Today, we’ll explore the 10 best cities to invest in real estate right now (2024).
This carefully curated list of U.S. cities is based on current housing trends, industry investment forecasts, consumer sentiment, average home values, and historical real estate returns over 5-year and 10-year periods.
Without further ado, let’s begin!
Table of Contents
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Key Findings of Our Research
- In the United States, the current average home value is $342,685, up from $229,321 5 years ago (33.1% increase) and up from $188,940 10 years ago (44.9% increase).
- Tampa, FL tops our list of the best cities to buy real estate investment properties with a current average home value of $377,792, a 5-year average return of 42.3%, and a 10-year average return of 59.8%.
- The 10 best cities to buy real estate right now (in order) are: Tampa, FL, Boise, ID, Charlotte, NC, Phoenix, AZ, Dallas, TX, Nashville, TN, Salt Lake City, UT, Raleigh, NC, Atlanta, GA, and Austin, TX.
What is the Best Place to Buy Investment Property in 2024?
In 2024, Tampa, Florida is the best place to buy real estate investment property with a 5-year average return on real estate of 42.3% and a 10-year average return of 59.8%.
Tampa is well known for its significant population growth, overall affordability, and being a hub for corporate headquarters and foreign-owned companies, which leads to a very favorable environment for real estate investment.
What are the 10 Best Cities to Invest in Real Estate?
#1. Tampa, Florida
Number one on our list for good reason with a current average home value of $377,792, a 5-year average return of 42.3%, and a 10-year average return of 59.8%. Known for its beautiful beaches and warm climate, Tampa also offers a growing job market in sectors like healthcare, technology, and finance. The city’s quality of life and economic growth make it an attractive destination for real estate investment.
#2. Boise, Idaho
Number two on our list with a current average home value of $459,653, a 5-year average return of 39.1%, and a 10-year average return of 57.7%. Boise’s appeal lies in its combination of natural beauty, outdoor lifestyle, and a growing tech scene. The city has been experiencing rapid population growth, leading to increased demand in the housing market.
#3. Charlotte, North Carolina
Number three on our list with a current average home value of $383,883, a 5-year average return of 39.2% and a 10-year average return of 55.1%. Charlotte’s financial sector, particularly its banking industry, has been a significant driver of its economy. The city’s growing population and economic diversification make it a stable market for real estate investment.
#4. Phoenix, Arizona
Number four on our list with a current average home value of $414,076, a 5-year average return of 40.4% and a 10-year average return of 54.9%. Phoenix’s growth is driven by its favorable climate, relatively affordable housing, and a growing job market in sectors like technology and healthcare. The city is also popular among retirees, adding to the housing demand.
#5. Dallas, Texas
Number five on our list with a current average home value of $300,847, a 5-year average return of 32.0% and a 10-year average return of 54.4%. Dallas boasts a robust and diverse economy with strengths in sectors like technology, financial services, and defense. The city’s central location and business-friendly environment continue to attract corporations and residents alike.
#6. Nashville, Tennessee
Number six on our list with a current average home value of $423,694, a 5-year average return of 33.6% and a 10-year average return of 52.6%. Nashville, with its rich music and cultural scene, has been experiencing significant economic growth. The city’s affordable cost of living, combined with a growing job market, especially in healthcare and technology, makes it an attractive option for real estate investment.
#7. Salt Lake City, Utah
Number seven on our list with a current average home value of $528,186, a 5-year average return of 32.4% and a 10-year average return of 51.0%. Known for its outdoor recreational opportunities and a strong job market fueled by the tech sector, Salt Lake City has been attracting a young and skilled workforce. This influx has been driving demand in both residential and commercial real estate.
#8. Raleigh, North Carolina
Number eight on our list with a current average home value of $427,104, a 5-year average return of 36.1% and a 10-year average return of 48.2%. As part of the Research Triangle, known for its high concentration of tech companies and prestigious universities, Raleigh offers a strong job market. The area’s quality of life and educational opportunities continue to attract residents, bolstering the housing market.
#9. Atlanta, Georgia
Number nine on our list with a current average home value of $386,122, a 5-year average return of 23.8% and a 10-year average return of 47.7%. As a major transportation hub and home to numerous Fortune 500 companies, Atlanta’s economy is diverse and robust. The city’s entertainment industry, particularly film and television, has also seen significant growth, further stimulating the real estate market.
#10. Austin, Texas
Rounding out the top 10 cities to invest in right now with a current average home value of $$527,205, a 5-year average return of 32.7% and a 10-year average return of 42.7%, is Austin, TX. Known for its vibrant culture and rapid growth, Austin has become a hub for technology companies, attracting a young and skilled workforce. The city’s population growth has been among the highest in the nation, driving demand in both the residential and commercial real estate sectors.
Keep in mind that real estate markets are highly dynamic, and conditions can change, so it’s important to conduct thorough research or consult with a real estate expert before making any investment decisions.
List of the Best Cities for Investment Properties 2024
| Ranking | U.S. City | Average Home Value | 5 Year % Increase | 10 Year % Increase |
|---|---|---|---|---|
| #1 | Tampa, FL | $377,792 | 42.3% | 59.8% |
| #2 | Boise, ID | $459,653 | 39.1% | 57.7% |
| #3 | Charlotte, NC | $383,883 | 39.2% | 55.1% |
| #4 | Phoenix, AZ | $414,076 | 40.4% | 54.9% |
| #5 | Dallas, TX | $300,847 | 32.0% | 54.4% |
| #6 | Nashville, TN | $423,694 | 33.6% | 52.6% |
| #7 | Salt Lake City, UT | $528,186 | 32.4% | 51.0% |
| #8 | Raleigh, NC | $427,104 | 36.1% | 48.2% |
| #9 | Atlanta, GA | $386,122 | 23.8% | 47.7% |
| #10 | Austin, TX | $527,205 | 32.7% | 42.7% |
Source Data: Zillow Home Values Index
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About the Author
Brian Reese is a senior advisor and co-owner at District Lending. He is one of the world’s leading experts in veteran benefits, having helped millions of veterans secure their financial future since 2013. Brian is the founder VA Claims Insider, an education-based Coaching & Consulting company whose mission is to educate and empower veterans to get the VA disability benefits they’ve earned for their honorable service. A former active-duty air force officer, Brian deployed to Afghanistan in support of Operation Enduring Freedom. He is a distinguished graduate of management of the United States Air Force Academy and earned his MBA as a National Honor Scholar from the Spears School of Business at Oklahoma State University.
“As a military veteran, I’ve made it my life’s mission to help people live happier and wealthier lives. District Lending brings this mission to life. We believe in integrity, honesty, and transparency, which is why you’ll see our rates right on our website. You’ll find lower rates and zero lending fees, which means you can buy your dream home for less. The savings are passed on to you — the way it should be.”
– Brian Reese, Advisor and Co-Owner, District Lending
