Not all real estate markets are created equal. Where some are sluggish, others are ramping up to be the hottest in the nation. While Millennial Title can help you achieve your housing dreams nationwide, here are 5 of the hottest real estate markets in which Millennial Title can help you on closing day.
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We should first note that these are backed by various points of data. Each location on this list is chosen due to the following variables:
Housing affordability: How do home prices compare to similar cities. Are they higher or lower?
Housing inventory: Is there a significantly higher inventory of houses compared to comparable markets?
Job market performance: Is the job market growing to attract buyers?
Renter’s financial capability: Are renters able to buy a median-priced home? Is that percentage of renters higher than 15.1%, the national average?
Migration gains and population growth: Which locations have the most movement and growth?
5 of the Hottest Real Estate Markets of 2023
1. Dallas, Texas
Median Home Price: $342,900
Dallas is a jewel for many aspiring homeowners for a number of reasons. With one of the strongest local economies nationwide, no state income tax, and it being fairly within the national average for cost of living, residents are stretching their paychecks further. On top of this, Dallas has thriving food and art scenes to explore via a wide network of public transportation, bike trails, and walkable neighborhoods, making it possible to live in the city without a car.
2. Jacksonville, Florida
Median Home Price: $282,260
With gorgeous waterfront views and warm weather, Jacksonville is 874 square miles of land just waiting to be called home. Home to major national brands such as Fidelity Investments, Johnson & Johnson, and the Mayo Clinic as well as having a growing tech sector, a large military base, and the Jacksonville Port Authority, Jacksonville is teeming with a well-paying job market. This city is also a great choice for growing families with plenty of museums, art walks, and markets to visit along with the Jacksonville Jazz Festival, the Jacksonville Zoo, and the Arboretum and Botanical Gardens.
3. Knoxville, Tennessee
Median Home Price: $280,000
Located in the foothills of the Appalachian Mountains is Knoxville, Tennessee. With a 10.4% lower cost of living than the national average, it’s considered an extremely affordable place to call home. Additionally, the University of Tennessee is located in Knoxville, giving the mid-sized city a college town feel. Not far from the Great Smokey Mountain National Park and just off the beautiful Tennessee River, Knoxville is a gem for those who enjoy outdoor recreational activities.
4. Chattanooga, Tennessee
Median Home Price: $300,000
Nicknamed the Scenic City, Chattanooga offers picturesque views with plenty of hiking and biking trails to take in nature. With a growing economy and the cost of living being 13.5% lower compared to that of the national average, Chattanooga was rated the 3rd best place to live in Tennessee by U.S News. Intersecting a rich history and a focus on all things local, this city has a little something for everyone: be it museums, shopping boutiques, or a vibrant nightlife.
5. Miami, Florida
Median Home Price: $510,000
Famous for its sunny weather, sandy beaches, and exciting leisure activities, Miami is a hub of art, music, and culture. Home to the headquarters of American Airlines, Precision Response Corporation, Royal Caribbean, Office Depot, and more, Miami has a healthy job market. After work, residents can enjoy time on the beach or water, Everglades National Park, the Wynwood and Design District, or one of Miami’s many sports teams.
Wherever You Are, Millennial Title is Here to Help
With direct licensing in 23 states and able to help with closings in all 50, Millennial Title is your closing solution wherever you are in the United States. Need help in Florida? Reach out to any of our offices in Tampa and Doral. From sea to shining sea, Millennial Title is here for you. So, whether you’re looking at real estate in one of the hottest markets of 2023 or somewhere else entirely, let an experienced member of Millennial Title help you at your next closing.
