Want to make a profit on your next home? Realtors say you should buy in these ten neighborhoods where prices are set to soar next year
Homeowners in a neighborhood of Rio Grande City in Texas are forecast to see their properties appreciate by 12.3 percent over the next year, nearly three percent more than anywhere else in the country.
The area, which is just north of the Texas-Mexico border, was ranked as the best place to buy in 2023 based on home price growth in a new study by SmartAsset.
It was followed by two others in Knoxville, Tennessee, and North Miami, Florida, where homes will appreciate by 9.5 and 8.8 percent respectively.
The projections were calculated using Zillow data. They looked at 2,000 ZIP codes across the country for changes in home value between July 2023 and July 2024.
Around 80 percent of the top 50 projected home price increases are in the South. Some cities included: Winston-Salem, North Carolina; Athens, Georgia; Myrtle Beach, South Carolina; Savannah, Georgia and Charlotte, North Carolina.
Main Street in Rio Grande City, Texas, where homeowners are predicted to see their homes appreciate by 12.3 percent over the next year
Two zip codes in Knoxville, Tennessee (pictured), were predicted to see home values increase by 9.5 and 8.3 percent
Exceptions in the top 20 neighborhoods included Post Falls and Twin Falls in Idaho, which are forecast to see growth of 8.2 and 7.9 percent, as well Muskegon, Michigan, where homes are predicted to appreciate by 8.6 percent.
A handful of neighborhoods in New York City are projected to grow by 7 percent or more by next summer. Those include Fort George, Jamaica and Washington Heights.
In some wealthy neighborhoods, the average value of a home was so high that an appreciation of around 5 percent translates to a growth in its worth of around $100,000.
In Carmel Valley, San Diego, the projected 5.3 percent growth on the current $1.85 million home would lead to an average price increase of $98,382.
The predictions were generated using Zillow’s Home Value Forecast (ZHVF) metric, which considers the value of homes in the 35th to 65th percentile range and takes into account mortgage interest rates, property tax, construction costs, quality of loans and the amount of inventory on the market.
Another two zip codes in North Miami, Florida (pictured), were predicted to see home values increase by 8.8 and 8.5 percent respectively
In Muskegon, Michigan (pictured), homes are predicted to appreciate by 8.6 percent
Real estate company Portland Real Estate previously used Zillow data to reveal the states where it takes the longest time to sell a home.
Hawaii is the state where it takes the longest time to sell your home, it has been revealed, with properties spending an average of 65 days on the market.
Louisiana is second on the list – with 60 days – while Mississippi comes in third with an average of 58 days.
According to the research, the metro area in Hawaii where residents are struggling the most to sell their homes is Kapaa, a small town on Kauai with an estimated population of around 11,000 people. Here, a house was on the market for an average of 101 days.
In Louisiana, the historical city of Opelousas is where homes take the longest to sell – spending an average of 87 days on the market.
In Greenwood, Mississippi, residents are having the most trouble selling their homes, with properties typically spending 120 days on the market – over double the average for the rest of the state.
In joint fourth position are New Mexico and Florida where it takes the typical home owner 55 days to sell – 13 days longer than the national average.
