5 Best East Coast Cities To Buy Property in the Next 5 Years, According to a Real Estate Expert
The East Coast of the United States has long been a hub of economic activity, cultural diversity and historical significance. As real estate trends continue to evolve, certain cities along this coastline are emerging as particularly promising for property investment.
To learn what East Coast cities might offer the very best opportunities in the coming years, GOBankingRates spoke with Chris Wesser, founder and president of Redy, an innovative marketplace that rewards home sellers for choosing agents aligned with their sales goals.
Discover More: 3 Best Florida Cities To Buy Property in the Next 5 Years, According To Real Estate Agents
Try This: Become a Real Estate Investor for Just $1K Using This Bezos-Backed Startup
“Predicting which real estate markets will be hot or cold five years from now is exceedingly complex, but investors can increase their odds of success if they develop a methodology and stick to it when making investment decisions,” Wesser said.
Here are five East Coast cities that stand out as potential hotspots for property investment over the next five years.
Wealthy people know the best money secrets. Learn how to copy them.
Syracuse, New York
Syracuse might not be the first city that comes to mind when thinking of hot real estate markets, but it’s at the top of Redy’s list of expected best performers on the East Coast. Wesser explained that Syracuse benefits from multiple positive factors. “Housing supply vs. demand — this is a combination of existing and expected housing unit supply versus actual and expected inbound migration. This factor especially applies to cities like Syracuse, Richmond, Lower Hudson Valley, Nashville, Orlando and Columbus,” he said.
Additionally, Syracuse is up-and-coming for its perceived value. “This is based on average home price compared to analogous areas with similar infrastructure and growth prospects (e.g., homes are perceived to be significantly undervalued),” Wesser said. “This factor especially applies to Detroit, Kansas City, Minneapolis, Omaha, parts of metro Atlanta, suburban Phoenix and Syracuse.”
Find Out: 20 Best Cities Where You Can Buy a House for Under $100K
Boston
Boston’s presence on the list is likely no surprise to many. Wesser identified Boston as one of the cities benefiting from technology, manufacturing, banking and job growth. “This does not mean massive changes (like being selected for an Amazon headquarters), but rather above average growth relative to the size of the market,” he said.
Boston’s robust education sector, thriving tech industry and status as a major financial center contribute to its strong economic foundation and potential for real estate growth.
Richmond, Virginia
Richmond’s appeal is real — and it’s growing. Richmond, like Syracuse, has a favorable housing supply and increasing demand.
Not only that, the city’s rich history, coupled with its growing reputation as a foodie destination and its relatively affordable cost of living compared with larger East Coast cities, makes it a nice option for both young professionals and families.
Washington, D.C.
The nation’s capital is also on Redy’s list. Like Boston, Washington, D.C., benefits from strong job growth, particularly in government, technology and related sectors. The city’s stable job market, coupled with its cultural attractions and historical significance, continues to drive demand for housing in the area.
Lower Hudson Valley, New York
The Lower Hudson Valley region, north of New York City, completes Redy’s list of expected best performers on the East Coast. This area benefits from its proximity to New York City while offering more space and potentially better value than properties in the city itself. Wesser noted that the Lower Hudson Valley, like Syracuse and Richmond, benefits from favorable housing supply and demand dynamics.
Do Your Homework When Buying Real Estate
While these five East Coast cities look promising for real estate investment, remember that buying property is a big decision. Every neighborhood is different, and what’s true for a whole city might not be true for every street or block.
Wesser gave some good advice: “The secret sauce is how you interpret and test the data to draw conclusions.” In other words, do your homework. Look at the numbers, but also talk to people who know the area well.
Before you buy any property, you should do these things.
Visit the city and neighborhood yourself.
Talk to local real estate agents.
Look at job growth and population trends.
Check out the local schools and amenities.
Consider how long you plan to hold on to the property.
Remember, there’s no such thing as a sure bet in real estate. But by doing your research and thinking carefully about your investment goals, you can make smarter choices about where to invest your money.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 5 Best East Coast Cities To Buy Property in the Next 5 Years, According to a Real Estate Expert