Yahoo Finance 6 Southern Cities That Are Poised for Stable Growth of Home Values
The south is one of the most historically rich, culturally diverse parts of the United States, and it attracts both tourists and residents for these reasons and many more. Many southern towns are also situated in gorgeous locales, with natural beauty and amenities that appeal to just about anyone.
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With a cooling housing market around the U.S., folks may be wondering where they can settle and rely upon home values to keep growing. To determine six southern cities poised for stable home value growth, GOBankingRates looked at Zillow’s October 2023 forecast trends for home values by metro, in the 300 largest metro housing markets. Tennessee wound up dominating this list, taking three of six places.
Hickory, North Carolina
One month forecasted home value change: 0.30%
Three month forecasted home value change: 0.50%
YoY forecasted home value change: 2.20%
The town of Hickory sits at the foot of the Blue Ridge Mountains and along the Catawba River. It’s also situated neatly between big cities Charlotte and Asheville, offering small town vibes with access to city life.
Predictions in Hickory are looking good for home values to increase over the next year. With a 2.20% forecasted home value increase, homeowners here will be in a good position to sell — or simply earn equity. The average home value currently is around $277,464.
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Athens, Georgia
One month forecasted home value change: 0.40%
Three month forecasted home value change: 0.90%
YoY forecasted home value change: 2.50%
The town of Athens is another small town with access to the big city of Atlanta, just 60 miles away. Athens is described as a “cultural hub of creative energy” according to its visitors’ guide, a place that is as appealing to artists and innovators as it is to other people.
With a YoY forecasted home value change of 2.50%, this city is poised for stable home growth. The average home price right now is $306,127.
Kingsport, Tennessee
One month forecasted home value change: 0.60%
Three month forecasted home value change: 1.00%
YoY forecasted home value change: 2.30%
Kingsport is a town in northeastern Tennessee, situated along the Holston River and near the Virginia border. It’s just about 90 miles’ drive northeast of Knoxville. Amenities and attractions abound in this southern city, with plenty of outdoor activities, culture, dining and more.
Home values are forecasted to rise pretty steadily, with a YoY change of 2.30%. The average home price here is around $230,055.
McAllen, Texas
One month forecasted home value change: 0.70%
Three month forecasted home value change: 1.10%
YoY forecasted home value change: 2.20%
McAllen is known for being one of the fastest growing cities in the U.S., according to its visitors’ bureau, with a population of 780,000 and growing. Once a small farming community, it’s now a destination for tourists and residents alike, with arts, entertainment, sporting and outdoor activities. It also attracts tourists with its excellent shopping.
Home values are also predicted to be on the rise over the next year. Currently, average home values are around $216,705.
Johnson City, Tennessee
One month forecasted home value change: 0.60%
Three month forecasted home value change: 0.90%
YoY forecasted home value change: 2.60%
Johnson City is an outdoors lovers’ paradise, situated near Roan Mountain, the Nolichucky River and even the Appalachian trail. Like many southern towns, it’s steeped in history but has adapted to the modern day with many amenities.
Its YoY forecasted home value change is on a steady path to 2.60%. The average home value here is around $265,791.
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Knoxville, Tennessee
One month forecasted home value change: 0.50%
Three month forecasted home value change: 0.80%
YoY forecasted home value change: 3.60%
Knoxville is among the most coveted cities in Tennessee, rich in history, culture and the arts. People flock to the city, which is surrounded by seven lakes and situated at the crossroads of three major interstates.
Knoxville is a great place to buy or hold a house, given that the YoY home value change is forecasted at 3.60%, the highest on this list. The average home value is around $339,691.
Methodology: For this piece, GOBankingRates looked at Zillow’s October 2023 forecast trends for home values by metro. We looked at the 300 largest metro housing markets across the following factors: (1) one month (October to November 2023) forecasted home value change; (2) three month (October 2023 to January 2024) forecasted home value change; and (3) year-over-year (October 2023 to October 2024) forecasted home value change. GOBankingRates then found (4) the average of the three forecasts for all rankings. Factors (1) – (3) had to all be positive to be considered, and factor (4) was used for ranking, as it takes into account a stability of growth vs. having one forecast be dominant. For the city to be considered southern, it had to be located in one of the following states: Ala., Ark., Del., D.C., Fla., Ga., Ky., La., Md., Miss., N.C., Okla., S.C., Tenn., Texas, Va., or W.Va.
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This article originally appeared on GOBankingRates.com: 6 Southern Cities That Are Poised for Stable Growth of Home Values
