It doesn’t matter what the real estate market is doing or what is happening worldwide – there are always lucrative real estate opportunities. As the old saying goes, land is the one thing they’re not making any more of, and if you approach an investment from the right perspective, you’d be surprised by just how far you can go.
Of course, the national markets can and do change quite frequently. Sometimes, old, established players fall out of favor and are replaced by younger upstarts. Other times, a business will make a shock announcement about moving into a particular area, setting it on a path for revitalization over the next decade.
With all that in mind, we’ve highlighted six key cities that stand out as excellent investment opportunities for your 2024 portfolio.
Start By Considering What Type of Investment Strategy You’re After
Before you investigate the cities themselves, it’s important to calibrate your expectations in terms of exactly what type of opportunity you’re looking for, and how rental management software can support your investment strategy. If you’re simply looking for a more traditional real estate transaction in which you buy a house for one price and “flip” it for a higher one, you can do that just about anywhere.
If you’re looking for long-term rental opportunities to generate passive income for yourself, that will require you to look at things differently. The same is true if you’re trying to wade into the proverbial waters of wholesale real estate. Here, you’re not necessarily investing your own money at all. You’re finding a property that you believe to be an ideal fit for your strategy and are getting the seller to agree to one price. Then, you find a buyer to agree to a larger one, keeping the difference as your fee.
Wholesale real estate properties tend to have a lot of long-term potential despite the fact that they’re more distressed when you find them. That’s one of those scenarios where the city itself will play a huge role in your success. An area that has already reached its peak in growth and potential attraction wouldn’t work as well as an area still considered up-and-coming.
1. Rio Grande City, Texas
Many experts agree that one of the best places to invest in real estate in 2024 is Rio Grande City, Texas. Much of this concerns the anticipated price increase of homes in the area. For example, average prices were just over $113,000 in the summer of 2023. That number is expected to climb to more than $127,000 by the same time this year. That’s an impressive level of growth that is especially appealing if you’re in it for the long haul and aren’t necessarily focused on making a fast return.
2. Muskegon, Michigan
The same source outlined above also had Muskegon, Michigan, as one of the best places to invest in real estate in 2024, brought on by a similar surge in home prices. In the summer of 2023, the average home price in this area was about $158,000. It is expected to increase by an impressive 8.6% by the summer of 2024, hitting $171,900. It’s an area worth paying attention to, especially if you’re looking for investment opportunities away from some of the more “obvious” choices, like New York City.
3. Austin, Texas
For years, Austin has been considered one of the more promising “up and coming” areas of the country – particularly among a younger crowd. It’s the home to great food and culture scenes and regularly features notable events like the Austin Film Festival. Regardless, you’d think that Austin would have hit its peak, but you’d be forced to think again. Many agree that cities like Austin are still among the best places to invest in real estate in 2024, thanks to the still-growing population.
4. Chicago, Illinois
One area where people are putting a unique spin on real estate investing in 2024 is Chicago. Obviously, living here is quite expensive. But one article touched on the idea of buyers looking for “in-town” properties. Essentially, there has been a movement of people purchasing homes near the center of Chicago to either live part-time and rent out or have a time-share-like arrangement with their friends. They get to enjoy all the amenities of a major city with more of a firm real estate investment. Expect this trend to continue in other prominent areas of the country in 2024 and beyond.
5. Nashville, Tennessee
Nashville tends to be high on the list of cities to invest in real estate in during any given year and 2024 is certainly no exception. Factors that make this an attractive area include the local real estate market activity and related property value growth. Nashville also tends to have a robust local economy, which is undoubtedly part of what attracts so many people to move there.
6. Burlington, Vermont
Finally, we have Burlington, Vermont. This may not be quite as prominent as some of the other entries on this list, but it is notable for being affordable and stable regarding growth. Another source indicated that one-year home appreciation in the area is anticipated to reach 5.2% this year.
Obviously, the number one goal of every real estate investor is to execute a successful, profitable transaction. Provided that you know what to look for and understand your goals, you can do that virtually anywhere.
But suppose you’re trying to begin a larger real estate career, diversify your portfolio, or simply uncover opportunities others may have passed up. In that case, you have to be a lot more selective regarding where you focus your attention.
That’s why the cities on this list are so appealing. They’re an opportunity to not just successfully navigate the dynamic landscape of real estate investment. They also present realistic, compelling opportunities for investors seeking to maximize profitability in 2024. This is why, if you haven’t already begun researching them on your own to understand their potential fully, now would be an excellent time to start.
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