{"id":152715,"date":"2023-05-15T10:00:23","date_gmt":"2023-05-15T16:00:23","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=152715"},"modified":"2023-08-11T13:40:51","modified_gmt":"2023-08-11T19:40:51","slug":"spring-2023-emerging-markets","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/spring-2023-emerging-markets","title":{"rendered":"These Are The Top 20 Up-And-Coming Real Estate Markets This Spring"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC6732815276\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p><span data-preserver-spaces=\"true\">Housing activity often&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nar.realtor\/blogs\/economists-outlook\/seasonality-in-the-housing-market\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">picks up<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in the spring, but this year, housing affordability concerns and recession fears are impacting seasonal trends. While mortgage rates dipped enough for housing transactions and building activity to&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/did-the-housing-market-help-avoid-recession\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">surge<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in February, these metrics looked sluggish for March. Many homeowners and renters are staying put, waiting out a potential recession, while those looking to move are seeking more affordable areas.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">As of January,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/thehill.com\/policy\/technology\/3862069-nearly-30-percent-of-work-remains-remote-as-workers-dig-in\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">almost 30%<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;of all work was performed out of people\u2019s homes, a six-fold increase from before the pandemic. In busy urban areas, the share is even higher. The availability of work-from-home positions coupled with sky-high prices in the busiest metros is causing people to move&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.wsj.com\/articles\/home-buyers-are-moving-farther-away-than-ever-before-11667440098\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">further away<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;than ever before. They\u2019re choosing smaller communities with more affordable home prices and a lower cost of living to combat budgetary pressures while also aiming for desirable locations with booming economies that haven\u2019t yet grown too crowded with transplants.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The quarterly&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.realtor.com\/research\/april-2023-wsj-rdc-emerging-housing-markets-index\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Wall Street Journal\/Realtor.com Emerging Housing Markets Index<\/span><\/a><span data-preserver-spaces=\"true\">, released in April, indicates the most popular cities that are drawing new homebuyers in droves. It\u2019s based on supply and demand, affordability, median days-on-the-market, and several indicators of economic health and quality of life, such as appealing amenities and plenty of jobs that pay good salaries. None of the emerging markets identified by the index are located in the West, the region most notorious for high housing prices. Instead, they\u2019re in smaller metros where first-time homebuyers can afford local home prices with local wages.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">For example, Lafayette, Indiana, tops the list with a median list price of about two-thirds of the national median price in March. A major manufacturing hub and college town, the city has proximity to both Indianapolis and Chicago. 18 of the 20 emerging markets had median list prices below the national median\u2014the exceptions were Manchester, New Hampshire, which is considered one of the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.realtor.com\/news\/trends\/what-real-estate-slump-here-are-the-cities-where-the-housing-markets-heating-up\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">hottest housing markets<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in the country right now, and Knoxville, Tennessee, which is highly ranked in the U.S. News list of&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/realestate.usnews.com\/places\/tennessee\/knoxville\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best Places to Live<\/span><\/a><span data-preserver-spaces=\"true\">. In both&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nhbr.com\/rents-remain-on-the-rise-in-manchester\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Manchester<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;and&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.wbir.com\/article\/money\/economy\/knoxvill-rent-rose-higher-than-other-us-city-march-2023\/51-7f40e8ed-c39f-4cf8-8973-25744d4110a0\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Knoxville<\/span><\/a><span data-preserver-spaces=\"true\">, rents are rising rapidly as well.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Top 20 Up-and-Coming Real Estate Markets<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">These are the top markets that are attracting home buyers in the spring of 2023, according to the Emerging Housing Markets Index, along with their March 2023 median listing price, population, and unemployment rate.&nbsp;<\/span><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table><thead><tr><th>Rank<\/th><th>Market<\/th><th>Median Listing Price<\/th><th>Population<\/th><th>Unemployment Rate<\/th><\/tr><\/thead><tbody><tr><td><span style=\"font-weight: 400;\">1<\/span><\/td><td><span style=\"font-weight: 400;\">Lafayette, Indiana<\/span><\/td><td><span style=\"font-weight: 400;\">$289,000<\/span><\/td><td><span style=\"font-weight: 400;\">224,709<\/span><\/td><td><span style=\"font-weight: 400;\">2.8%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">2<\/span><\/td><td><span style=\"font-weight: 400;\">Bloomington, Illinois<\/span><\/td><td><span style=\"font-weight: 400;\">$339,000&nbsp;<\/span><\/td><td><span style=\"font-weight: 400;\">170,889<\/span><\/td><td><span style=\"font-weight: 400;\">3.5%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">3<\/span><\/td><td><span style=\"font-weight: 400;\">Elkhart-Goshen, Indiana<\/span><\/td><td><span style=\"font-weight: 400;\">$275,000<\/span><\/td><td><span style=\"font-weight: 400;\">206,921<\/span><\/td><td><span style=\"font-weight: 400;\">3.2%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">4<\/span><\/td><td><span style=\"font-weight: 400;\">Lebanon, Pennsylvania<\/span><\/td><td><span style=\"font-weight: 400;\">$372,000<\/span><\/td><td><span style=\"font-weight: 400;\">143,493<\/span><\/td><td><span style=\"font-weight: 400;\">3.1%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">5<\/span><\/td><td><span style=\"font-weight: 400;\">Fort Wayne, Indiana<\/span><\/td><td><span style=\"font-weight: 400;\">$339,000<\/span><\/td><td><span style=\"font-weight: 400;\">423,038<\/span><\/td><td><span style=\"font-weight: 400;\">2.7%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">6<\/span><\/td><td><span style=\"font-weight: 400;\">Topeka, Kansas<\/span><\/td><td><span style=\"font-weight: 400;\">$249,000<\/span><\/td><td><span style=\"font-weight: 400;\">232,670<\/span><\/td><td><span style=\"font-weight: 400;\">2.9%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">7<\/span><\/td><td><span style=\"font-weight: 400;\">Sioux City, IA-NE-SD<\/span><\/td><td><span style=\"font-weight: 400;\">$305,000<\/span><\/td><td><span style=\"font-weight: 400;\">149,365<\/span><\/td><td><span style=\"font-weight: 400;\">2.6%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">8<\/span><\/td><td><span style=\"font-weight: 400;\">Omaha-Council Bluffs, NE-IA<\/span><\/td><td><span style=\"font-weight: 400;\">$345,000<\/span><\/td><td><span style=\"font-weight: 400;\">971,637<\/span><\/td><td><span style=\"font-weight: 400;\">2.4%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">9<\/span><\/td><td><span style=\"font-weight: 400;\">Springfield, Illinois<\/span><\/td><td><span style=\"font-weight: 400;\">$144,000<\/span><\/td><td><span style=\"font-weight: 400;\">206,898<\/span><\/td><td><span style=\"font-weight: 400;\">3.9%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">10<\/span><\/td><td><span style=\"font-weight: 400;\">Manchester-Nashua, New Hampshire<\/span><\/td><td><span style=\"font-weight: 400;\">$550,000<\/span><\/td><td><span style=\"font-weight: 400;\">424,079<\/span><\/td><td><span style=\"font-weight: 400;\">2.4%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">11<\/span><\/td><td><span style=\"font-weight: 400;\">Janesville-Beloit, Wisconsin<\/span><\/td><td><span style=\"font-weight: 400;\">$331,000<\/span><\/td><td><span style=\"font-weight: 400;\">164,381<\/span><\/td><td><span style=\"font-weight: 400;\">3.3%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">12<\/span><\/td><td><span style=\"font-weight: 400;\">Columbus, Ohio<\/span><\/td><td><span style=\"font-weight: 400;\">$375,000<\/span><\/td><td><span style=\"font-weight: 400;\">2,151,017<\/span><\/td><td><span style=\"font-weight: 400;\">3.2%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">13<\/span><\/td><td><span style=\"font-weight: 400;\">La Crosse-Onalaska, WI-MN<\/span><\/td><td><span style=\"font-weight: 400;\">$334,000<\/span><\/td><td><span style=\"font-weight: 400;\">139,211<\/span><\/td><td><span style=\"font-weight: 400;\">2.4%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">14<\/span><\/td><td><span style=\"font-weight: 400;\">Johnson City, Tennessee<\/span><\/td><td><span style=\"font-weight: 400;\">$413,000<\/span><\/td><td><span style=\"font-weight: 400;\">208,068<\/span><\/td><td><span style=\"font-weight: 400;\">3.4%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">15<\/span><\/td><td><span style=\"font-weight: 400;\">Springfield, Ohio<\/span><\/td><td><span style=\"font-weight: 400;\">$172,000<\/span><\/td><td><span style=\"font-weight: 400;\">125,622<\/span><\/td><td><span style=\"font-weight: 400;\">3.8%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">16<\/span><\/td><td><span style=\"font-weight: 400;\">Hickory-Lenoir-Morganton, North Carolina<\/span><\/td><td><span style=\"font-weight: 400;\">$349,000<\/span><\/td><td><span style=\"font-weight: 400;\">366,441<\/span><\/td><td><span style=\"font-weight: 400;\">3.3%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">17<\/span><\/td><td><span style=\"font-weight: 400;\">Burlington, North Carolina<\/span><\/td><td><span style=\"font-weight: 400;\">$368,000<\/span><\/td><td><span style=\"font-weight: 400;\">173,877<\/span><\/td><td><span style=\"font-weight: 400;\">3.6%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">18<\/span><\/td><td><span style=\"font-weight: 400;\">Columbia, Missouri<\/span><\/td><td><span style=\"font-weight: 400;\">$367,000<\/span><\/td><td><span style=\"font-weight: 400;\">213,123<\/span><\/td><td><span style=\"font-weight: 400;\">1.9%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">19<\/span><\/td><td><span style=\"font-weight: 400;\">Waterloo-Cedar Falls, Iowa<\/span><\/td><td><span style=\"font-weight: 400;\">$263,000<\/span><\/td><td><span style=\"font-weight: 400;\">167,796<\/span><\/td><td><span style=\"font-weight: 400;\">2.9%<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">20<\/span><\/td><td><span style=\"font-weight: 400;\">Knoxville, Tennessee<\/span><\/td><td><span style=\"font-weight: 400;\">$470,000<\/span><\/td><td><span style=\"font-weight: 400;\">893,412<\/span><\/td><td><span style=\"font-weight: 400;\">3.1%<\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Bottom Line for Investors<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">For investors, this list of emerging markets is worth keeping an eye on since an influx of home buyers in an area can lead to rising home prices and rents. Furthermore, most of these cities are still more affordable than the national median home listing price, providing newbies with an opportunity to break into real estate investing while giving seasoned investors a chance to buy with more money down.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">However, the rising popularity of these markets won\u2019t necessarily shield them from price downturns in the event of a severe recession. And, as always, it\u2019s important to crunch the numbers on individual deals to ensure you\u2019ll get the kind of cash flow you\u2019re looking for. Still, this list may provide a starting point for your research, especially if you\u2019re taking an interest in the Southern and Midwestern regions of the United States.&nbsp;<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_20b979cabdb472fc4ee6e931a80b7e5d\" class=\"visibility-group alignwide  hidden\">\n        \n\n<div id=\"hero-block_d8b5f580ad4e971ada426e22dd4cbd3a\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find the Right Agent, Close the Best Deal<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Step #1: Use Agent Finder to match with top <em><strong>investor-friendly<\/strong><\/em> real estate agents to help you find, analyze, and close your next deal.<\/p>\n\n\n\n<div id=button-custom-event-block_1c045cd404ffa37d1ceae687a5e1d4a4 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Agent Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/spring-2023-emerging-markets&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/08\/Marketplace-Blog-Blocks-Agent-v3.png\" alt=\"investor friendly real estate agent\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/spring-2023-emerging-markets&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The latest data from the Emerging Housing Markets Index is out. Here are the markets that made the top 20 list.<\/p>\n","protected":false},"author":613615,"featured_media":152718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,7119],"tags":[],"class_list":["post-152715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/152715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613615"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=152715"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/152715\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/152718"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=152715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=152715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=152715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}