Columbus Area Housing Market Trends for 2023

We will discuss the latest Columbus Ohio real estate market trends & news and find out how they can affect investors and homebuyers in 2023. Columbus is a slowly and steadily growing real estate market that will be thriving well into the foreseeable future. The real estate statistics in Columbus show us that while construction is increasing, inventory is still scarce because of increasing demand. This is leading to a steady year-over-year increase in Columbus house prices.

Let’s continue to explore the Central Ohio housing market to understand the latest trends, according to the Columbus REALTORS®. The central Ohio housing market has seen some ups and downs in the past year, with increases in sales prices but a decrease in the number of sales due to mortgage rate hikes. However, experts predict that the market will continue to grow in 2023, with a surge in population and a demand for housing. Here are some of the top trends to watch for in the central Ohio housing market in 2023:

Decrease in Closed Sales:

The statistics show a 19.2% decrease in closed sales year over year for the month of January. Buyers and sellers are in a holding pattern, and there is a limited inventory of homes for sale.

Increase in New Listings and Total Inventory:

The good news is that there was a 28% increase in new listings in February, with a total inventory of homes for sale up 29% over last year's January inventory.

Growth Projections:

The Mid-Ohio Regional Planning Commission projects the region to balloon to 3.15 million people over the next 25 years, equating to an additional 272,000 households. This growth will demand an increase in housing, schools, and infrastructure.

Buyers Venturing Outside the I-270 Loop:

One noticeable trend is that buyers are becoming more willing to venture outside of the I-270 loop to find a home. In January, Pickerington saw a 17.5% spike in closed sales, while the average sale price rose 15% to $411,000. Lancaster and Pataskala are also experiencing an increase in sales and higher sale prices.

Emerging Housing Markets Index:

According to The Wall Street Journal and Realtor.com®, Columbus, Ohio, is now the No. 9 emerging market in America.

Days on Market:

Homes are currently sitting on the market for 32 days, up three days over last month and 10 days over January 2022.

Looking Ahead:

While there is still plenty of demand in the greater Columbus area, the housing market may continue to experience a slowdown in sales due to increasing mortgage rates. However, with the projected growth and the emergence of Columbus as a top housing market, it is important for key stakeholders to focus on building the necessary infrastructure to accommodate the region's expanding population.

Columbus Ohio Housing Market Trends

The following housing market trends are based on single-family, condo, and townhome properties listed for sale in Columbus on Realtor.com. Land, multi-unit, and other property types are excluded. This data is provided as an informational resource only. The real estate market in Columbus, Ohio has been showing promising trends over the past year, and the trend seems to be continuing in 2023 as well. In this blog post, we will provide an overview of the current state of the Columbus housing market and the key trends to watch out for.

Median Listing and Selling Prices in Columbus

As of February 2023, the median listing price of a home in Columbus, OH is $247,000, which represents a 9.8% increase compared to the same period last year. The median selling price of homes is $189,900, and homes are typically sold close to the asking price. This indicates that the housing market in Columbus is currently more favorable for buyers than sellers, with more homes available for sale than demand from potential buyers.

Housing Inventory and Days on Market

The current supply of homes on the market in Columbus is greater than the demand, making it a buyer's market. On average, homes in Columbus are sold after 40 days on the market, which is a slight increase from last year. However, the trend for median days on market in Columbus has gone down since last month, indicating that homes are selling faster.

Neighborhood Trends in Columbus

Columbus consists of 204 neighborhoods, each with its own unique charm and character. The most expensive neighborhood in Columbus is German Village, with a median listing price of $575,000, while the most affordable neighborhood is South Linden, with a median listing price of $140,000.

Trends to Watch Out For in 2023

The Columbus housing market is expected to continue to grow in 2023, with new construction and expansion projects underway. The construction of Intel’s “Ohio One” semiconductor campus in Licking County is expected to drive housing demand in nearby areas. As a result, housing inventory in towns like Pataskala is likely to remain low, driving up home prices.

Additionally, more buyers are venturing outside of the I-270 loop to find their dream homes. In January 2023, Pickerington saw a 17.5% increase in closed sales, while the average sale price rose 15% to $411,000. Lancaster also saw a 17.6% increase in closed sales, with the average sale price increasing by 8.3% to $224,308, according to the Columbus REALTORS®.

Overall, the Columbus housing market shows promising trends in 2023, with an increase in home prices and new construction projects driving demand. Although the housing market is currently favorable for buyers, the trend is likely to shift towards a seller's market in the coming months as the demand for homes increases. As a result, buyers looking to invest in the Columbus housing market should act quickly to secure their dream home at an affordable price.

Franklin County Housing Market Trends

The Columbus Housing Market report by Columbus REALTORS® compares key housing metrics from January 2023 with January 2022. The report indicates a decrease in home sales by 25.6% to 780 units and a decrease in pending sales by 19.7% to 1,144 signed contracts. The Median Sales Price rose by 2.6% to $254,000, while the Average Sales Price dropped by 1.5% to $284,296.

The Average Price Per Square Foot increased by 3.9% to $183.13. Days on Market Until Sale rose by 50% to 30 days, and new listings dropped by 19.6% to 982 homes for sale. However, the total inventory of homes for sale rose by 35.5% to 1,099 units.

Despite the increase in total inventory, the report shows that it is still a strong seller's real estate market with just 0.8 months of inventory left on the market, which is only likely to keep driving prices higher in the near future. A lower level of months’ supply tends to push prices up more rapidly, and historically, six months of supply is associated with moderate price appreciation.

Below is the latest monthly report of the Columbus Housing Market (Franklin County Area). The source of this report is – “Columbus REALTORS®.” The report compares key housing metrics from January 2023 with January 2022.

• Home sales decreased by 25.6% to 780 units.
• Pending sales decreased by 19.7% to 1,144 signed contracts.
• The Median Sales Price rose by 2.6% to $254,000.
• The Average Sales Price dropped by 1.5% to $284,296.
• The Average Price Per Square Foot rose by 3.9% to $183.13.
• Days on Market Until Sale rose by 50% to 30 days.
• New Listings dropped by 19.6% to 982 homes for sale.
• Total Inventory of Homes for Sale rose by 35.5% to 1,099 units.

Columbus Ohio Real Estate Market Forecast 2023-2024

The Columbus, Ohio real estate market has been performing strongly over the past year, with home values increasing by 8.9% on average. Homes are also selling quickly, with a median time to pending sale of just 10 days. In January 2023, the median sale-to-list ratio was 0.998, indicating that homes were selling very close to their listing price.

Interestingly, a significant portion of home sales in January 2023 was above the listing price, with 33.2% of sales being above the asking price. However, 48.1% of sales were under the listing price, suggesting that some homes may be overpriced. The median time to pending sale was 10 days in February 2023, indicating that buyers are eager to act quickly in this market.

There are several neighborhoods in Columbus with varying median ZHVI (Zillow Home Value Index) values. Milo-Grogan has the median ZHVI at $114,460, while Italian Village has the median ZHVI at $397,113.

According to the MSA level forecast, the Columbus, OH real estate market is predicted to continue growing over the next year. By March 31, 2023, the forecasted growth rate is 0.4%, with an even stronger growth rate of 0.8% predicted by May 31, 2023. By February 29, 2024, the forecasted growth rate is expected to reach 1.9%. These forecasts suggest that the Columbus real estate market will remain strong in the near future, making it a potentially lucrative market for buyers and sellers alike.

In conclusion, the Columbus, Ohio real estate market is currently strong, with increasing home values and fast sales. With a favorable MSA level forecast predicting continued growth, this market could be a good opportunity for those looking to buy or sell a home in the near future.

Columbus Real Estate Investment Overview?

Columbus, Ohio, is one of the fastest-growing cities in the Midwest, with a population of over 900,000. The city's real estate market has been on an upward trajectory in recent years, with home prices and rental rates rising steadily. This makes it an attractive destination for real estate investors looking for a stable and profitable investment.

Investing in Columbus real estate offers a wide range of opportunities, from single-family homes to multi-unit apartment complexes. The city's diverse economy, low unemployment rate, and growing population make it a promising market for rental properties. According to Zillow, the median home value in Columbus is $227,481, up 8.9% over the past year. This suggests that property values are on an upward trend, which can be advantageous for investors seeking long-term appreciation.

One key advantage of investing in Columbus real estate is the affordability of properties compared to other major cities. While coastal markets like New York and San Francisco may have higher appreciation rates, they also have significantly higher price tags, making it difficult for many investors to enter the market. In contrast, Columbus offers relatively affordable properties with solid returns on investment.

Another factor that makes Columbus an attractive real estate investment destination is the city's growing job market. The unemployment rate in Columbus is consistently below the national average, with a diverse economy that includes sectors like healthcare, education, and technology. This means there is a steady demand for rental properties from young professionals and families who are moving to the city to take advantage of job opportunities.

The Columbus real estate market is also attractive to investors due to the city's robust infrastructure and transportation network. The city has a well-developed public transportation system, including buses, light rail, and bike-sharing programs, making it easy for residents to get around without a car. Additionally, the city is home to Port Columbus International Airport, which provides direct flights to many major U.S. cities.

When considering investing in Columbus real estate, it's essential to note that the market can vary significantly from neighborhood to neighborhood. For example, the median home value in Italian Village is $397,113, while in Milo-Grogan, it is $114,460. Therefore, it's essential to research individual neighborhoods and consult with a local real estate agent who has a deep understanding of the market.

In summary, Columbus offers a promising real estate investment opportunity, with affordable properties, a strong job market, and a growing population. While the market can vary by neighborhood, investing in Columbus real estate offers the potential for solid returns on investment in both the short and long term.

Top Reasons to Invest in Columbus Real Estate Market for the Long Term

Investing in real estate can be a lucrative long-term strategy, but it's important to choose the right market. Columbus, Ohio, is a city that is increasingly becoming popular among real estate investors. Here are the top six reasons to consider investing in Columbus real estate market for the long term:

• Strong Job Market: Columbus has a diverse economy and a strong job market. The city is home to several Fortune 500 companies, including Nationwide Insurance, American Electric Power, and Huntington Bancshares. The city also boasts a thriving technology sector, with companies like IBM and JPMorgan Chase had a significant presence in the area. With a low unemployment rate and a growing economy, Columbus is an attractive location for those looking to invest in real estate.
• Growing Population: Columbus has experienced steady population growth over the past decade, making it one of the fastest-growing cities in the United States. This growth is expected to continue in the coming years, with estimates suggesting that the population will increase by 10% by 2030. A growing population means an increased demand for housing, which can translate to higher rental yields and property values.
• Affordable Housing Market: Despite its strong job market and growing population, Columbus remains an affordable housing market, especially when compared to other major cities. The median home price in Columbus is currently around $227,481, which is significantly lower than in other cities like New York, San Francisco, or Los Angeles. This makes Columbus an attractive option for real estate investors looking to get in on the ground floor of an emerging market.
• Strong Rental Market: Columbus has a strong rental market, with rental demand consistently outpacing supply. This has resulted in a relatively low vacancy rate, which has been hovering around 5% for the past few years. The strong rental market is good news for real estate investors, as it means they are likely to find tenants quickly and keep their properties occupied for longer periods. As of March 2023, the average rent for a 1-bedroom apartment in Columbus, OH is currently $975. This is an 8% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Columbus remained flat. The average rent for a 1-bedroom apartment increased by 2% to $975, and the average rent for a 2-bedroom apartment remained flat.
• Favorable Tax Climate: Ohio has a relatively low tax burden compared to other states, making it an attractive location for real estate investors. Property taxes in Columbus are also relatively low compared to other major cities, which can help investors keep their expenses down and their profits up.
• Thriving Arts and Culture Scene: Columbus has a vibrant arts and culture scene, with several museums, theaters, and galleries located in the city. The city also hosts several festivals throughout the year, including the Columbus Arts Festival and the Ohio State Fair. This cultural richness attracts more people to the city and makes it an even more attractive place to live, work, and invest in real estate.

Therefore, Columbus, Ohio, offers a combination of strong economic fundamentals, affordable housing, and a thriving rental market, making it an attractive option for real estate investors looking to make long-term investments. As with any real estate purchase, act wisely. Evaluate the specifics of the Columbus housing market at the time you intend to purchase.

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 Columbus.

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

Not just limited to Columbus or Ohio 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 Columbus turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.

There are many other markets in the state of Ohio for real estate investing. Cincinnati is one of them. The Cincinnati real estate market is on the upswing and looking strong for the foreseeable future. It provides many opportunities for investors, regardless of the market you want to invest in. It is growing faster than the nation as a whole, though this is partially due to its recovery from a low point during the Great Recession. It is recovering home values and growth in cheap markets can yield the greatest ROI.

Cleveland is another good market to invest in real estate. 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.

Let us know which real estate markets 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.

Sources:

• https://www.columbusrealtors.com/housing-reports
• https://www.zillow.com/Columbus-oh/home-values
• https://www.neighborhoodscout.com/oh/columbus/real-estate
• https://www.realtor.com/realestateandhomes-search/Columbus_OH/overview

Louisville Housing Market Trends for 2023

The housing market in Louisville, Kentucky has seen some changes since last year. Louisville has a population of approximately 620,000 people, making it the largest city in Kentucky. The city is home to a diverse range of industries, including healthcare, manufacturing, and logistics. The city's economy has been growing steadily in recent years, which has had a positive impact on the housing market.

This blog post will explore the current trends and forecasts for the housing market in Louisville for 2023, based on recent data. According to a recent report by Redfin, Louisville is somewhat competitive. On average, homes in Louisville sell in 42 days, which is an increase from 29 days in the previous year.

In January 2023, Louisville home prices were down 2.4% compared to last year, selling for a median price of $205K. This is a decrease from the average sale price of $225K last year. However, the average sale price per square foot in Louisville is $148, up 7.2% since last year. This indicates that while home prices have decreased slightly, the cost per square foot has increased.

Competition in the Louisville Housing Market

The Redfin Compete Score for Louisville rates the city as somewhat competitive, with a score of 62 out of 100. This score rates how competitive an area is based on multiple factors, including the number of offers homes receive, how quickly homes sell, and how often homes sell for above the listing price.

Homes in Louisville receive 2 offers on average and sell for about 2% below the list price. Hot homes can sell for around the listing price and go pending in around 10 days. In comparison to nearby cities, Louisville is similar in competitiveness. In the past three months, nearby cities like Lexington and Nashville have also been rated as somewhat competitive with similar scores.

Louisville Home Values

The following housing market median prices are based on all properties listed for sale in Louisville on Realtor.com, land and multi-unit residences included. Louisville, KY is a bustling city located in the heart of the Bluegrass State.

According to the latest data, the median listing home price in Louisville, KY was $225K while the median home sold price was $137.5K. This indicates that the market is currently a buyer's market, with a greater supply of homes than demand.

Looking ahead to the rest of 2023, the Louisville housing market is expected to continue to grow steadily. The demand for housing is likely to increase, particularly in the more sought-after neighborhoods like Cherokee Triangle and the Highlands. As a result, the median home price in these neighborhoods may increase slightly.

However, as the market is currently a buyer's market, there may be some opportunities for homebuyers to find good deals, particularly in some of the more affordable neighborhoods like Portland.

Overall, the Louisville housing market is showing positive trends in 2023, with steady growth in median home prices and high demand for housing in many of the city's neighborhoods. While some neighborhoods may be more expensive than others, there are still opportunities for homebuyers to find affordable properties in the city.

Louisville Real Estate Market Forecast 2023-2024

According to statistics compiled by NeighborhoodScout, home appreciation rates in Louisville have been near the national average over the past decade. Real estate appreciation rates in Louisville have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.56% during the period.

In the past year, Louisville appreciation rates have lagged behind the national average. In the last year, the rate of appreciation in Louisville was 10.71 percent, which is lower than the rate of appreciation in the majority of American localities. The most recent quarter's housing appreciation rates in Louisville were 3.36 percent.

The typical home value in Louisville is $222,596 (Zillow Home Value Index). Louisville home values have gone up 5.7% over the past year. The Louisville metropolitan area is the 43rd largest metropolitan statistical area (MSA) in the United States. Jefferson County, Kentucky, plus eleven outlying counties – seven in Kentucky and four in Southern Indiana – are now a part of this MSA.

The average Louisville/Jefferson County home value is $236,040, up 5.4% over the past year. This is a significant increase that reflects the growing demand for housing in the area. The trend is expected to continue in 2023, with a 0.1% 1-year market forecast until Feb 2024.

The Louisville housing market is currently experiencing a seller's market, with a median sale-to-list ratio of 0.991. This means that homes are selling for almost the asking price, indicating a high demand for housing in the area.  However, only 21.7% of homes are selling over the list price, while 54.5% are selling under the list price. This suggests that buyers are still able to find good deals in the market.

Another key metric to consider is the median days to pending, which refers to the amount of time it takes for a home to go from active to pending status. In Louisville, the median days to pending are 14 as of February 28, 2023. This is a relatively short amount of time, indicating that homes are selling quickly in the current market.

In conclusion, the Louisville real estate market is poised for continued growth in 2023. Home values have risen steadily over the past year, and the market forecast predicts a slight increase in values in the coming year. The seller's market is strong, with homes selling for almost the asking price, but buyers are still able to find good deals. With the median days to pending of just 14, homes are selling quickly in the current market.

Louisville Real Estate Investment Overview

Are you planning to buy a rental property for sale in Louisville, KY to get some cash flow going into your account? Louisville is making a splash in the real estate world. It is one of the best markets for rental property investors in the country. Here are a few observations and suggestions if you are contemplating buying an investment property for sale in the Louisville real estate market.

Louisville Real Estate is Affordable

The median sales price in the Louisville housing market is around $190,000. Prices are stable and slowly increasing, but you don’t have to worry about missing out on a hot market or overbidding on a property. According to Realtor.com, in April 2022, the median listing home price in Louisville, KY was $225K, trending up 9.8% year-over-year. The median listing home price per square foot was $143. The median home sold price was $187.5K. In April, Louisville, KY was a buyer's market, which means that the supply of homes is greater than the demand for homes

The current metro area population of Louisville in 2022 is 1,107,000, a 0.82% increase from 2021. The metro area population of Louisville in 2021 was 1,098,000, a 0.83% increase from 2020. The metro area population of Louisville in 2020 was 1,089,000, a 0.74% increase from 2019. Kentucky's Unemployment Rate is at 3.90%, compared to 4.00% last month and 4.70% last year. This is lower than the long-term average of 6.66%.

Louisville has a nearly one billion dollar, twenty-year plan to redevelop west Louisville. About a third of that money will be spent in the Russell neighborhood. This means that investors in the Louisville real estate market know where new infrastructure, amenities, and housing will be built. They can buy up properties now to renovate and flip later or rent out at a premium.

Lack of Supply in the Middle Market Is Driving Up Prices

The Louisville real estate market has a broad selection of affordable properties. A few luxury properties are coming onto the market. Where demand is greatest and supply is limited is the middle of the market. Both first-time home buyers and empty nesters are looking for properties priced between $100,000 and $300,000. Yet supply is so short that there are bidding wars on properties in this price range. If you can buy affordable properties and either renovate them or expand them, you could reap a significant profit.

There is a sizable Rental Market

As the largest city in the state, it is logically the home of multiple universities. The University of Louisville is home to around five thousand scholars. The Jefferson Community and Technical College have around three thousand students. Sullivan University educates another 1500 students. There are several private universities in the area such as Bellarmine University, Boyce College, Indiana Wesleyan University’s

Louisville campus, Louisville Bible College, McKendree University, and Spalding University. These schools provide a diverse market for investors in the Louisville housing market. Fort Knox is one of the largest military facilities in the United States, and it is located in the Louisville, Kentucky real estate market. It brings around twelve thousand jobs to the Louisville metro area. Louisville itself has a MEPS base, an army reserve training facility, and a U.S. Navy facility.

As of March 2023, the average rent for a 1-bedroom apartment in Louisville, KY is currently $1,067. This is a 9% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Louisville decreased by -1% to $1,008. The average rent for a 1-bedroom apartment decreased by -6% to $1,067, and the average rent for a 2-bedroom apartment decreased by -2% to $1,209.

It Is Landlord Friendly

Property owners profit from their property in two ways. One is by selling the property for a profit. The other is by receiving rent for the property. States that give preference to the tenant over the landlord make it hard to receive the rental income you were expecting; in these states, you risk losing money if you have a non-paying tenant that costs thousands of dollars to evict, too. On the other end of the spectrum, Kentucky is a landlord-friendly state.

The state of Kentucky allows landlords to file an unconditional quit notice if a tenant has been late on rent once in the past six months. If someone has failed to pay their rent at all, the tenant can be evicted rather quickly. The state’s laws say seven days to remedy or the quit notice can be filed. The landlord can refuse to “cure” it by accepting past due payments in these cases.

Kentucky is unusual in allowing landlords to hold deposits up to sixty days as part of its laws, though other states don’t address security deposit returns. However, a move-out checklist itemizing damages and charges against the security deposit is required. Tenants can deduct rent for repairs only if the expense is minor and the landlord doesn’t address the issue within two weeks. Someone cannot refuse to pay rent claiming they fixed a bunch of little things.

There are no statutes addressing rent increase notices or rent grace periods. Landlords can recover court and attorney’s fees if a tenant must be evicted. And if the tenant is allowed to live there as part of their job and quits the job, they can be evicted immediately.

Louisville Is Encouraging AirBnB Where It Helps Tourism

The Louisville real estate market isn’t as open to short-term rentals as some places, but Louisville is making concessions to tolerate AirBnB and other short-term rentals where it can help both local property owners and area tourism. For example, they plan to allow short-term rentals in industrial and commercial neighborhoods like Butchertown.

Demand for short-term rentals downtown has caused some property developers to devote condos solely to short-term use, and the city allows it. Conversely, all short-term rentals must be registered with the city, or else you have to pay a fine. There are limits on how many people can stay in a property and property owners have to pay a local “bed tax” of nearly 10%.

Conclusion

The Louisville real estate market provides a steady rental market made up of several, independent populations. It combines slow population growth with a healthy market turnover to yield several opportunities for redevelopment or rent. The Louisville rental market is a stellar one. Buying an investment property is different than buying an owner-occupied home. The 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.

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. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities.

Apart from the Louisville real estate market, you can also invest in Pittsburgh, PA. The Pittsburgh real estate market is seeing an incredible renaissance, unlike many other Rust Belt cities. It is attracting new residents and redeveloping its downtown. And it is an excellent place to invest in real estate while it is still in the early stages of its rebound.

Huffington Post gave Pittsburgh the seventh slot on the top ten places to be a landlord. They used the average three-bedroom rent of $991 a month and median home price of $105,700 to get a gross rental yield of 11.3%. The highest grossing rental market was 15.3%, but it is rare for cities to achieve that rate, much less sustain it.

Pittsburgh has been recognized as one of only four metropolitan areas out of 200 studied by economists at Realtor.com currently sustaining an optimal balance between supply and demand. This means that it’s simultaneously a good market for both buyers and sellers, as there is no dearth of affordable properties available on the market and values are steadily increasing.

Another market that we suggest for savvy investors is the housing market in Boston, MA. Boston is the top market where real estate investments are safe and have high rates of return. Airbnb rentals are the best option for real estate investing in Boston. The Boston real estate market sees steady population growth, faces limited supply, and can’t go vertical. This means that those who invest in the Boston real estate market will see decent cash flow from nearly any property and guaranteed appreciation.

For most people, Boston is a high-priced real estate market, though it isn’t as expensive as Washington DC, San Francisco, or New York City. Greater Boston is still an expensive place to buy a house, but the years of relentless price increases may be nearing an end. Because of the large number of students, and college and university faculty, it is a no-brainer for savvy investors to invest in a rental property in Boston. Rental property in Boston is guaranteed to get a lot of demand from tenants – whether an apartment or a condo or a single-family home.

The Boston real estate market and its environs include a whopping hundred universities, colleges, and trade schools. There are more than 150,000 college students in Boston and Cambridge alone. You could buy properties across the Boston real estate market and cater to students, and your market is so diverse that you’ll always see demand.

Let us know which real estate markets you consider best for real estate investing! If you need expert investment advice, you may fill up the form given 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.

Remember, caveat emptor still applies when buying a property anywhere. 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, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

References

Market Data, Trends, And Forecast
https://www.zillow.com/Louisville-ky/home-values
https://www.neighborhoodscout.com/ky/louisville/real-estate
https://www.redfin.com/city/12262/KY/Louisville/housing-market
https://www.realtor.com/realestateandhomes-search/Louisville_KY/overview

Student market
https://en.wikipedia.org/wiki/List_of_schools_in_Louisville,_Kentucky

Military
https://militarybases.com/kentucky

Landlord friendly
http://www.landlordstation.com/blog/top-landlord-friendly-states
https://www.landlordology.com/kentucky-landlord-tenant-laws

Downtown redevelopment
https://www.wdrb.com/news/russell-neighborhood-residents-view-million-redevelopment-plans/article_6fe0cb1e-982d-543f-9887-1dd102d21f64.html

Short term rentals
https://www.courier-journal.com/story/life/home-garden/2018/08/16/airbnb-mania-causing-business-boom-louisville/932815002
https://www.courier-journal.com/story/news/politics/metro-government/2018/08/14/louisville-plans-crack-down-airbnb-operators/989449002

The Detroit Housing Market Trends for 2023

Investing in the Detroit housing market has been a source of contention for investors for a long time. When considering whether or not to add properties in the Motor City to your portfolio, keep these three current trends in mind. The city of Detroit is one of the most populous in the Midwest. It also serves as the county seat for Wayne County.

When it comes to residential in Detroit, home prices are exceptionally low. Detroit is the most affordable city. The rentals can generate extremely high returns on investment. Since the purchase price of a Detroit single-family home is significantly less, it presents a fantastic opportunity with significant returns and cash flow. It is also the fastest-growing city in the metro for rent.

The Detroit housing market has seen a lot of fluctuations in the past few years. The city has been slowly but steadily recovering from the Great Recession, which hit the area particularly hard. In this blog post, we will take a look at the current state of the Detroit housing market, based on the most recent data available. We will analyze key metrics such as home prices, days on the market, and buyer/seller competition to provide insights into what to expect in 2023.

Median Sale Price

Data by Redfin show that the median sale price for all home types in Detroit in January 2023 was $76K, up 1.1% compared to the previous year. This modest increase is a positive sign for the city's housing market, indicating that demand for homes is stable. However, it is worth noting that this increase is still not enough to recover the 3.8% drop in the average sale price seen last year. Overall, Detroit's housing market seems to be recovering slowly, but it is still far from pre-recession levels.

Days on the Market

Homes in Detroit sell after 54 days on the market on average, compared to 41 days last year. This increase in days on the market suggests that the market is slightly cooling off, giving buyers more time to make decisions. However, it is worth noting that homes in Detroit still sell relatively quickly, taking just over a month to go from listing to closing.

Buyer/Seller Competition

The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive. Based on this metric, Detroit's housing market is somewhat competitive, with a score of 63. This means that while homes in Detroit receive 3 offers on average, some homes still get multiple offers, making the market somewhat competitive.

Detroit, MI Housing Market

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. Detroit, Michigan has had its fair share of ups and downs, but when it comes to the housing market, things are definitely looking up. According to the latest report, the median listing home price in Detroit was $79.5K in February 2023, up 6% year-over-year. In addition, the median listing home price per square foot was $69.

While the median home price may seem low compared to other major cities in the United States, it's important to remember that Detroit is still in the midst of a renaissance. With companies like Amazon and Google setting up shop in the city, and a growing tech industry, it's no surprise that housing prices are on the rise.

Despite the increase in prices, Detroit has still considered a buyer's market as the supply of homes is greater than the demand for homes. With 180 neighborhoods in Detroit, there's a wide range of options available for buyers. Those looking for a luxurious home in a high-end neighborhood might consider Boston Edison West, which has a median listing home price of $295K. On the other hand, those on a tight budget might find Regent Park to be the most affordable option, with a median listing home price of $54.9K.

But what does this mean for buyers and sellers in the Detroit housing market? Here are a few key takeaways:

Buyers may be able to find a great deal. As previously mentioned, Detroit is currently a buyer's market. This means that there are more homes for sale than there are buyers, which could result in lower prices and bargaining power for those looking to purchase a home.

Sellers may still be able to get a good price. While Detroit may be a buyer's market, that doesn't mean that sellers won't be able to sell their homes for a fair price. With housing prices on the rise, sellers may be able to get more for their home than they would have a few years ago.

Location matters. As with any housing market, location matters in Detroit. Those looking for a high-end home in a prestigious neighborhood should expect to pay more, while those looking for an affordable option may need to look in less expensive neighborhoods.

The rental market is also on the rise. With the influx of new businesses and industries in Detroit, the rental market is also experiencing growth. This could be a great opportunity for investors looking to purchase rental properties.

Keep an eye on the forecast. While the current forecast is positive, it's important to keep an eye on future predictions for the Detroit housing market. Changes in the economy or housing market trends could impact prices in the coming months and years.

Overall, the Detroit housing market is showing promising signs of growth. Whether you're a buyer, seller, or investor, there are opportunities to be found in this city. With the right research and guidance, anyone can navigate the Detroit housing market successfully.

ALSO READ: Michigan Housing Market Forecast

Detroit Housing Market Forecast 2023

Since the last twelve months, the typical home value in Detroit-Warren-Dearborn Metro has appreciated by nearly 5.5% (Zillow Home Value Index). Currently, the typical value of homes in Detroit-Warren-Dearborn Metro is $224,028. The latest forecast is that home values will rise by 1.3% between January 2023 to January 2024.

Based on the current data, the Detroit-Warren-Dearborn housing market appears to be steadily appreciating in value. For sellers, this means that the market is likely to remain strong and that they may continue to see appreciation in the value of their homes. It could be a good time to list their properties if they are considering selling, as demand remains high and home values are expected to rise.

For buyers, a 1.3% increase in home values may not seem like a significant amount, but it could still impact their budget and the affordability of homes in the area. Buyers should also take into account other factors, such as interest rates and inventory levels when deciding whether or not to purchase a home in the Detroit-Warren-Dearborn market.

Overall, the forecast for the Detroit-Warren-Dearborn housing market is positive, with steady appreciation in home values expected to continue in the near future. Both buyers and sellers can use this information to make informed decisions about their real estate investments in the area.

Here is the graphical representation of the historical Detroit metro house price growth by Zillow.

According to Neigborhoodscout, over the last decade, Detroit real estate has appreciated 89.70 percent, which equates to an average annual appreciation rate of 6.61 percent, placing Detroit in the top 30% of all cities for real estate appreciation. In the last twelve months, Detroit's appreciation rates have remained among the highest in the country, at 20.95 percent. Short-term real estate investors have found success in Detroit over the last twelve months. Detroit's appreciation rates were 0.87 percent in the most recent quarter, equating to a 3.53 percent annual appreciation rate.

Here are the best neighborhoods to invest in Detroit rentals because they have the highest appreciation rates since 2000 (List by Neigborhoodscout.com).

1. Rosa Parks Southeast
2. University West
3. West Village
4. Mcdougall Hunt South
5. Condon East
6. Corktown
7. Jeffries
8. Brush Park
9. Mcdougall Hunt West
10. University

Detroit Real Estate Investment Overview

Detroit, Michigan is a city with a rich history, known for its role in the automobile industry and its contributions to music, art, and culture. In recent years, Detroit's real estate market has been on the upswing, making it an attractive destination for real estate investors looking for long-term returns. In this overview, we will explore the current state of the Detroit real estate market and provide five compelling reasons to invest in this market for the long term.

The typical home value in Detroit is $60,030, according to Zillow. This is significantly lower than the national median home value. However, Detroit's real estate market has been steadily improving over the past few years, with home values increasing by over 6.8% in the past year alone. This is due in part to the city's revitalization efforts, which have attracted new businesses, residents, and investment to the area. In addition, Detroit's low cost of living and diverse cultural scene make it an attractive place to live and work.

Top Reasons to Invest in Detroit Real Estate for the Long Term:

1. Affordable Prices: Detroit's real estate market offers some of the lowest prices in the country, making it an ideal destination for investors looking to buy low and sell high. With a median home value of $54,500, there is plenty of room for appreciation in the long term.
2. Strong Rental Market: Detroit's rental market is thriving, with a high demand for affordable housing. This makes it an ideal market for buy-and-hold investors who are looking for passive income streams.
3. Revitalization Efforts: Detroit has undergone a significant transformation in recent years, with major revitalization efforts taking place throughout the city. These efforts have attracted new residents, businesses, and investment to the area, driving up property values and creating new opportunities for investors.
4. Job Growth: Detroit's economy is on the upswing, with job growth in a number of key sectors, including technology, healthcare, and manufacturing. This is driving demand for housing and creating new opportunities for investors.
5. Pro-Investor Policies: Detroit has a number of pro-investor policies in place, including tax incentives and other programs designed to encourage investment in the city's real estate market. This makes it an attractive destination for investors who are looking for long-term returns.
6. Thriving Detroit Downtown: Over the past decade, the downtown area of Detroit has undergone a major transformation and has become a hub of economic and cultural activity. The downtown area is home to several major corporations, including General Motors, Quicken Loans, and Ally Financial, as well as numerous startups and small businesses. The thriving downtown area has also led to an increase in demand for housing in the city. As more and more people move to Detroit to take advantage of job opportunities and the city's vibrant culture, the demand for housing in the downtown area has increased. This has led to an increase in property values and rental rates in the area. Investing in real estate in the downtown area of Detroit can provide a great opportunity for long-term growth and rental income. Properties in the area are likely to appreciate in value over time as the area continues to grow and attract more businesses and residents. Additionally, rental rates in the area are likely to remain high due to the high demand for housing in the downtown area.
7. Detroit Government Initiatives: In recent years, the city's government has taken several initiatives to revitalize Detroit and attract more businesses and residents to the city. These initiatives have included tax incentives, redevelopment projects, and community outreach programs. One of the most significant government initiatives in Detroit is the Strategic Neighborhood Fund (SNF), which was launched in 2016. The SNF is a public-private partnership that provides funding for neighborhood revitalization projects, such as park improvements, streetscape enhancements, and commercial corridor redevelopment. The program has invested over $40 million in Detroit neighborhoods and has helped to attract new businesses and residents to the city. Another government initiative that has had a positive impact on Detroit's real estate market is the Neighborhood Enterprise Zone (NEZ) program. The NEZ program provides tax incentives to homeowners and businesses in designated areas of the city. The incentives include a freeze on property taxes for up to 15 years and a reduction in the taxable value of the property. This has made it more affordable for residents and business owners to own property in Detroit, which has led to increased demand for real estate in the city. The Detroit Land Bank Authority (DLBA) is also a government agency that has played a key role in revitalizing the city's real estate market. The DLBA is responsible for acquiring and disposing of tax-foreclosed properties in the city. The agency has made it easier for residents and investors to acquire property in Detroit, which has helped to stimulate the real estate market and drive up property values.

Detroit Rental Market Trends

Detroit's rental market has seen significant growth in recent years, with both short-term and long-term rental options becoming increasingly popular. This growth can be attributed to several factors, including the city's revitalization efforts, an increase in job opportunities, and a growing population. As a result, Detroit's rental market has become an attractive investment opportunity for real estate investors.

One of the main reasons for the growth of the rental market in Detroit is the city's revitalization efforts. In recent years, Detroit has undergone a significant transformation, with abandoned buildings and neighborhoods being restored and renovated. As a result, the city's population has grown, and job opportunities have increased. These changes have created a demand for housing, including rental properties, leading to an increase in rental rates.

Another reason for the growth of the rental market in Detroit is the city's growing population. According to the U.S. Census Bureau, the population of Detroit increased by over 4% between 2010 and 2020. This growth has led to an increased demand for housing, and rental properties have become a popular choice for many residents.

The short-term rental market has also seen significant growth in Detroit in recent years. With the rise of platforms like Airbnb, short-term rentals have become an increasingly popular choice for travelers. In Detroit, short-term rentals have become an attractive option for tourists and business travelers, with many properties located in desirable neighborhoods close to popular attractions.

Investing in the Detroit rental market offers several advantages for long-term investors. One advantage is the potential for long-term appreciation in property values. As the city continues to grow and improve, property values are expected to increase, leading to a significant return on investment for those who invest in rental properties now.

Another advantage of investing in the Detroit rental market is the relatively low cost of entry compared to other markets. With lower prices for rental properties, investors can purchase properties at a lower cost, increasing their potential return on investment.

Additionally, the high demand for rental properties in Detroit offers the potential for a consistent stream of rental income. As more people move to the city and job opportunities continue to grow, the demand for rental properties is likely to increase, providing a steady source of income for investors.

The Zumper Detroit 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 Michigan one bedroom median rent was $1,017 last month. Birmingham was the most expensive city with one bedrooms priced at $1,430 whereas Warren was the most affordable city with one bedrooms priced at $910.

The Fastest Growing Cities in Detroit Metro Area For Rents (Y/Y%)

• Southfield had the fastest growing rent, up 11% since this time last year.
• Ypsilanti saw rent climb 10.4%, making it second.
• Ann Arbor was third with rent increasing 8.2%.

The Fastest Growing Cities in Detroit Metro Area For Rents (M/M%)

• Detroit had the largest monthly rental growth rate, up 6.1%.
• Southfield was second with rent increasing 5.7%.
• Birmingham saw rent climb 4.4%, ranking as third.

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 strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

Another good market to choose for investment is Savannah, GA. The Savannah area is evolving from a small town to a regional services hub with a diversified economy. It is never going to be a booming metropolis like Atlanta, but that won’t prevent it from being a great real estate investment. Many people are moving here for the ideal balance between the small-town feel and great amenities like a world-class hospital and international airport. The Savannah housing market is seeing significant appreciation due to strong demand and slower-growing inventory.

Remember, caveat emptor still applies when buying a property anywhere. 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://www.zillow.com/detroit-warren-dearborn-mi/home-values/
• https://www.zumper.com/blog/detroit-metro-report/
• https://www.redfin.com/state/Michigan/housing-market/
• https://www.realtor.com/realestateandhomes-search/Wayne-County_MI/overview
• https://www.neighborhoodscout.com/mi/detroit/real-estate
• https://gmaronline.com/resource-library
• https://www.mirealtors.com/housing-statistics
• https://detroitmi.gov/search?search=strategic+neighborhood+fund
• https://detroitmi.gov/search?search=neighborhood+enterprise+zone+%28nez%29+program

Milwaukee Housing Market Trends for 2023

The housing market in Milwaukee, Wisconsin, has been facing challenges due to a lack of inventory, increasing prices, and limited new construction. According to a recent report released by the Greater Milwaukee Association of REALTORS®, the market has slowed down, but buyers remain active. In this blog post, we will explore the trends and challenges of the Milwaukee housing market in 2023.

Decreased Sales and Increased Prices

Home sales in the metropolitan Milwaukee area were down by 22.6% in February 2023 compared to the same period in 2022. The decrease can be attributed to the previous year's intense competition for homes due to the pandemic, which led to record sales. The increase in interest rates also slowed down demand and made it difficult for some buyers to afford a home.

Despite the decrease in sales, the average price of homes in Milwaukee has increased by 1.9% in February 2023 compared to the same period in the previous year. This increase in prices can be attributed to the exceptionally tight inventory. However, it is noteworthy that February's increase was much slower than January or December, which were 9.5% and 6.6%, respectively.

The Need for New Construction

To moderate the price increases and satisfy the demand for residential dwellings, the Milwaukee housing market needs more single-family and condo units. The market is currently far from becoming a buyer's market, even though new listings fell by 23.12% from February 2022. The lack of new construction of single-family houses and condominiums and over-reliance on apartments to satisfy demand has contributed to the historically tight market.

To reach a balanced market, which is commonly understood to be six months of inventory, the four-county area needed 7,025 additional units in February 2023. That month, there was only enough inventory to satisfy 1.7 months of buyer demand. If we subtract units with an offer on them, that level drops to 0.7 months. This means that thousands of would-be homeowners will be forced to continue renting, foregoing the opportunity to build wealth through home equity and all of the other benefits of homeownership.

The Milwaukee housing market in 2023 faces several challenges due to the lack of inventory, limited new construction, and increasing prices. To satisfy the demand for residential dwellings and moderate price increases, the market needs to develop more single-family and condo units. Buyers and sellers can seek the guidance of REALTORS® to navigate the market successfully. With the right approach, it is possible to achieve the American Dream of homeownership in Milwaukee.

The market's fundamental issue is a lack of new development of single-family homes and condos, as well as an oversupply of apartments. This bottleneck, coupled with the demographic boom of Millennial and Generation Z buyers, historically low loan rates, and a rising economy, has resulted in an unusually tight market.

Home values in Milwaukee County, WI

The following housing market trends are based on single-family, condo, and townhome properties listed for sale in Milwaukee County on Realtor.com. Land, multi-unit, and other property types are excluded. Milwaukee County, WI's housing market has been steadily growing in recent years, with the median listing home price remaining steady at $199.9K from the previous year.

Meanwhile, the median sold price for homes in Milwaukee County, WI was $220K in February 2023. The median listing home price per square foot was $150, indicating that homes are still priced competitively. Homes in Milwaukee County, WI sold for approximately the asking price on average in February 2023. The sale-to-list price ratio of 100% indicates that it is a seller's market, meaning there are more people looking to buy than there are homes available.

On average, homes in Milwaukee County, WI sell after 46 days on the market. The trend for median days on the market in Milwaukee County, WI has gone down since last month, and slightly down since last year. This indicates that homes are selling quickly and that buyers need to act fast if they find a home they love.

There are currently 1,562 homes for sale in Milwaukee County, WI, 191 of which were newly listed within the last week. Additionally, there are 1,165 rentals, with a range of $199 to $26.5K per month. This range of options means that buyers and renters alike can find a home in Milwaukee County

Milwaukee-Area Housing Market Forecast 2023

NeighborhoodScout's data show that during the latest twelve months, Milwaukee's appreciation rate, at 10.60%, has been lower than appreciation rates in most communities in the country. Real estate appreciation rates in Milwaukee have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 5.51% during the period. In the latest quarter, Milwaukee's appreciation rate has been 6.80%.

The Milwaukee housing market has been experiencing steady growth over the past year, with the average home value increasing by 6.1%. This is great news for homeowners and sellers, as it indicates a strong demand for homes in the area. In this section, we will analyze the data provided by Zillow and explore the current housing market trends in Milwaukee-Waukesha-West Allis. We will also provide insights for both buyers and sellers in the current market.

Market Overview & Forecast

The Milwaukee-Waukesha-West Allis housing market is showing steady growth in the median home value, which has increased by 6.1% over the past year, with the typical home value at $284,977 as of February 2023. Although the growth rate is expected to slow down in the next year, Zillow's forecast predicts a stable and consistent growth rate of 0.5%.

Sellers in the Milwaukee-Waukesha-West Allis area can expect to benefit from a seller's market as the median sale-to-list ratio is 0.998, indicating that homes are selling close to their listing price. Furthermore, 37.7% of sales are going over the list price, indicating high demand for homes in the area, which is advantageous for sellers. However, 45.5% of sales are under the list price, so it's important to set a realistic and competitive price to attract buyers.

Buyers should be prepared to act quickly as the median days to pending for Milwaukee-Waukesha-West Allis is around 28 days, indicating a relatively fast-paced housing market. The market is competitive, and buyers should consider working with a real estate agent to help navigate the process and ensure they are making competitive offers.

In conclusion, the Milwaukee-Waukesha-West Allis housing market is showing consistent growth and has a healthy balance between supply and demand. The market is favorable for both buyers and sellers, but it's important to keep in mind that individual neighborhoods and housing types may vary. Buyers should act quickly, and sellers should price their homes competitively to take advantage of the current market conditions. Overall, the outlook for the Milwaukee-Waukesha-West Allis housing market in 2023 is positive.

Here is the Milwaukee-area real estate price appreciation graph by Zillow since the last decade.

Milwaukee Real Estate Investment Overview

Milwaukee's real estate market seems to be doing well, with steady growth in housing prices over the past year. The typical home value in Milwaukee-Waukesha-West Allis is $284,977, which represents an increase of 6.1% over the past year. Moreover, Zillow's one-year market forecast for Milwaukee-Waukesha-West Allis is 0.5%, indicating a stable and consistent growth rate in the housing market. However, it is important to note that the typical home value can vary depending on the neighborhood and housing type.

The Milwaukee real estate market seems to be a good option for affordable housing development, with Bear Real Estate Group receiving $20.6 million in financing for the construction of Michigan Street Commons, a 99-unit fully affordable housing development in Milwaukee.

Milwaukee's foreclosure rate is expected to be lower than ever before, accounting for less than 1% of all mortgages, less than half the average historical rate of 2.5%. However, the GDP growth rate is predicted to be 1.3%, indicating a significant slowdown. It is unclear how this will impact the real estate market in Milwaukee.

Real estate investment is active in Milwaukee, with Kyle Mack, owner of Mackximus LLC, a real estate investment company in Milwaukee, discussing his business in a video interview. Additionally, PIMCO, an investment management firm, manages assets for individual investors around the world.

Milwaukee is investing in its infrastructure, proposing to create the Vel R. Phillips Plaza, situated south of Wisconsin Avenue between North Fifth Street and North Vel R. Phillips Avenue. The city is prepared to move forward on the project which will add to the positive.

There seem to be various ways to invest in the Milwaukee real estate market, such as buying homes to renovate and resell, investing in real estate courses to gain knowledge about the industry, and investing in property management companies that help landlords maximize their investment properties in Milwaukee.

In terms of commercial real estate, Milwaukee's downtown office market has its strengths, highlighted by Fiserv's pending headquarters move from Brookfield to HUB640 by the end of 2023, and Northwestern. However, more Milwaukee office buildings may become apartments in the future.

Overall, Milwaukee's real estate market appears to be doing well, with steady growth in housing prices and various opportunities for investment in the residential and commercial sectors.

Top Reasons to Invest in Milwaukee Real Estate Market

Milwaukee is a city in Wisconsin that offers real estate investors a lot of opportunities. With a population of over 590,000 people, it is the largest city in the state and offers a diverse range of neighborhoods, property types, and investment opportunities. Here are some of the top reasons to consider investing in Milwaukee's real estate market:

• Affordability: Compared to other major metropolitan areas in the United States, Milwaukee offers relatively affordable real estate prices. This means that investors can find deals on both residential and commercial properties that are priced lower than similar properties in other cities.
• Strong rental demand: Milwaukee has a strong rental market, with a high percentage of residents who rent their homes. According to data from the U.S. Census Bureau, over 50% of Milwaukee's residents are renters. This creates a significant demand for rental properties, particularly in areas that are close to downtown, universities, or other major employers. As of March 2023, the average rent for a 1-bedroom apartment in Milwaukee, WI is currently $995. This is an 11% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Milwaukee remained flat. The average rent for a 1-bedroom apartment increased by 1% to $995, and the average rent for a 2-bedroom apartment increased by 9% to $1,085.
• Growing economy: Milwaukee has a diverse economy that is experiencing steady growth. The city is home to a range of industries, including manufacturing, healthcare, finance, and education. According to the Milwaukee Economic Development Corporation, the city has seen a 13.5% increase in employment since 2010, and the unemployment rate has dropped from 9.5% in 2010 to 3.5% in 2022. A growing economy typically translates to increased demand for real estate, both from businesses and from residents.
• Low vacancy rates: With strong demand for rental properties, it's not surprising that Milwaukee has a relatively low vacancy rate. According to data from RentCafe, the overall vacancy rate in Milwaukee was 5.5% in 2021, which is lower than the national average of 6.8%.
• Urban revitalization: Milwaukee's downtown and surrounding neighborhoods have undergone a significant revitalization in recent years, with new development projects and investments in public spaces. The city has also seen an increase in younger residents who are attracted to urban living. This has led to an increase in demand for properties in walkable neighborhoods that offer amenities like restaurants, bars, and shopping.
• Favorable landlord-tenant laws: Wisconsin has landlord-friendly laws that make it easier for property owners to manage their rental properties. For example, landlords can evict tenants for non-payment of rent with just a five-day notice, and there are no limits on the amount that landlords can charge for security deposits. This can make investing in rental properties less risky for investors.
• Availability of financing: Like many other cities, Milwaukee has a range of financing options available for real estate investors. Local banks and credit unions offer commercial real estate loans, and the city has a range of public-private partnerships that provide funding for development projects. Additionally, there are a variety of federal and state programs that offer to finance affordable housing projects and other real estate development initiatives.

Therefore, Milwaukee's real estate market offers several compelling reasons to invest. The city has a strong economy, affordable prices, a growing rental market, and a diverse population. These factors, combined with tax incentives and a robust infrastructure, make Milwaukee an attractive location for real estate investors. However, like any investment, there are risks involved, and investors should carefully consider their options before investing.

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 strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

Another market to go for diversifying your investments is the Dallas housing market. Dallas, TX is a great market because it has a strong economy and constant population growth and will make your pockets bigger. As rents go up smart investors should invest in Dallas.

Similarly, Houston is another great market for investing in real estate for your early retirement. Houston housing market is becoming a hotbed of buyer activity that could be beneficial for real estate investors; just ask the multitude of overseas investors who are choosing Houston as the city of choice to invest in for the foreseeable future.

Let us know which real estate markets you consider best for real estate investing! If you need expert investment advice, you may fill-up the form given 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.

Remember, caveat emptor still applies when buying a property anywhere. 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://www.gmar.com/resources/research-statistics/2021-housing-statistics
• https://www.redfin.com/city/35759/WI/Milwaukee/housing-market
• https://www.zumper.com/rent-research/milwaukee-wi
• https://www.zillow.com/milwaukee-waukesha-west-allis-wi/home-values/
• https://www.realtor.com/realestateandhomes-search/Milwaukee_WI/overview
• https://www.neighborhoodscout.com/wi/milwaukee/real-estate
• https://www.multihousingnews.com/bear-real-estate-lands-21m-for-milwaukee-affordable-project/
• https://www.bizjournals.com/milwaukee/video/6082058683001
• https://www.expertise.com/wi/milwaukee/property-management
• https://www.milwaukeemag.com/milwaukee-mayor-proposes-investing-15-million-to-create-vel-r-philips-plaza/
• https://www.jsonline.com/story/money/real-estate/commercial/2023/03/09/more-milwaukee-office-buildings-will-likely-become-apartments/69963549007/