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FOR IMMEDIATE RELEASE:
With the Recession in Rear View and Steadily Rising Real Estate Prices, is it Time to Invest South by Southwest?
The Top 5 U.S. Metro Areas predicted to rise in real estate prices through 2022 are primarily in the south and southwest, according to NeighborhoodScout®
NeighborhoodScout provides investors with past median home values and future 5-year home price appreciation rates
Arming investors with past median home value data (quarter-by-quarter since 2000) and future 5-year home price appreciation rates, Scout Vision reveals that 4 out of the 5 top U.S. Metro Areas predicted to rise in real estate prices through 2022 are in the south and southwest.
Here are highlights from the report:
- Like Phoenix rising from the ashes, the Las Vegas-Henderson-Paradise, NV Metro Area continues its storied comeback, as predicted in the previous Scout Vision report. With the Median Home Value expected to rise 35% over the next 5 years, it’s hard to fathom how down-on-your-luck the Las Vegas-Henderson-Paradise, NV Metro Area was following the 2008 financial crisis (see Figure 1).
- A similar boom-and-bust-then-renaissance is occurring in other parts of the southwest, including the Phoenix-Mesa-Scottsdale, AZ Metro Area, where Scout Vision predicts a 27% rise in real estate prices through 2022 (see Figure 1).
- Partially situated on the Rio Grande, roughly 70 miles from South Padre Island and the Gulf of Mexico, the McAllen-Edinburg-Mission, TX Metro Area earns top billing for future 5-year home price appreciation rates. While home prices aren’t high in the Metro, as a percentage they are forecasted to rise 38%, with the average Median Home Value jumping from $68,240 to $94,035 (see Figure 1).
There are several factors contributing to the McAllen-Edinburg-Mission, TX Metro Area’s rise, including healthy population growth, very strong housing stock, and vacancy rates that have stayed in check (see Figure 2).
“Perhaps even more important, however, is the steady increase in wages and job growth, which are both in line with the rest of the country,” said Dr. Andrew Schiller, CEO and founder of Location, Inc. and NeighborhoodScout. “These trends bode well for McAllen-Edinburg-Mission, TX Metro Area residents, and particularly home buyers: Although just below the region’s historic high, it only takes a little over two years of average household income to buy an average house in this Metro.”
To view the latest Scout Vision reports, including the list of U.S. Metros predicted to decline in real estate prices through 2022, visit NeighborhoodScout.
For real estate investment firms with 500+ properties or companies needing API or large bulk file processing, request a data sample of up to 10 addresses and discover what Scout Vision Enterprise can do for your firm.
About Location, Inc.
Location, Inc. is a leader in geographic data sciences, providing street- and address-level location intelligence and predictive analytics for businesses across the U.S. and Canada via web-based reports and streaming data. Since 2000, the company has amassed the most accurate and comprehensive catalogue of spatial data products available today, with complete, national coverage and sub-Zip Code granularity. A pioneer in building micro-spatial data products, Location, Inc. specializes in real estate market insights and projections, and crime and hazard risk products for the real estate, insurance and finance sectors. More than 70 million people and businesses have leveraged the Company’s data products to make informed location decisions, fuel major investments, mitigate risk, protect assets, and uncover opportunity. For more information, visit www.locationinc.com.