invest in.

Let us know which real estate markets in the United States you consider best for real estate investing! 


Remember, caveat emptor still applies when buying a property anywhere. Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. 

References

  • https://slrealtors.com/
  • https://utahrealtors.com/
  • https://www.zillow.com/salt-lake-city-ut/home-values/
  • https://www.zillow.com/salt-lake-city-metro-ut_r395053/home-values/
  • https://www.bankrate.com/mortgages/housing-heat-index/
  • https://www.fhfa.gov/DataTools/Tools/Pages/House-Price-Index-(HPI).aspx
  • https://www.fhfa.gov/DataTools/Tools/Pages/FHFA-HPI-Top-100-Metro-Area-Rankings.aspx
  • https://slrealtors.com/wp-content/uploads/2021/01/2021-Housing-Forecast-Report.pdf
  • https://www.realtor.com/realestateandhomes-search/Utah/overview
  • https://www.sltrib.com/news/2021/06/24/hyper-hyper-competitive/
  • https://www.zumper.com/rent-research/salt-lake-city-ut
  • https://www.realtytrac.com/statsandtrends/foreclosuretrends/ut/salt-lake-county/salt-lake-city/
  • https://www.ksl.com/?sid=46284050&nid=1426https://www.buildium.com/laws/utah-evictions-process/
  • https://en.wikipedia.org/wiki/Salt_Lake_City
  • https://www.deseret.com/utah/2021/9/16/22677951/utah-homes-sales-are-slowing-but-the-market-is-still-red-hot-salt-lake-county-city-housing-prices
  • http://www.cbre.us/people-and-offices/corporate-offices/salt-lake-city/salt-lake-city-media-center/cbre-releases-2018-salt-lake-city-real-estate-market-outlook

Filed Under: Growth Markets, Housing Market, Real Estate Investing

Indianapolis Housing Market: Prices, Trends, Forecast 2022-2023

January 1, 2023 by Marco Santarelli

Indianapolis Housing Market

The lack of available inventory in the Indiana housing markets has remained the dominant storyline for the past several years. Due to the pandemic, the housing market in Indiana is experiencing an “unprecedented” boom. Given the increased mortgage rates, fewer buyers entered the market in November 2022. Despite the hard climate, Indiana's housing sector continues to outpace the U.S.

Since the beginning of June, home sales across Indiana have declined 12 percent below 2021 through November – but nationally, sales have dropped more than 25 percent, according to the data released by the Indiana Association of REALTORS®.  By pre-2020 standards, Indiana's inventory is still so limited that the market still favors sellers.

Homes are selling near full list price on average, more than 7% over the median price of last year. Home values are still stable, even climbing, as we wait for demand to revive in 2023. There are encouraging signs for the future of Indiana real estate even as demand remains sluggish.

Indiana Housing Market Overview – November 2022

Indiana’s housing market continued to cool in November as the statewide total of 6,335 closed home sales finished 27% below November 2021. Average thirty-year mortgage rates dropped from 7% to below 6.5% by the end of the month in response to encouraging inflation news but remain more than double the historically low rates enjoyed by homebuyers last fall.

November also brought 6,342 new listings, 19% below 2021, though Indiana’s active inventory of homes for sale remained above 12,000 for the third consecutive month as sales slowed from the record-setting market of 2021. The state’s median sale price decreased from $237,000 to $232,000.

Indiana Housing Market Trends
Source: Indiana Association of REALTORS®

Indianapolis Housing Market Trends – November 2022

The following are the most recent housing trends in the Indianapolis area as compared with the past year. We shall mainly discuss median home prices, inventory, and growth, which will help you understand the way the local real estate market moves in this region. Indianapolis has been one of the hottest real estate markets in the country for many years. Indianapolis housing market has a mixture of owner-occupied and renter-occupied units.

As per Neigborhoodscout.com, a real estate data provider, three and four-bedroom single-family detached homes are the most common housing units in Indianapolis. Other types of housing that are prevalent in Indianapolis include duplexes, rowhouses, and homes converted to apartments. Indianapolis single-family homes account for 59% of the city’s housing units.

The following housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com. Land, multi-unit, and other property types are excluded. This data is provided as an informational resource only. Indianapolis was a buyer's market in November 2022, which means that the supply of homes is greater than the demand for homes.

The median listing home price in Indianapolis, IN was $235K in November 2022, trending up 9.3% year-over-year. The median listing home price per square foot was $131. There are 106 neighborhoods in Indianapolis. Near Northside has a median listing price of $389.9K, making it the most expensive neighborhood. Martindale – Brightwood is the most affordable neighborhood, with a median listing price of $120K.

Indianapolis is also the seat of Marion County. The latest Housing Market Report (Marion County) from the “Indiana Association of Realtors” shows that inventory remained still tight as of November 2022 even though the supply of homes has increased by 31.3% from last year. The year-over-year comparisons illustrate how November 2022 compared to November 2021.

  • The median sales price increased by 167.9% to $$179,500.
  • The percentage of Original List Price Received increased by 7.8% to 94.9%.
  • New Listings decreased by 40.0%.
  • Closed Sales increased by 80%.
  • Months Supply of Housing Inventory increased by 31.3% to 2.1 months.
  • Inventory of Homes for Sale increased by 22.2%.

Indianapolis Real Estate Market Forecast 2023

What are the Indianapolis real estate market predictions for 2023? Indianapolis housing market is shaping up to continue the trend of the last few years as one of the hottest markets in the nation. Let us look at the price trends recorded by Zillow (a real estate database company) over the past year.

The typical home value in Indianapolis is currently $231,170, up 15.9% from a year ago. Indianapolis has been a seller’s market as there exists a limited supply of homes, and buyers are forced to compete often resulting in higher prices and/or quicker sales that tend to benefit sellers. In other words, based on the month's supply of inventory, the demand is exceeding the supply, giving sellers an advantage over buyers in price negotiations.

There are fewer homes for sale than there are active buyers in the marketplace. Like most cities nationwide, Indianapolis has experienced real estate appreciation over the last couple of years. According to NeighborhoodScout, the real estate appreciation rate in Indianapolis in the last quarter (2022 Q1 – 2022 Q2) was around 3.31%, which amounts to an annual rate of 33.97%. During the latest twelve months (2021 Q2 – 2022 Q2), the appreciation rate was 15.86%.

  • The typical home value of homes in Indianapolis-Carmel-Anderson Metro is $274,955, up 14.5% over the past year.
  • Zillow predicts that Indianapolis MSA home values may rise by 1.4% by November 2023 (ZHVF, smoothed and seasonally adjusted).
  • Marion County home values have gone up 16% year-over-year.
Indianapolis Real Estate Market Forecast
Courtesy of Zillow.com

Indianapolis Real Estate Investment Overview

Now that you know where Indianapolis is, you probably want to know why we’re recommending it to real estate investors. When it comes down to the Indianapolis real estate market, it is considered to be an excellent destination for cash flow rental properties. There is a strong and steady year-over-year appreciation of Indianapolis investment properties. You need to drill deeper into local trends if you want to know what the market holds for real estate investors and buyers in 2023.

Let’s talk a bit about Indianapolis before we discuss what lies ahead for investors and homebuyers. Indianapolis is also known as the crossroads of America with six interstate highways crossing through the town. However, the transport sector isn't the only thing the city is good for. Construction in Indianapolis seems to be a trend ever since 1849 with America's first Union Station. The construction companies have been stretching their profit margins from the ever-growing Indianapolis housing market.

Why should one invest in this hot market in the state of Indiana? Well, to begin with, Indianapolis has a record of being one of the best long-term real estate investments in the U.S. over the past 10 years. Over the last decade, the cumulative appreciation rate has been 92.94 percent, placing it in the top 30% nationally. This equates to an annual average house appreciation rate of 6.79 percent in Indianapolis, according to NeighborhoodScout data.

If you are looking at buying a house in Indianapolis as a potential investment in 2022 & 2023, you must read it until the end. Although this article alone is not a comprehensive source to make a final investment decision for Indianapolis, we have collected ten evidence-based positive things for investors who are keen to buy an investment property in Indianapolis.

Why Is Indianapolis A Good Place For Real Estate Investment?

  • Highest Job Growth in the Midwest
  • Ranked the #1 most affordable place to own real estate. (Forbes Magazine)
  • Unemployment is below the national average.
  • Highest job growth in the Midwest.
  • Properties up to 10% below the market.
  • 1-year appreciation forecast is positive.

Let’s look at the state of the Indianapolis real estate market and the factors driving the market in the short and long term.

Indianapolis's Business-Friendly Economy

The circle city may be the 13th largest city in the nation but that doesn't stop it from carefully drawing out its budget to accommodate its locals. It's one of the few cities running on a surplus balanced budget making it favorable for most business investments. This is due to the low tax levied on business premises making it a viable option for the rental real estate business.

Indianapolis has the highest job growth in the midwest. It has seen a surge in the technology sector ushering in a new business climate for the city. In 2016, over 49 companies chose to expand their firms and relocate opening up branches in the area. This led to over 4,500 unemployment cases being eradicated contributing to the overall growth in the local economy. Low cases of unemployment are a great way of attracting new families moving into the area and another reason for real estate investment.

The state capital has been directed towards funding several diversified sectors including tourism. The city hosts major sporting events like the NCAA basketball championships, and the famous Indy Car Race which attracts huge crowds each year. The Indianapolis real estate market can thrive from this especially in the home rental business during such occasions. Other areas of diversification include pharmaceutical as well as retail and healthcare investments.

Indianapolis Has Affordable Cost of Living

Due to the nature of commerce heavily practiced in the area, it's the most affordable place to be. According to CNN Money, it boasts of an affordability score of approximately 96% with low mortgage rates surpassing Dayton Ohio following it closely. The Indianapolis real estate market has been considered to be among the most stable markets out there. This is due to the city's location. The mid-western city's distance from the coast makes its market much more reliable unlike cities like other cities based off the coast. Their markets change just as the seasons come and go.

Increasing Home Prices in Indianapolis

Probably one of the best news to an Indianapolis real estate market investor is to learn of the rise in home prices. Over the recent past, home values have shot up by over 18% percent with the median home value reaching about $217K, according to local real estate agents. Not only will an investor get his money's worth but also stretch out profit margins as time goes by. A wise investment usually quickly returns the capital pumped into it. Indianapolis realtors have confessed to closing the fastest deals of their lifetime. Properties sell quite fast as they are listed on the market. This is advantageous to an investor as worrying about marketing and advertising is completely done away with.

Rise in Population

The population density in Indianapolis is on the rise with a growth rate of 0.33% according to the latest census conducted. Demographics show that the rise saw up to a 3.9% growth rate of African Americans, replacing the non-Hispanic which accounted for a greater percentage of the population. This diversification is a culmination of the accepting nature of the locals towards people of all backgrounds living side by side and in need of new homes.

Indianapolis is One of The Best Downtowns

According to Forbes, Indianapolis is one of the USA's best downtowns. The Circle city is known for its urban design with several construction projects underway with more contracts generated than they are completed. Improved public spaces and conservation-minded avenues are the things for most parts of the town. For those with a keen eye for real estate investment, this could be a major influence over the Indianapolis real estate market. The average rent for a 1-bedroom apartment in Downtown Indianapolis, Indianapolis, IN is currently $1,455. This is a 1% increase compared to the previous year.

Indianapolis Rental Market Has High Demand

Indianapolis is a College Town with university students choosing to reside off-campus. Moreover, graduates tend to move to the immediate area while starting out creating a huge rental market. For Entrepreneurs, opening up shop also adds to the demand. The average rent for a 1-bedroom apartment in Indianapolis, IN is currently $995.

This is a 4% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Indianapolis decreased by -11% to $999. The average rent for a 1-bedroom apartment decreased by -1% to $995, and the average rent for a 2-bedroom apartment decreased by -9% to $1,110.

  • The average rent for a 2-bedroom apartment in Indianapolis, IN is currently $1,110. This is a 6% increase compared to the previous year.
  • The average rent for a 3-bedroom apartment in Indianapolis, IN is currently $1,450. This is a 2% increase compared to the previous year.
  • The average rent for a 4-bedroom apartment in Indianapolis, IN is currently $1,693. This is a 3% decrease compared to the previous year.

Best Indianapolis Neighborhoods To Buy Investment Properties

Are you considering Indianapolis real estate investment? Maybe you have done a bit of real estate investing in Indianapolis but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold. Indianapolis offers great opportunities for turnkey real estate investments.

This is especially true for investors who want to invest in the market which is ranked the #1 most affordable place to own real estate (Forbes Magazine). In the Indianapolis real estate market, it is still possible to purchase cash flow turnkey properties that are up to 10% below market value – which means you get the best returns on your investment.

Good cash flow from Indianapolis investment properties means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt. Therefore, finding the best investment property in Indianapolis in a growing neighborhood would be key to your success. If you invest wisely in Indianapolis’s real estate, you could secure your future.

The less expensive the Indianapolis investment property is, the lower your ongoing expenses will be. As with any real estate purchase, act wisely. Evaluate the specifics of the Indianapolis housing market at the time you intend to purchase. When looking for the best real estate investments in Indianapolis, you should focus on neighborhoods with relatively high population density and employment growth. Both of them translate into high demand for housing.

Some of the best neighborhoods in or around Indianapolis, Indiana are Near Eastside, Far East Side, and South Broad Ripple. Home prices in Indianapolis are well below the national average for all cities and towns in the United States.

Highest Appreciating Indianapolis Neighborhoods Since 2000 (List by Neighborhoodscout)

  • Near Northside
  • Old Northside / Herron Morton
  • Arsenal Heights West
  • Ransom Place
  • N Beville Ave / E St Clair St
  • N Rural St / E 9th St
  • Woodruff Place / Arsenal Heights
  • Fletcher Place
  • Fountain Square
  • Fall Creek Place East

There are some great neighborhoods in Indianapolis where you can consider buying investment properties. Here is a list of some of the best neighborhoods in Indianapolis for real estate investment (Data by Niche.com).

1. Glendale, Indianapolis

According to Niche.com, Glendale is one of the best neighborhoods to live in in the Indianapolis area. The area is suburban with a total population of 4,419. Glendale is a neighborhood located on the north side of Indianapolis, located immediately east of Broad Ripple. Glendale is one of the oldest suburban neighborhoods in Indianapolis and is fairly residential, despite being a heavy commercial district. It is best known as the home of Glendale Town Center.

Median Home Value in Glendale $235,303
Public Schools A- Grade
Median Rent in Glendale $874
Housing B Grade

2. North Central, Indianapolis

North Central is one of the best neighborhoods to live in in the Indianapolis area. It is a suburban area with a population of 5,572. About 26% of the population are renters.

Median Home Value in North Central $309,728
Public Schools B+ Grade
Median Rent in North Central $1,439
Housing A- Grade

3. Broad Ripple Village, Indianapolis

Broad Ripple Village is currently #1 in the best neighborhoods to live in the Indianapolis area. It is one of seven areas designated as cultural districts in Indianapolis, Indiana. Located about six miles (11 km) north of Downtown Indianapolis, Broad Ripple was established in 1837 as an independent municipality and annexed by the city of Indianapolis in 1922. Broad Ripple High School, one of the earliest Indianapolis Public Schools, is located within the Village. The area is suburban with a population of 6,884.

Median Home Value in Broad Ripple Village $233,821
Public Schools B- Grade
Median Rent in Broad Ripple Village $1,374
Housing A Grade

4. Delaware Trails, Indianapolis

Delaware Trails is another best neighborhood to live in in the Indianapolis area. It is a suburban area with a population of 8,174. About 26% of the population are renters.

Median Home Value in Delaware Trails $218,641
Public Schools A- Grade
Median Rent in Delaware Trails $864
Housing A- Grade

5. Allisonville, Indianapolis

Allisonville is another best neighborhood to live in in the Indianapolis area. The area is suburban with a population of 10,175. Allisonville residents enjoy a dense suburban feel, with the majority of residents owning their homes. There are numerous bars, restaurants, coffee shops, and parks in Allisonville. Allisonville is home to a large number of families and young professionals, and residents generally hold moderate political views. Allisonville's public schools are highly regarded.

Median Home Value in Allisonville $284,807
Public Schools A- Grade
Median Rent in Allisonville $1,242
Housing A- Grade

6. Millersville, Indianapolis

Millersville is an Indianapolis neighborhood with a population of 8,800. Millersville is located in Marion County and is considered to be one of the best places to live in the state of Indiana. Millersville provides residents with a dense suburban feel, and the majority of residents own their homes. There are numerous bars, restaurants, coffee shops, and parks in Millersville. Millersville is home to a large number of young professionals and residents who lean liberal. Millersville's public schools are highly regarded.

Median Home Value in Butler-Tarkington $176,736
Public Schools A- Grade
Median Rent in Butler-Tarkington $1,006
Housing A- Grade

Indianapolis Turnkey Properties For Sale

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Indianapolis.

Consult with one of the investment counselors who can help build you a custom portfolio of Indianapolis turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Indianapolis, and have a 3-year appreciation forecast of 10.3%.

All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Indianapolis turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

On the west of Indiana lies the state of Illinois. In Illinois, Chicago is a hot and sizzling real estate market. Chicago’s real estate market has been one of the slowest to recover since the housing bubble burst at the start of the Great Recession. Home prices were 19% below their pre-crash levels in 2017, and they aren’t expected to hit peak values until 2021.  Chicago is not only home to several corporate headquarters; there has been a recent trend of companies moving their headquarters to Chicago as well.

The steady increase in jobs has contributed to a slow but steady increase in rents. Many businesses are attracted by Chicago’s labor pool, the largest in the nation. As these businesses move into the area and attract relocating professionals, many are forced to rent because they can’t find houses fast enough in the areas they want to live in or simply choose to rent upon relocation in one of the luxury apartments downtown.

On the east of Indiana lies the state of Ohio. In Ohio, we recommend Cleveland for real estate investment. Cleveland’s population is stable at around 400,000 residents. It is doing a decent job of retaining its young people. Why is that something to bring up when discussing the Cleveland housing market? Because it is right next to Detroit, a city that has been shedding people for decades. The Cleveland real estate market is thus bolstered by steady to slow growth, though specific neighborhoods are seeing spikes in their valuations as new employers and attractions move in.

Let us know which real estate markets you consider best for real estate investing!


Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

Latest Market Data, Trends, and Statistics
https://www.indianarealtors.com/consumers/housing-data/
https://www.zillow.com/Indianapolis-In/home-values
https://www.neighborhoodscout.com/in/indianapolis/real-estate
https://www.realtor.com/realestateandhomes-search/Indianapolis_IN/overview
https://www.zumper.com/rent-research/indianapolis-in

Why Invest in Indianapolis Rental Market
http://www.cashflowdiaries.com/why-is-indianapolis-such-a-great-city-to-invest-in
https://www.threaltyinc.com/blog/2017/01 /04/why-invest-in-rental-properties-in-indianapolis-in

Best Neighborhoods in Indianapolis
https://www.niche.com/places-to-live/n/allisonville-indianapolis-in

Filed Under: Growth Markets, Housing Market, Real Estate Investing, Real Estate Investments

Montgomery Housing Market: Prices, Trends, Forecast 2022-2023

December 31, 2022 by Marco Santarelli

Montgomery Housing Market

How is The Housing Market in Montgomery, Alabama?

Montgomery Alabama Real Estate Market is hot in 2022. It is a good cash-flow market due to the strong demand for rental housing. And this is not entirely due to the 8 or more colleges and universities in the city. The cost of living in Montgomery is lower than the U.S. average while there are a number of good-paying jobs in the area.

Montgomery has seen the job market increase by 1.1% over the last year. Future job growth over the next ten years is predicted to be 30.3%. With affordable home prices, lower taxes, and a low cost of living, Montgomery is a great city to live in and invest in real estate. The median sales price in the Montgomery area was $196,00 in November 2022, an increase of 1.1% from one year ago and a decrease of -12.9% from October, according to the Montgomery Area Association of REALTORS.

The median home sale price — is the midway point of all the houses or units sold over a period of time. It offers a more accurate view of what's happening in a market. There is an acute shortage of inventory in the Montgomery area housing market. At the current sales pace, all the active inventory on the market would sell in 2.7 months (the # of months of supply).

According to the quarterly report published by Alabama Center for Real Estate (ACRE), Montgomery residential sales in the third quarter of 2022 totaled 1,518 units, representing a decrease of 16.8% when compared to 1,825 units that were sold in the third quarter of 2021. Compared to historical data, third-quarter sales are 7.0% below the 3-year quarterly average and 4.0% above the 5-year quarterly
average.

The median sales price in Montgomery for the third quarter of 2022 was $223,000, a 5.9% increase from the third quarter of 2021's median sales price of $210,500. Compared to historical data, the third-quarter median sales price is 18.5% above the 3-year quarterly average and 27.8% above the 5-year quarterly average.

The average sales price in Montgomery for the third quarter of 2022 was $248,837, a 6.8% increase from the third quarter of 2021’s average sales price of $233,015. The average number of days on the market in the third quarter of 2022 was 47, representing a decrease of 16.0% from 56 days on market in the third quarter of 2021.

The average number of days on the market in the first quarter of 2022 was 54, representing a decrease of 34.8% from 83 days on market in the first quarter of 2021. The residential units available for sale in the first quarter of 2022 decreased by 29.2% when compared to the same period last year. The quarterly average of inventory for sale divided by the current quarterly sales average equals the # of months of supply, which was 1.7 months, up 36.8% as compared to the third quarter of 2021. The market is considered to be in balance at approximately 6 months of housing supply.

Montgomery Alabama Housing Market Trends – November

Home Sales: According to the Montgomery Area Association of REALTORS, in November, home sales in the area decreased 25.2% year-over-year (Y/Y) from 488 to 365 closed transactions. Following seasonal trends, sales also decreased 25.% from October. Sales are now down -13.1% year-to-date. These residential sales include existing single-family, condos, & new homes.

Home Prices: Montgomery Alabama real estate market trends show a 1.1% year-over-year rise in median sales price based on 365 home sales registered last month. The median sales price in November was $196,000. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Housing Inventory: Homes listed for sale increased 37.8% year-over-year from 670 to 923 listings. Months of supply increased from 1.3 in October 2021 to 2.3 in October 2022, reflecting a market where sellers generally have elevated bargaining power. Homes sold in October averaged 56 days on the market (DOM), 2 days slower than October 2021.

Housing Forecast:  October sales were 135 units, or 25.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 538 sales for the month, while actual sales were 403 units. ACRE forecast a total of 5,501 residential sales year-to-date, while there were 4,932 actual sales through October, a difference of 10.4%.

New Construction: The 73 new homes sold represent 18.1% of all residential sales in the area in October. Total sales increased 9.0% year-over-year. The median sales price in October was $352,325, an increase of 7.2% from one year ago and an increase of 1.5% from September. New homes sold in an average of 73 days, 22 days slower than in October 2021.

For all Montgomery-area housing data, click here.

Montgomery Alabama Housing Market Forecast

The current housing demand: According to Realtor.com, Montgomery County was a buyer's market in November 2022, which means that the supply of homes is greater than the demand for homes. The median listing home price in Montgomery County, AL was $179.9K, trending up 6.5% year-over-year. The median home sold price was $120K. Montgomery County has affordable townhomes and affordable condos. There are 18 cities in Montgomery County where Realtor.com has active listings. Grady has a median listing home price of $1.3M, making it the most expensive city. Ramer is the most affordable city, with a median listing home price of $165K.

Some of the lowest real estate appreciation rates in the country over the last ten years have been in Montgomery, where house values have increased by just 29.38%, which is an annualized rate of 2.61%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America. Over the last year, Montgomery's appreciation rates have trailed the rest of the nation.

In the last twelve months (2021 Q2 – 2022 Q2), Montgomery's appreciation rate has been 14.33%, which is slightly above the national average. In the latest quarter tracked by NeighborhoodScout (2022 Q1 – 2022 Q2), the house appreciation rates in Montgomery were at 5.40%, which equates to an annual appreciation rate of 23.42%. However, the rising mortgage rates that have squashed demand and caused sales to plummet and home price appreciation to slow down.

According to Zillow.com, the typical home value in Montgomery County is $147,446. Montgomery County home values have gone up 15.4% over the past year. The Montgomery, Alabama Metropolitan Statistical Area (commonly known as the Tri-Counties or the River Region) is a metropolitan area in central Alabama. According to Zillow's latest forecast, home values in the Montgomery Metro Area are projected to decline by 1.4% from November 2022 to November 2023.

Montgomery Alabama Housing Market Forecast
Source: Zillow

Montgomery Real Estate Investment Overview

The Montgomery Alabama real estate stands out for its affordable properties, relatively high rents, and numerous opportunities for deals. The relative breadth of its student housing market is remarkable given its small size. Here are some of the reasons to consider investing in Montgomery real estate.

A Big Student Market

Student housing offers stable income and better-than-average returns. Students care as much or more about safety, walking distance to school, and amenities than they do price. This is why cap rates for properties within half a mile of campus are so low; they rarely come on the market, and when they do, there is a bidding war. Investment opportunities do exist in older student housing that can be renovated and now rented out at a premium.

You’ll see steady turnover as people graduate, replaced by incoming freshmen. These tenants will never buy a home until after graduation, and if they have trouble paying the rent, getting a roommate is an acceptable solution. This makes the Montgomery Alabama real estate market perfect for those who want to invest in student housing since there are simply more universities in the area.

Montgomery Real Estate is Affordable

Montgomery real estate is cheap. The median home value in Montgomery is $143,142 as of Q2 2022. NeighborhoodScout’s Median Home Values combine data from the United States Bureau of the Census with quarterly house resale data provided to the FHFA by Fannie Mae and Freddie Mac. Around 33% of homes fall in the price segment of $128,001 – $255,000. Another 33% fall in the price segment of $64,001 – $128,000. Single-Family homes account for 68.7% of the housing units and around 47.7% are renters, which is quite a sizable population for rental property owners.

As of November 2022, the typical home value in the Montgomery MSA is $188335 whereas, in the city, it is $137,960 (Zillow Home Value Index). ZHVI is a smoothed, seasonally adjusted measure of the typical home value and market changes across a given region and housing type. It reflects the typical value for homes in the 35th to 65th percentile range.

While that is far lower than the national average, it is considerably cheaper. That said, affordability should continue to be the driving force of both supply and demand in the area. First-time buyers and Millennials should find the Montgomery home market more enticing than most others. Hence, Montgomery real estate investing should experience a boost in activity as well.

A Large Rental Market for Multi-Family Housing

While the cost of living and housing are both relatively low in Montgomery, many residents can’t earn enough to afford to buy a home. This created a relatively strong market for multi-family housing. As of December 25, 2022, the average rent for a 1-bedroom apartment in Montgomery, AL is currently $750. This is a 3% increase compared to the previous year.

  • The average rent for a 2-bedroom apartment in Montgomery, AL is currently $850, a 0% increase compared to the previous year.
  • The average rent for a 3-bedroom apartment in Montgomery, AL is currently $1,050, a 6% increase compared to the previous year.
  • The average rent for a 4-bedroom apartment in Montgomery, AL is currently $1,298, a 3% decrease compared to the previous year.

Montgomery Alabama real estate is more than apartments for locals and students. The 2017 Realtors Confidence Index Report described the outlook for single-family homes in Alabama as “very strong”. Buyer traffic for Alabama was seen as strong. For seller traffic, Alabama was rated in that report as having moderate seller conditions, but all of the surrounding states were projected to be “weak” in that category.

Suburbs with Potential

Prattville is located near Montgomery, Alabama. Capitol Hill Golf Course is located here; that’s the site of the Nationwide Tour. The town’s population has grown by half in the past ten years. This is an excellent place to consider buying a rental home whether you’re catering to snowbirds or people relocating to the area before finding a permanent residence. The typical home here is worth around $245,990, a deal compared to other up-and-coming golf communities. Suburbs around Montgomery offer safety, space, and more modern amenities. Small towns around the city provide wide open spaces and privacy. Homes in Wetumpka have a typical price of around $241,435 (Nov 2022).

Highest Appreciating Montgomery Neighborhoods Since 2000

  1. Gunter Annex
  2. Cottage Hill
  3. Centennial Hill
  4. South Hull
  5. Maxwell Boulevard North / Maxwell Boulevard South
  6. Hayneville Rd Park
  7. Chisholm / Kilby
  8. Mount Meigs / Brassell
  9. Washington Park
  10. Deer Creek Blvd / Marston Way
  11. Tax-Friendly State

Alabama has incredibly low taxes. The state and local tax burden typically rank among the top ten (best) in the U.S. State and local taxes are one of the biggest deciding factors real estate investors need to consider. Alabama has some of the lowest property tax rates in the nation. The median property tax in Montgomery County, Alabama is $435 per year for a home worth the median value of $121,000. Montgomery County collects, on average, 0.36% of a property's assessed fair market value as property tax.

Montgomery County has one of the lowest median property tax rates in the country, with only two thousand five hundred thirty-eight of the 3143 counties collecting a lower property tax than Montgomery County. The average yearly property tax paid by Montgomery County residents amounts to about 0.74% of their yearly income. Montgomery County is ranked 2719th of the 3143 counties for property taxes as a percentage of median income.


The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified.

References

Market data and trends
https://www.zillow.com/montgomery-al/home-values/
https://acre.culverhouse.ua.edu/category/statewide/montgomery-area/
https://acre.culverhouse.ua.edu/research/residential-research/montgomery/
https://www.neighborhoodscout.com/al/montgomery/real-estate
https://www.realtor.com/realestateandhomes-search/Montgomery-County_AL/overview

Job Growth
https://www.bestplaces.net/economy/city/alabama/montgomery

Alabama taxes
https://taxfoundation.org/state/alabama/
http://www.tax-rates.org/alabama/montgomery_county_property_tax

Prattville data
https://www.nerdwallet.com/blog/mortgages/home-search/best-towns-alabama-young-families/

Montgomery growth
https://www.bestplaces.net/city/alabama/montgomery

Student housing market
http://www.nreionline.com/student-housing/buyers-return-student-housing-sector

Filed Under: Growth Markets, Housing Market, Real Estate Investing Tagged With: Montgomery Home Prices, Montgomery Housing Market, Montgomery Real Estate, Montgomery Real Estate Market

Cleveland Housing Market: Prices, Trends, Forecast 2022-2023

December 27, 2022 by Marco Santarelli

If you are looking at buying a house in Cleveland you must read till the end. Cleveland is often looked at as a has-been market. However, its turnaround has created several opportunities for investors and residents alike. The Cleveland housing market has slowed down to rising mortgage rates. In November, both sales and new listings were down as compared to last year. Home prices are rising by single digits and the forecast for 2023 is mixed. According to Zillow, home values in the Cleveland MSA may decline by 0.1% during the next twelve months ending November 2023.

According to Realtor.com, Cleveland-Elyria, Ohio has been ranked 32nd among the 100 largest U.S. metros in their 2023 housing forecast. In 2023, Cleveland home prices are projected to increase by 4.3%, while home sales are projected to increase by 2.7%. The combined sales and price change (% Y/Y) is anticipated to be 7.0%.

The following Cleveland housing market trends are based on single-family, condo, and townhome properties listed for sale on realtor.com for November 2022. Land, multi-unit, and other property types are excluded. This data is provided as an informational resource only. The median listing price of homes for sale in Cleveland, Ohio was $115K, which was flat from the prior year.

The median asking price per square foot for homes was $77. The median sales price was $120,000. In November 2022, homes in Cleveland, OH sold for 2% less than their asking price on average. Homes sold after 48 days on the market on average. The median days on market in Cleveland, OH has decreased from last month, and have decreased significantly since last year.

Cleveland Housing Market Trends

The FHFA provides a measure of typical price inflation for houses within the United States for the state, national, and Metropolitan Statistical Areas. FHFA releases HPI data and reports on a quarterly and monthly basis. Cleveland–Elyria Metropolitan Statistical Area (MSA) is ranked #56 in the FHFA HPI® Top 100 Metro Area Rankings based on house price change in 2022 Q3. In Cleveland–Elyria house prices rose 10.8% over the past year and rose 0.4% over the last quarter. The Cumulative change in the Cleveland house price index since 2007 has been +57.7%.

Cleveland Housing Price Trends
Source: FHFA

How Hot Was the Cleveland Housing Market in November 2022?

Data by Redfin, a real estate company, shows that the Cleveland housing market is somewhat competitive. Homes in Cleveland receive 2 offers on average and sell in around 33 days. The average home in Cleveland sells for about 4% below the list price. A hot listing on Redfin can sell for about 2% above the list price and go pending in around just 9 days.

  • The average sale price of a home in Cleveland was $112K last month, down 6.7% since last year.
  • The average sale price per square foot in Cleveland is $79, down 5.4% since last year.
  • In November 2022, Cleveland home prices were down 6.0% compared to last year, selling for a median price of $113K.
  • On average, homes in Cleveland sell after 27 days on the market compared to 37 days last year.
  • There were 362 homes sold in November this year, down from 448 last year.
  • Sale-to-List Price was 96.0%.
  • 30.4% of Homes Sold Above the List Price.
  • 27.7% of Homes were sold with price drops.

Cuyahoga County Housing Market Report

Cuyahoga County is located in the northeastern part of the U.S. state of Ohio. It is the second-most-populous county in the state. The county seat and largest city is Cleveland. Here's the November 2022 Market Report for Cuyahoga County released by the Akron Cleveland Association of REALTORS®.

Cleveland is a seller's real estate market. Months Supply of Inventory is just 1.6 months as of November 2022. It refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace. Six months of supply has historically been associated with moderate price appreciation, while a lower level of months' supply tends to accelerate price increases.

  • Total homes sold in Cuyahoga County were 1602, down 26.9% year-over-year.
  • In Nov 2022, the median sales price in Cuyahoga County was $190K, up 5.6% year-over-year.
  • The average sales price was $234,500, up 4.1% year-over-year.
  • Homes are typically seeing offers accepted slower than a year ago.
  • The median days on market is 36 days, up 2.9% year-over-year.
  • New listings were down 14.3% compared to 2022.
  • Pending sales were also down 13.4% compared to the same month in 2022.

Cleveland Rental Market Trends

Cleveland has a mixture of owner-occupied and renter-occupied housing. The average rent for a 1-bedroom apartment in Cleveland, OH is currently $1,045. This is a 19% decrease compared to the previous year. Over the past month, the average rent for a studio apartment in Cleveland decreased by -6% to $1,000. The average rent for a 1-bedroom apartment decreased by -16% to $1,045, and the average rent for a 2-bedroom apartment decreased by -25% to $975.

  • The average rent for a 2-bedroom apartment in Cleveland, OH is currently $975, a 22% decrease compared to the previous year.
  • The average rent for a 3-bedroom apartment in Cleveland, OH is currently $1,150, a 10% decrease compared to the previous year.
  • The average rent for a 4-bedroom apartment in Cleveland, OH is currently $1,335, a 12% increase compared to the previous year.
  • Some of the most expensive neighborhoods in Cleveland are Detroit – Shoreway, Downtown Cleveland, and Ohio City.
  • Some of the most affordable neighborhoods in Cleveland are North Collinwood, Edgewater, and Cudell.

Cleveland Housing Market Forecast 2023

What are the Cleveland real estate market predictions for 2023? Cleveland has a record of being one of the best long-term real estate investments in the U.S. The Cleveland metropolitan area, or Greater Cleveland as it is more commonly known, is the metropolitan area surrounding the city of Cleveland in Northeast Ohio, United States.

The cumulative appreciation rate over the ten years has been 67.95%, which ranks in the top 50% nationwide. This equates to an annual average Cleveland house appreciation rate of 5.32%. The Cleveland real estate market remains strong to favor sellers, due to persistent imbalance in supply and demand.

NeighborhoodScout's data show that during the twelve months, from 2021 Q2 – 2022 Q2, Cleveland's appreciation rate, at 13.03%, has been at or slightly above the national average. In the latest quarter tracked by them (2022 Q1 – 2022 Q2), Cleveland's appreciation rate has been 2.31%, which annualizes to a rate of 9.57%.

The five-county Cleveland–Elyria Metropolitan Statistical Area (MSA) consists of Cuyahoga County, Geauga County, Lake County, Lorain County, and Medina County, and has a population of over 2 million. The typical home value of homes in Greater Cleveland or Cleveland–Elyria Metro is currently $219,184. ZHVI represents the whole housing stock and not just the homes that list or sell in a given month. It indicates that 50 percent of all housing stock in the area is worth more than $219,184 and 50 percent is worth less (adjusting for seasonal fluctuations).

The housing forecast for the Cleveland MSA is negative according to Zillow. Cleveland–Elyria Metro home values are forecasted to remain flat or may drop by 0.1% between November 2022 to November 2023. That's Zillow's most recent forecast for Cleveland. It is to be noted that rising mortgage rates have decreased home buying demand and it can lead to a fall in home prices. However, Cleveland is a seller’s real estate market as there exists a limited supply of homes, and buyers are forced to compete often resulting in higher prices and/or quicker sales that tend to benefit sellers.

In other words, the demand is exceeding the supply, giving sellers an advantage over buyers in price negotiations. Also, in a balanced real estate market, it would take about six months for the supply to dwindle to zero. In terms of housing supply, the Cleveland market can tip to favor buyers if the supply increases to more than six months of inventory. And that's quite unlikely to happen in 2023. According to some experts, after more than doubling this year, mortgage rates are expected to retreat in 2023. So, Cleveland home prices may not decline if the mortgage rates stop rising in 2023.

Cleveland Real Estate Market Forecast
Credits: Zillow

Cleveland Real Estate Investment Overview

Should you buy investment property in Cleveland? Looking for a home in Cleveland? These up-to-date Cleveland real estate statistics and trends will help you make smart investing decisions. You need to drill deeper into local trends if you want to know what the Cleveland market holds for the year ahead. We have already discussed the Cleveland housing market trends & forecasts for answers on why to put resources into this sizzling market. Cleveland is home to just under 400,000 people. The larger metropolitan area is home to roughly two million people.

That makes the Cleveland real estate market the 32nd largest in the country. If you include the Cleveland-Akron-Canton metro area, there are three and a half million people in the “combined statistical area”, making it the 15th largest metropolitan area in the United States. This century-old city was once a major manufacturing center. It is reinventing itself as a medical and BioMed hub. Home prices in Cleveland have been trending up 8.6% year-over-year.

As per the data from the real estate company called Neigborhoodscout.com, single-family detached homes are the single most common housing type in Cleveland, accounting for 46.56% of the city's housing units. Other types of housing that are prevalent in Cleveland include duplexes, homes converted to apartments or other small apartment buildings ( 26.01%), large apartment complexes or high-rise apartments ( 20.51%), and a few row houses and other attached homes ( 6.23%).

Just four miles from Downtown Cleveland, the University Circle has long been a diverse and appealing mix of single-family homes and apartments. This area of the city has the flavor of a quaint college campus. Given that area amenities are within walking distance, there is a lot of foot and bike traffic, which lends to its charm. The area is one of the largest employment centers in the entire state. People in Cleveland primarily live in small (one, two, or no-bedroom) single-family detached homes.

Here are the top reasons to invest in Cleveland real estate.

  • Top 10 Job Market for New College Graduates (CNN)
  • Presence by 70% of Fortune 500 comp.
  • More than 400 bioscience companies.
  • Two new Amazon distribution centers.
  • Over 120,000 healthcare professionals.
  • Home to 27 area colleges & universities.
  • Home to four professional sports teams.

Positive Demographic Trends

Cleveland’s population is stable at around 400,000 residents. It is doing a decent job of retaining its young people. Why is that something to bring up when discussing the Cleveland housing market? Because it is right next to Detroit, a city that has been shedding people for decades. The Cleveland real estate market is thus bolstered by steady to slow growth, though specific neighborhoods are seeing spikes in their valuations as new employers and attractions move in.

The Bright Future of Good-Paying Research Jobs

Cleveland has invested in healthcare and bio-science business accelerators like Bio-Enterprise and the Global Center for Health Innovation. They expect institutions like this to lead to new healthcare advancements provided first in Cleveland and in the hope that discovered drugs and technology will be manufactured in Cleveland. Investors can find affordable investment properties for development and either sale or rental to people working at these facilities. Cleveland’s Health-Tech Corridor is a prime place for high-tech companies, while the Cleveland real estate market is booming around these businesses.

Downtown Brownfield Re-Development

Cleveland is intentionally redeveloping several brownfield industrial sites to create multi-use properties. For example, the Terminal Tower is being turned into a combination shopping and entertainment district. The Cleveland Gateway project is going to turn 65 acres into a densely populated urban neighborhood, mixing multi-family housing with trails, a marina, and an urban park. If you can’t invest directly in this redevelopment project, note that single-family and multifamily housing stock around the new units will go up in value as new infrastructure is built.

Significant redevelopment is occurring along the thoroughfare running from East 55th Street to East 105th Street. Given that it is right off Interstate 490 and connects with downtown streets like Quincy and Chester Avenue, this is an excellent place to buy a property that is going to go up in value. When you know that better streets and traffic management along with improved public transit will go into an area, it is a safe bet for investing in the Cleveland real estate market.

The nucleus is another downtown redevelopment project that seeks to bring mixed-use real estate to depressed areas. The nucleus is centered around two million square feet of retail, residential, and office space, though there will be around 500 residential units. If you want to invest in the Cleveland real estate market, consider buying and rehabbing housing for those who will work in NuCleus but couldn’t get one of the apartments or condos.

University Circle & The Western Rim

University Circle is one of the hottest neighborhoods in Cleveland. It is seeing a wave of high-end condos and apartments. If you can find single-family rentals or multi-family housing in the vicinity, snap it up. These are among the most desirable properties in the Cleveland housing market. We know that when they were willing to turn a former Children’s Museum into an apartment building.

The Western Rim of Cleveland hasn’t been overlooked in the rush to redevelop downtown and the Biotech corridor. Projects worth an estimated 350 million dollars have been proposed or are actually under construction between West 25th and West 117th streets. A business incubator has been proposed for the Western Rim. The Cleveland housing market on the west side should see significant growth as new businesses pop up here. The luxury rentals built in the Near West Side are probably only the start of this area’s resurgence.

The Redeveloped Lakeshore

Cleveland sits on the southern shore of Lake Erie. Cleveland is redeveloping its long waterfront district. The fifty-year plan has already resulted in mixed-use development between West 3rd and East 18th streets. Redevelopment includes rehabilitating waterfront infrastructure like bridges, canals, and “made land”. Reinvented lakeside trails create desirable areas that will command a premium on the Cleveland real estate market. Euclid has already demonstrated this with their lakefront project and main waterfront park. Newly opened areas like the one created by the demolition of the FirstEnergy coal fire plant are to be seen as opportunities to reinvent the Cleveland real estate market.

A New Lease on Life for Old Buildings

The Cleveland housing market is so hot that they’re turning old commercial buildings into new residential spaces. A classic example of this is the former Huntington Bank Building; it is currently known as the 925 Building. The commercial building will be transformed into a mixed-use building with office space, retail space, a Hilton hotel, and 600 apartments.

Catering to the New Medical Talent

While there are Americans who worship Canada’s single-payer healthcare system, the reality is that millions of Canadians come to the United States each year. Some were denied care by their government, while many simply don’t want to wait months for a procedure, so they choose to pay cash at U.S. hospitals. Cleveland is building medical facilities to cater to these medical tourists. And these doctors, nurses and medical specialists are buying homes close to work, whether it is at the world-renowned Cleveland Clinic or the hospital down the street.

Another variation of this strategy is buying property in the Cleveland housing market that caters to medical school students. Case Western Reserve University and the Cleveland Clinic Lerner College of Medicine see many students from around the world who come to the area for one to five years to attend before leaving to practice elsewhere. (The Lerner College is a five-year tuition-free medical school).

Summary

If you are a home buyer or real estate investor, Cleveland real estate investment has a track record of generating one of the best long-term returns in the U.S. through the last ten years. Cleveland is a notable exception to the decline of the Rust Belt cities. It has managed to reinvent itself, shifting from classic manufacturing to biotech and medicine. In the process, it has maintained its population and has strong potential for growth both economically and demographically.

There are over 590 schools in Cleveland, OH. There are 238 elementary schools, 154 middle schools, 84 high schools, and 121 private & charter schools. There are over 105 neighborhoods in Cleveland. Some of the best neighborhoods in or around Cleveland, Ohio are Old Brooklyn, Parma, and Euclid. The Bay Village area is a highly desirable suburb of Cleveland, Ohio.

Cleveland Magazine rated it the number one suburb to nest in, citing low crime, increasing home values, and great schools. Bay Village retained these positive elements even during the recession. Tremont has a median listing price of $320K, making it the most expensive neighborhood. Mount Pleasant is the most affordable neighborhood, with a median listing price of $60K.

Here are the 10 highest appreciation neighborhoods in Cleveland since 2000 (List by Neigborhoodscout.com).

  1. Central South
  2. Central Southwest
  3. Central East
  4. Central
  5. Downtown South
  6. Ohio City South
  7. Clark Fulton North
  8. Ohio City
  9. Tremont North
  10. Tremont

Buying an investment property is different from buying an owner-occupied home. Our Cleveland investment properties are designed to make money as rentals, which means you must look at it solely as an income-producing entity just like any other business. These are “Turnkey Cash Flow Investment Properties” located in some of the best neighborhoods of Cleveland.

Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor is your ability to find great real estate investments. Buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.

We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities. We can help you succeed by minimizing risk and maximizing profitability. We recommend asking for a FREE Strategy Session by clicking here. One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.


The information contained in this article was pulled from third-party sites mentioned under references. Norada Real Estate Investments provides no express or implied claims, warranties, or guarantees that the information is accurate, reliable, or current. All information should be validated using the below references. Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

Market Data, Trends & Statistics
https://www.zillow.com/home-values/24115/cleveland-oh/
https://www.redfin.com/city/4145/OH/Cleveland/housing-market
https://www.neighborhoodscout.com/oh/cleveland/real-estate
http://www.freddiemac.com/research/indices/house-price-index.page
https://www.realtor.com/realestateandhomes-search/Cleveland_OH/overview
https://www.movoto.com/guide/cleveland-oh/cleveland-real-estate-market-trends

Lerner College
https://atlantisglobal.org/blog/2017/11/21/get-paid-in-medical-school-my-journey-to-the-cleveland-clinic-lerner-college-of-medicine

Brownfields / urban redevelopment
https://www.calthorpe.com/content/cleveland-gateway-redevelopment-plan

The Opportunity Corridor
http://www.freshwatercleveland.com/features/SevenProjects022317.aspx

University Circle
http://www.freshwatercleveland.com/features/SevenProjects022317.aspx

Waterfront
http://planning.city.cleveland.oh.us/lakefront/cpc.html
https://www.cleveland.com/architecture/index.ssf/2017/11/euclid_close_to_building_lakef.html
http://www.news-herald.com/lifestyle/20170602/clevelands-lakefront-parks-are-stable-flourishing

The Western Rim
http://www.crainscleveland.com/article/20170507/news/170509850/clevelands-western-rim-embarks-development-boom

Biomedical hubs and hospitals
http://www.theglobalcenter.com/about-us
https://newsroom.clevelandclinic.org/2018/07/11/luye-medical-collaborates-with-cleveland-clinic-to-pioneer-value-based-healthcare-in-china

Filed Under: Growth Markets, Housing Market, Real Estate Investing Tagged With: Cleveland Housing Market, Cleveland Housing Market Forecast, Cleveland Housing Prices, Cleveland Real Estate, Cleveland Real Estate Market

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