I’m a Real Estate Expert: These Are 8 Cities Homebuyers Should Be Buying In Post-Pandemic
With high interest rates, massive price increases (post-pandemic) and skyrocketing insurance costs, it’s tough to be in the housing market right now.
But poor affordability and higher costs have presented some interesting opportunities for real estate investors and homebuyers. While some markets have become overheated, others are still growing. And some markets have even started seeing a correction in prices, which may be a boon for real estate investors and homebuyers.
Learn More: Housing Market 2024: Home Prices Are Plummeting in 10 Formerly Overpriced Housing Markets
Trending Now: Become a Real Estate Investor for Just $1K Using This Bezos-Backed Startup
GOBankingRates spoke to a Realtor who knows national housing markets and asked him to provide insights on a few of the best places to buy right now. Here are eight cities homebuyers should be buying in post-pandemic.
Phoenix
Phoenix is the land of retirees, but it has seen quite a bit of growth as of late. It is one of the largest cities in the U.S. by population, with over 1.7 million residents.
“Phoenix has seen substantial population growth, driven by its affordable cost of living, warm climate and job opportunities in various sectors,” said Colten Claus, a Realtor and associate broker at 8z Real Estate. “The housing market remains active, with a significant increase in inventory and moderate price appreciation. Investors benefit from a strong rental market, steady appreciation and a diverse economy. The city’s expanding tech and healthcare industries further support long-term growth.”
Find Out: Cheapest Places To Buy a Home in Every State
Austin, Texas
Austin was the fastest-growing city in America for 12 years up until 2023, according to the U.S. Census Bureau, but it is now seeing a correction in housing prices and an influx of inventory hitting the market. This presents an opportunity for buyers.
“Austin’s booming tech industry and vibrant cultural scene attract new residents, driving housing demand,” Claus said. “Although prices have increased, the market has stabilized post-pandemic, providing opportunities for investors to capitalize on future growth. No state income tax, a strong job market and a high quality of life make Austin attractive for both buyers and renters. The city’s continued expansion in tech and education sectors ensures sustained demand.”
Raleigh, North Carolina
Similar to Austin, Raleigh has seen a population boom since 2020. This growth definitely boosted housing prices, but the average home price in Raleigh is lower than that of many coastal cities.
“Raleigh offers a blend of affordable living, excellent educational institutions and a growing job market, particularly in tech and research sectors,” Claus said. “The post-pandemic period has seen a surge in inventory, with prices stabilizing. Investors can expect steady appreciation and a strong rental market driven by a constant influx of students and professionals. Raleigh’s balanced growth and moderate housing prices make it a solid investment choice.”
Tampa, Florida
Florida saw explosive growth, especially in 2020. This boosted housing prices to be more in line with national averages, but increasing taxes and insurance rates have cooled the market. There is much more inventory and price correction happening in Florida than almost anywhere else.
“Tampa’s affordable cost of living, pleasant climate and expanding job market make it an attractive destination for homebuyers,” Claus said. “The city has seen a notable increase in inventory, with price drops creating opportunities for investors. Strong rental demand, favorable tax climate and continued population growth support long-term investment potential. Tampa’s diverse economy, including finance, healthcare and tourism, adds to its appeal.”
Denver
Denver is a large city with a sprawling metro area in Colorado. It has grown quite a bit in recent years, but according to Redfin, nearly 50% of listed homes have dropped prices in the last year. This means there are homebuying opportunities.
“Denver’s strong job market, outdoor lifestyle and high quality of life continue to attract new residents,” Claus said. “The city’s real estate market has seen increased inventory and stabilized prices, providing opportunities for investors. High salaries in key industries, steady appreciation and a robust rental market make Denver a prime investment location. The city’s commitment to education and skill development supports ongoing economic growth.”
Nashville, Tennessee
Nashville continues to be a hub for growth — adding nearly 100 residents per day in 2022 alone, according to CNBC. And while prices are up since 2020 (as is the case everywhere), there are notable price drops and inventory increases in Nashville right now.
“Nashville’s diverse economy, centered around healthcare, education and entertainment, drives population growth and housing demand,” Claus said. “The market has seen an increase in inventory, with prices moderating post-pandemic. No state income tax, strong job market and vibrant cultural scene make Nashville attractive for both buyers and renters. The city’s steady growth and high quality of life offer long-term investment potential.”
Atlanta
Another state in the Southeast seeing attractive real estate opportunities is Atlanta. The median sale price for a home is about $430,000 — which is right in line with the national median price, per Redfin. But price drops are becoming more common, and most homes are selling for under list price, according to Redfin.
“Atlanta’s affordable cost of living, diverse economy and strong job market make it a desirable location for homebuyers,” Claus said. “The city has experienced increased inventory and price drops, creating opportunities for investors. High rental demand, continued population growth and a favorable business environment support long-term investment. Atlanta’s expanding tech and logistics sectors further enhance its appeal.”
Colorado Springs, Colorado
Colorado offers a lot — mountains, city life and access to high-paying jobs. Colorado Springs is a fast-growing city with a reasonable cost of living and natural beauty, and it is only 70 miles from Denver. It presents a great opportunity for homebuyers who don’t want to pay Denver prices.
“Colorado Springs offers a combination of affordability, quality of life and strong economic growth,” Claus said. “The city has seen increased inventory and stabilizing prices, making it an attractive option for investors. The presence of military installations, tech companies and a growing tourism industry support a dynamic housing market. Affordable housing, strong rental demand and continued population growth make Colorado Springs an appealing choice for real estate investors. The city’s natural beauty and outdoor lifestyle also add to its desirability.”
Bottom Line
Investing in real estate or buying a home can feel intimidating right now. But if you have the means to make a purchase, more and more opportunities are presenting themselves to those who look in the right places.
“These cities offer significant opportunities for real estate investors post-pandemic due to their strong job markets, affordable living and favorable economic conditions,” Claus said. “Investing in these cities can provide steady appreciation, high rental demand and long-term growth potential.”
More From GOBankingRates
I'm a Bank Teller: 4 Reasons You Should Withdraw Your Savings Right Now
This is The Single Most Overlooked Tool for Becoming Debt-Free
This article originally appeared on GOBankingRates.com: I’m a Real Estate Expert: These Are 8 Cities Homebuyers Should Be Buying In Post-Pandemic
