Top 10 Emerging Real Estate Markets to Watch in 2023

The landscape of real estate is ever-changing. Let’s take a look at the top 10 emerging real estate markets to watch in 2023.

1. Austin, Texas: A tech hub with a strong job market, Austin offers affordable properties and a high quality of life.
2. Raleigh, North Carolina: Known for its research and development industry, Raleigh boasts a thriving real estate market.
3. Boise, Idaho: Boise is rapidly growing, driven by its quality of life and outdoor recreational opportunities.
4. Nashville, Tennessee: With a vibrant music scene and strong job growth, Nashville’s real estate market is booming.
5. Tampa, Florida: Tampa offers a warm climate and a diverse economy. Its real estate market continues to grow steadily.
6. Salt Lake City, Utah: High job growth and a strong economy make Salt Lake City an attractive real estate market.
7. Colorado Springs, Colorado: This city is experiencing a real estate surge, driven by its tech industry and picturesque location.
8. Spokane, Washington: Spokane offers affordable housing and a strong job market, drawing attention from investors.
9. Charlotte, North Carolina: Known for its banking sector, Charlotte offers a growing real estate market with ample opportunities.
10. Phoenix, Arizona: Phoenix is seeing a surge in its real estate market due to its favorable climate and affordable cost of living.

As always, thorough research is essential before making any real estate investment. These emerging markets could be excellent options for those willing to explore new opportunities.

Exploring the Top 10 Emerging Real Estate Markets in Detail

From city centers to suburbs, these hotspots are shaping tomorrow’s real estate landscape. Let’s dive in and explore these exciting markets!

Austin, Texas

Austin has been drawing the attention of investors due to its booming tech industry. The influx of tech companies has led to robust job growth and a strong local economy. Its unique cultural offerings and affordable property prices also make it an attractive market for real estate investment.

1. Austin shines as a ‘supernova’ real estate market in this 2023 forecast – CultureMap Austin discusses the Urban Land Institute’s annual Emerging Trends in Real Estate report, which ranks Austin as the No. 4 U.S. market to watch in 2023.
2. The Hottest Real Estate Markets To Watch In 2023 – Open for Homes lists Austin, TX as one of the top five emerging real estate markets to watch in 2023, alongside other global cities like Dubai and Vancouver. It discusses factors that determine an emerging market, including economic growth, population growth, and infrastructure improvements.

Raleigh, North Carolina

Raleigh’s reputation as a hub for research and development continues to attract highly skilled workers. Its expanding job market, coupled with reasonable living costs and high quality of life, is propelling the local real estate market forward.

1. Raleigh Ranked #2 Housing Market to Watch in 2023 – This article from the Raleigh Regional Association of Realtors discusses the National Association of Realtors’ ranking of Raleigh as the #2 real estate market to watch in 2023.
2. NAR: Raleigh real estate to ‘outperform’ in 2023 – This piece from WRAL TechWire reports that the Raleigh region is ranked as the second most likely real estate market to outperform other metro areas in 2023, according to a forecast by the National Association of Realtors.
3. See how realtors rank Raleigh’s housing market for 2023 – This article from The News & Observer states that despite a cooling U.S. housing market, Raleigh is expected to outperform most metro areas in 2023, according to a report from the National Association of Realtors.

Boise, Idaho

Boise has been experiencing a surge in population growth, thanks to its attractive outdoor lifestyle and affordable cost of living. This, in turn, has triggered a strong demand for housing, making Boise an emerging market for real estate investors.

1. Boise Real Estate Market: Prices, Trends, Forecast 2023 – This piece from Norada Real Estate Investments provides a forecast for the Boise real estate market in 2023, including pricing trends and rental rates for different types of properties.
2. Boise MarketBeats | United States | Cushman & Wakefield – This report from Cushman & Wakefield provides an analysis of the Boise office real estate market for Q1 2023, discussing trends in office demand and vacancy rates.

Nashville, Tennessee

Nashville, known for its vibrant music scene, is more than just a cultural hub. It boasts a strong job market, especially in the healthcare and education sectors. This robust economic growth, combined with reasonable property prices, makes Nashville’s real estate market one to watch.

1. Urban Land Institute: Nashville top real estate market to watch in 2023 – This article from the Nashville Business Journal discusses the Urban Land Institute’s ranking of Nashville as the top market to watch for overall real estate prospects for the second year in a row.
2. Nashville housing market: what to expect in 2023 – This piece from WKRN News 2 provides an outlook on the Nashville housing market in 2023, discussing how the market has changed compared to the previous year.
3. Nashville ranked 5th hottest real estate market of 2023 – This article from WKRN News 2 reports on a study by Zillow, which predicts Nashville to be the fifth hottest real estate market of 2023.

Tampa, Florida

Tampa offers a warm climate, diverse economy, and robust job market. Its real estate market continues to grow steadily, fueled by demand from both locals and out-of-state investors. The city offers a variety of investment opportunities, from residential to commercial properties.

1. Homebuyers and homesellers 2023 housing market outlook in Tampa – This article from the Tampa Bay Business Journal discusses the annual Emerging Trends in Real Estate report, which ranks Tampa/St. Pete No. 5 for overall real estate prospects.
2. 6 Tampa Housing Market Predictions for 2023 – This piece from Mashvisor provides predictions for the Tampa housing market in 2023, including data on median property prices and the number of listings for sale.
3. 60 Up-and-Coming Real Estate Markets to Watch in 2023 – This article from Buildium discusses up-and-coming real estate markets to watch in 2023, potentially including Tampa, Florida.

Salt Lake City, Utah

Salt Lake City is experiencing high job growth, thanks to its diverse economy, which spans sectors from tech to tourism. Its strong economic performance, coupled with a high quality of life, makes it an attractive market for real estate investment.

1. Utah Housing Market (Salt Lake City) Trends & Forecast 2023 – This article from Norada Real Estate Investments discusses the trends and forecasts for the Salt Lake City real estate market in 2023, highlighting the city’s appeal to millennials and the challenges of limited supply.
2. How does 2023 housing look for Utah? Not as good as 2024. – This piece from The Salt Lake Tribune provides a forecast for Utah’s housing market in 2023, discussing potential growth rates and the outlook for home sales.
3. Salt Lake home market will stabilize in 2023 – This article from Axios predicts a stabilization in the Salt Lake City real estate market in 2023, with an expected increase in housing inventory during the spring.

Colorado Springs, Colorado

With a surge in its tech industry and an attractive location at the foot of the Rocky Mountains, Colorado Springs is experiencing a boom in real estate. Its increasing population and strong job growth make it a promising market for real estate investors.

1. Colorado Springs Housing Market: Prices & Forecast 2023 – This article from Norada Real Estate Investments discusses the trends and forecasts for the Colorado Springs real estate market in 2023, including rental trends and the impact of increased demand.
2. 60 Up-and-Coming Real Estate Markets to Watch in 2023 – This piece from Buildium discusses up-and-coming real estate markets to watch in 2023, potentially including Colorado Springs, Colorado.
3. Colorado Springs Market Trends January 2023 – This article from Your Colorado Springs House provides an analysis of market trends in Colorado Springs in January 2023, discussing new construction permits and certificates of occupancy.

Spokane, Washington

Spokane offers a strong job market, affordable housing, and a high quality of life. Its growing popularity among young professionals and families is driving up demand for housing, making it an attractive market for real estate investors.

1. Spokane Housing Market: Prices, Trends, Forecast 2023 – This article from Norada Real Estate Investments discusses the trends and forecasts for the Spokane real estate market in 2023, including a decrease in home sales and an increase in median closed price and inventory.
2. Visions 2023: Real estate landscape shifts quickly in Spokane – This piece from the Spokane Journal of Business provides an overview of the rapid changes in the Spokane real estate market, discussing the impact of government policies and inflation.
3. Speculation surrounds correction in Spokane’s housing market – This article from KREM.com reports on speculation about a correction in Spokane’s housing market, with a forecasted drop in housing prices for 2023.

Charlotte, North Carolina

Known as a major banking hub, Charlotte’s strong economy is propelling its real estate market. The city offers a range of investment opportunities, from residential properties in emerging neighborhoods to commercial real estate in its bustling downtown area.

1. Charlotte on PwC, ULI list of real estate markets to watch in 2023 – This article from the Charlotte Business Journal discusses the ranking of Charlotte in the Emerging Trends in Real Estate 2023 report by PwC and the Urban Land Institute.
2. Charlotte will be the hottest housing market in the U.S. in 2023 – This piece from Axios Charlotte predicts that Charlotte will be the hottest housing market in the U.S. in 2023, despite the expectation of high mortgage rates leading to a more balanced real estate market nationwide.
3. Charlotte Housing Market: Prices, Trends, Forecast 2023 – This article from Norada Real Estate Investments provides a forecast for the Charlotte real estate market in 2023-2024, including pricing trends and rental rates for different types of properties.

Phoenix, Arizona

Phoenix’s real estate market is booming due to its favorable climate, affordable cost of living, and strong job growth. With a range of property types available, from single-family homes to multi-family apartments, Phoenix is an attractive market for a variety of real estate investors.

1. Housing Forecast 2023: How Phoenix-area real estate agents – This article from the Phoenix Business Journal discusses the forecast for the Phoenix-area real estate market in 2023, highlighting the cooling down of the previously hot market.
2. Phoenix remains one of the top US real estate markets – This piece from the Phoenix Business Journal reports that Phoenix ranked in the top 10 hottest markets to watch for 2023, according to the Urban Land Institute and PwC’s emerging trends in real estate report.
3. 2023 Phoenix housing market forecast: 3 predictions – This article from AZ Big Media provides three predictions for the Phoenix housing market in 2023, including an expected increase in for-sale inventory.

Wrapping It Up

Investing in real estate can be a rewarding venture, especially when done in the right markets.

The cities highlighted in this article have shown promising growth and offer unique opportunities for real estate investors. While Austin, Raleigh, and Boise are standing out due to their tech industries, markets like Nashville and Tampa are thriving because of their vibrant culture and diverse economies.

However, it’s important to remember that every real estate investment comes with its own set of risks and rewards. Before diving into these emerging markets, be sure to conduct thorough research, consider your financial capacity, and understand the local market conditions. Happy investing!