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10 Fastest Growing Real Estate Markets

money.cnn.com — Yes, even amid the housing crisis, parts of the U.S. are still expected to post price gains in the coming year, according to Money Magazine. Here are ten places where to look.

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  • tbstudee, on 05/09/2008, -7/+2Buffalo? New Orleans?

    Pretty surprising.
    • dgaspard, on 05/09/2008, -0/+3New Orleans isn't suprising... two years ago the population was 0 in some parts....
      • Charlotte_Web, on 05/09/2008, -0/+1I was born and raised in New Orleans. I can understand why it and Baton Rouge are booming.

        First, of course, is the post-Katrina rebuild. A lot of choice real estate properties were destroyed or abandoned, and with a lot of relief aid flowing into the area, I can see why there's a lot of movement in the real estate market. There's huge opportunity right now.

        Second is the oil industry. The offshore drilling that take place in Louisiana is expensive. In the 70's, when OPEC told us there was a gas shortage and the price of gas was climbing like crazy, it became cost effective to drill in Louisiana, and New Orleans (and surrounding areas) grew rapidly. Then, in the mid-80's, the OPEC cartel collapsed, oil prices dropped, and the Louisiana economy went down the tubes. I know a lot of real estate investors who were forced into bankruptcy back then. Louisiana was too dependent on that one industry.

        With gas prices creeping up on $4/gal., I imagine the oil industry in Louisiana is booming once again.
    • thcobbs, on 05/09/2008, -0/+1New Orleans really isn't. More people are returning and there isn't just a whole lot of available housing. The MS Gulf Coast is the same way.
    • mikephimikephi, on 05/09/2008, -0/+3Ridiculous!
      New Orleans and Baton Rouge are lakes, not cities.
      'The Gulf Coast, come for the sun, stay for the devastation'
      • kinerry, on 05/09/2008, -0/+1birmingham is a tornado magnet
        • intangible, on 05/09/2008, -0/+1i thought you said "tomato magnet"... Quite a different image popped in my head.
  • alpinecow, on 05/09/2008, -6/+17this article rather neatly avoids the question of who would want to live in these markets...
    • GQCarrick, on 05/09/2008, -2/+4I live in the Buffalo area and its a very nice area thank you very much. The housing is cheap in Western NY, now if NY state would stop screwing with western ny and make it easier to bring in more jobs the area would be amazing.
      • johneyoung, on 05/09/2008, -2/+2My thoughts exactly. As a Buffalo native who has moved out of, and is now moving back into the area, I agree that it's a great place to live - despite the horrible politics of it.
      • alpinecow, on 05/09/2008, -1/+2my point is more that the article doesn't discuss that question, not that buffalo (or for that matter el paso or baton rouge) is a bad place to live. i'm a new orleans native and i can see why it'd take some convincing beyond just strong real estate markets to increase interest in the region.
      • diggopolous, on 05/09/2008, -1/+7UGH! I left Buffalo twenty years ago and people were saying then "If only NY State would stop screwing...blah bkah blah. ...new jobs...blah blah blah. Free trade blah blah Do what I did and LEAVE or twenty years from now you will see the next generation posting the same old and tired rap and you will have wasted some damn good years. Look my friend, The reason that Buffalo exists :- the Erie Canal - closed almost a lifetime ago. People didn't take the hint to leave then. Then they didn't take the hint when the bridge to the (Bethleham?) Steel Plant was built with Italian made steel because it was cheaper than the steel being made yards away!
        Listen, I'm not down on the people and tried real hard to stay- cause- i liked it but saw too many "latest thing to come to save Buffalo "come and go. However if you could survive in the Buffalo economy - people delivering Buffalo wings to one another or the superior hospital and university systems, then you got it made cause that city is a bargain.

        /Talking Proud!
        • GQCarrick, on 05/09/2008, -0/+2Well apparently you haven't seen the new improvements going in. The new waterfront will rival any city on the great lakes, mark my words, there are tons of improvements going in and a lot of the old eyesores are meeting their demise.
    • Buckiller, on 05/11/2008, -0/+1Im assuming this list incorporate the suburbs of said cities as well... in which case im sure all of these are great. I personally know that all suburbs that are south of Bham, AL are great.
  • dafragsta, on 05/09/2008, -0/+14Scrantonicity!
    • brook011, on 05/09/2008, -0/+8Ain't no party like a Scranton party cus' a Scranton party don't stop.
    • mikephimikephi, on 05/09/2008, -6/+1I'm guessing a couple of Scranton locals?
      • dafragsta, on 05/09/2008, -0/+3Scrantonicity is Kevin's Police cover band on The Office.
    • honthraj, on 05/09/2008, -0/+2Oh yeah - the party in Scranton stops - when the cops raid Dunmore cemetary during the Friday night game and break up the teen keggers.

      Scranton, huh? I grew up in Scranton and I can honestly say that the Office is NOTHING like the true Scranton experience. But real estate going up? Could a hipster comedy truly make that much difference in a city that was forgotten for so many years until Bob Casey Sr. became Governor?

      I click on the link for Houses for Sale and wouldn't you know it - not one balloon is within the Scranton city limits. They are all further south - in Wilkes Barre. This makes sense since the city was pretty much rebuilt after Hurricane Agnes and the flood of '72.
      • dafragsta, on 05/09/2008, -0/+1I think you have things mixed up. If real estate values are going up, then that's actually a contradiction to the TV show which tries to make Scranton seem boring and drab. The idea behind the show is not to portray hipsters. It's to portray normal people in a somewhat believable boring office to highlight the kinds of over-the-top, zero self-awareness people that most of us work with. Half of the humor of the show is that everyone is secretly hoping they aren't any one of those people.
  • tvl233, on 05/09/2008, -1/+6Quick view in single page:
    http://all.fuseurl.com/87
  • KragTheDigger, on 05/09/2008, -1/+3New Orleans does not surprise me. With all the people that left, and the houses that have been abandoned, it has plenty of land and real estate available. Remember, you're supposed to 'buy low'; but what I'd like to know is why they think this is the lowest point, and why there will be an inflection, and change of trend, in the next year.
    • akatherder, on 05/09/2008, -0/+2That would make Detroit THE premier location to buy in. You can pick up a plot of land with a house for $10,000 and a White Castle coupon.
    • zombies187, on 05/09/2008, -0/+1The rent has tripled in NO over the last couple of years. That makes it a landlords paradise.
  • thecalabrian, on 05/09/2008, -4/+8Mcallen, TX is also one of the top 10 cities for illegal aliens to enter. On the flip side, I'm sure finding a yard man, would be a snap.
    • ArachnidDude, on 05/09/2008, -1/+0mcallen is also about an hour from south padre island, bikini heaven.
  • plizard, on 05/09/2008, -0/+4w00t for baton rouge. maybe i can get out of pmi
  • 4rp4n3t, on 05/09/2008, -6/+11You mean 10 Fastest Growing Real Estate Markets IN THE USA.
    • mikephimikephi, on 05/09/2008, -0/+6Thankyou for the clarification, I couldn't figure out where obscure places such as New York and Texas were located.
      • 4rp4n3t, on 05/09/2008, -2/+2I didn't really mean it that way - when I saw the headline I thought the article would provide insights into which parts of the *world* had the fastest growing real estate markets - something I would have been interested to read about. Conversely I have no interest in which parts of the US are up and coming (contrary to what some believe, USA != The World).
        Having re-read the description, I see it does intimate that this is a US based article. D'oh.
        • GQCarrick, on 05/09/2008, -2/+3Well Digg is a website run by......AMERICANS! So why are you so surprised that there are articles solely focused on issues in the US?
          • 4rp4n3t, on 05/09/2008, -0/+1I'm not surprised by, nor do I have a problem with, this. It should have been more explicit it the title and description is all.
        • cvindustries, on 05/09/2008, -0/+1That's not the point. I'm an American, and I'm curious if Barcelona is one of the fastest growing markets in the world. Having honeymooned there, it's a place I wouldn't mind going back to, but I heard real estate there was skyrocketing.
          • GQCarrick, on 05/09/2008, -0/+1Well seeing its an American website, I guess if they meant top 10 worldwide it would be in the title, and because it isn't if you use common sense it would seem to be that it would suggest it was only cities in the US therefore top 10 in the US is not needed.
    • monoa, on 05/09/2008, -1/+1Y' mean there's somewhere else? I seen me some crazy stuff on the TV but I thought it was all CGI. Dang.
  • nilcam, on 05/09/2008, -2/+0Buying a home in New Orleans pre-Katrina was a difficult endeavor. Most of the homes on the market needed major repairs on top of the ridiculously high asking price. I cannot even imagine what it is like now. I had no desire to own in a home in New Orleans when I lived there. The risk factor is too high.
  • dodgejon, on 05/09/2008, -0/+4Im buying in Grand Rapids this summer. No reason to wait now.
    • Hosalabad, on 05/09/2008, -0/+2Hey I have a friend selling in G.R., and the market sure as hell isn't improving there. You should be able to find a great deal.
    • madk, on 05/09/2008, -0/+2One of the nicer areas in Michigan. Just steer clear of Flint, Saginaw and inner Detroit.
  • WickEd101, on 05/09/2008, -6/+2Anyone click this just because it had 10 in the title?
  • clemsontigers, on 05/09/2008, -1/+13No doubt Scranton has increased in value due to Michael Scott's condo purchase. There are two types of people in the world...those who buy condos, and those who don't
  • brook011, on 05/09/2008, -0/+8Looks like Michael Scott's condo in Scranton was a good buy after all.
  • IanRReardon, on 05/09/2008, -4/+2Western NY is such a hole. I went to college in Rochester and you couldn't give me a free house to move back there.

    • GQCarrick, on 05/09/2008, -3/+1No it is not, but good stay out, we don't need Imbeciles like yourself here.
  • Number23, on 05/09/2008, -6/+710 places I don't want to live.
    • GQCarrick, on 05/09/2008, -0/+310 places that don't want YOU to live in them.
  • yahaira, on 05/09/2008, -1/+2wait a minute, no one's made a Dunder Mifflin joke yet?!
  • mikephimikephi, on 05/09/2008, -0/+14McAllen, Texas
    Rochester, N.Y.
    Birmingham, Alabama
    Syracuse, N.Y
    Buffalo/Niagara Falls, N.Y.
    New Orleans, La.
    Scranton, P.A.
    Grand Rapids, Mich.
    Baton Rouge, La.
    El Paso, Texas
  • allaboutdatiki, on 05/09/2008, -0/+8Take a look at those median house prices ... these markets are up because they've all been so much less expensive then the rest of the country ...
  • Grizw0ld, on 05/09/2008, -0/+4dugg for wny being represented in something positive
  • DeFex, on 05/09/2008, -4/+1Who in their right mind would move TO new Orleans (or buffalo for that matter).
    • GQCarrick, on 05/09/2008, -0/+2I live in Buffalo, its a great place to live
    • Charlotte_Web, on 05/09/2008, -0/+2I would move to New Orleans in a heartbeat.
  • MojoJonJon, on 05/09/2008, -0/+1El Paso? that's like my 2nd home and i would've never guessed that one. that place just looks depressing, but it's where half my family is, so i visit from time to time.
  • louiebaur, on 05/09/2008, -3/+110 places I don't want to be nice list
  • StunGod, on 05/09/2008, -1/+1So let's see: values are going up a bit here as opposed to the drops elsewhere. You'll notice that these aren't places people usually are interested in moving to, so they didn't experience the big bubble increases that more desirable places did. For the past 10 years, these 10 places were filled with people saying, "how come our home values aren't increasing like crazy? Everybody else's are."
    So really, these are just places where the prices didn't go through the big gains earlier, so there's less correction now. Look at Grand Rapids: 5-year price change is 8.3%. That's a pretty crummy return on investment. NO is better at 43%, which ain't bad considering Katrina and all.
    The thing is, the rest of the country will recover in 2-5 years and housing in desirable places will start to climb faster than in these places again. Once that starts happening, this list is going to look shabby again.

    And I've been to all 10 of these towns. I would never consider living in any of them.
  • honthraj, on 05/09/2008, -0/+0Michael Scott condo increasing value of real estate in Scranton? I don't think so.

    Obviously - this is a conspiracy of the Quiet Man Society.

    There's no way real estate values could go up once they closed Bordi's on Lackawanna Avenue.

    What a hole that was.

  • MattFromSeattle, on 05/09/2008, -0/+2Dugg just for the chance to live in Scranton. I here Dunder Mifflin is hiring.
    • MattFromSeattle, on 05/09/2008, -0/+2*hear
      I'm apparently just smart enough to work for DM... Christ, I need my coffee.
  • bansi, on 05/09/2008, -0/+1Interesting that NY took several of the top 10 spots...
  • TheObviousChild, on 05/09/2008, -0/+1Birmingham - I didn't know the seventh layer of hell was on the up and up
  • digjam, on 05/09/2008, -3/+1It should be..10 Places where no one can afford to buy a house!
    • skidooer, on 05/09/2008, -0/+1I'm afraid you do not understand how the market works. If nobody could afford these houses, the price would be going down, not up.
  • rebelcapitalist, on 05/09/2008, -1/+1It is great to see Grand Rapids make the list.
  • kelmaster1, on 05/09/2008, -6/+1All these places suck ass to live in. It will be a cold day in hell before I live in NY, AL or TX with all the other retards..
    • GQCarrick, on 05/09/2008, -0/+3And where might you live genius?
    • zionKing, on 05/09/2008, -0/+3He resides in the Ivory Tower near Camp Badass, just outside Awesomeville, Indiana. You know, just down the road from Doucheburg
  • davidg11, on 05/09/2008, -1/+2Funny, I'm from Rochester, NY and moved to central WA state 11 years ago. Like anything there are things ya miss and others you simply don't. Rochester has a great mix of food (god I miss the food vs WA state), and I have fond memories of growing up swimming/hanging out on the beaches of Lake Ontario. Lots of golf courses. Not too far of a drive to Niagara Falls or Toronto, Canada. I figured it'd be close to a ghost town since its main employer, Kodak, has declined greatly since I grew up there in the 1970's (my Dad worked at Kodak). And Xerox is based their too. Not exactly thriving industries any more.
    Not a bad place to live. Just nothing incredibly exciting about the area either.
    I'm surprised my area isn't on the list. One of the few areas in the country where prices haven't declined. Leavenworth, Cashmere, Wenatchee areas of Central WA.A beautiful area probably too small for this area to make it on any list. Shhh...tell no one.
    • Bakedwafer, on 05/09/2008, -0/+1Yeah, but Wenatchee is in the middle of nowhere. I've been there twice, the views are absolutely stunning, but the town is so, so small.
  • m4lomb, on 05/09/2008, -0/+1Go El Paso!
  • mentol, on 05/09/2008, -1/+1These are all from US, but expect to have much higher returns on real estate markets like Romania of Bulgaria.They've just joined the EU and making xx% yearly is not that hard.
  • Myztry, on 05/09/2008, -0/+1Or, stick your money in a good fixed term deposit and get similar returns, without the DOH of taking risky advice from a web site...
  • fraziebr, on 05/09/2008, -0/+0I'm sure that buyers in markets like Southern Calfiornia would love it if the median price of homes were 150k, however I don't think most people in those neighborhoods would want all that goes along with that. The biggest issue in my mind with real estate still remains liquidity. Also, why not wait until prices have come back, oh say 5 or 10%, before getting in? Sure, you'd have lost some of the updside, however that's better than buying (in my opinion) and having another 20 - 30% fall from the value of your home.
  • BradMW, on 05/09/2008, -0/+1You're telling me I can have a house AND a Ferrari for less than it would cost me just for a house here?
  • realestator, on 05/10/2008, -0/+0I'm looking at the five year price change which averages 31% for these ten markets, or 6.2% a year. Not bad at all. But whose crystal ball are they using - can one be sure these numbers are for real? I'd rather look at the job markets in these areas, and if they look healthy and are trending up, then probably a good place to start researching for possible investment.
  • nickvs1390, on 07/23/2008, -0/+0New Orleans Definitely. Ground Floor.
  • bmoney417, on 08/05/2008, -0/+0This is some great information about some up and coming areas but i believe that Seattle should have made the list because of its huge growth in some districts. Speaking of Seattle real estate, here is an amazing penthouse condo for sale in Capitol Hill.

    http://www.bestcapitolhillcondo.com/
  • nesslander, on 09/22/2008, -0/+0Thank you. Very useful informations!

    You can also discover resources and learn about real estate there:

    http://www.realestateinvest-infoguide.com/

    http://www.realestateinvest-infoguide.com/101sell_ ...

    http://www.realestateinvest-infoguide.com/sitemap. ...
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