Best Cities to Invest in Real Estate

Boise, Idaho

• Median Home Price: $483,501 (+3.1% 1-yr)
• Average Rent: $1,432
• Unemployment Rate: 2.7%
• Median Household Income: $81,308

Boise’s real estate market presents compelling metrics that warrant investor attention. The market’s exceptional House Price Index growth from 173.73 in 2014 to 488.82 in 2024 demonstrates remarkable value appreciation, positioning it as one of the best cities for property investment.

The city’s emergence as a regional innovation hub, coupled with its expanding business landscape, creates a resilient economic foundation.

Despite a marginal population decline (-0.1%), the extremely low vacancy rate suggests persistent housing demand, particularly in the downtown corridor where cultural amenities and business growth intersect.

• House Price Index (In 2014): 173.73
• House Price Index (In 2024): 488.82
• Home Appreciation Rate (Past 10 Years): 181.3%
• Population Growth (from 2020 to 2023): -0.1%
• Vacancy Rates: 2.79%

Nashville, TN

• Median Home Price: $426,719 (+0.8% 1-yr)
• Average Rent: $1,548
• Unemployment Rate: 2.9%
• Median Household Income: $75,197

Nashville presents a complex market landscape characterized by its diverse economic foundations and evolving growth patterns. With a population of 689,447, the city maintains its position as Tennessee’s most populous urban center while demonstrating nuanced market dynamics.

Nashville’s real estate market demonstrates remarkable long-term appreciation, with the House Price Index surging from 191.04 in 2014 to 473.49 in 2024.

The city’s economic base stands on multiple pillars:

• Major corporate presence including Amazon and Dollar General
• Robust educational sector with six major universities
• Diverse industry mix spanning healthcare, publishing, banking, automotive, and technology
• Strong healthcare sector serving as a primary economic driver

The presence of major corporate headquarters and educational institutions provides a stable foundation for housing demand, while the 7.8% vacancy rate may offer strategic acquisition opportunities for investors focused on value-add scenarios.

• House Price Index (In 2014): 191.04
• House Price Index (In 2024): 473.49
• Home Appreciation Rate (Past 10 Years): 147.8%
• Population Growth (from 2020 to 2023): -0.2%
• Vacancy Rates: 7.8%

Phoenix, AZ

• Median Home Price: $413,499 (0.0% 1-yr – same as last year)
• Average Rent: $1,329
• Unemployment Rate: 3.4%
• Median Household Income: $77,041

Phoenix represents a significant real estate market, characterized by its position as Arizona’s capital and most populous city with 1,662,607 residents. The city’s real estate landscape showcases remarkable long-term appreciation despite current price stabilization.

The market demonstrates notable stability with a median home price of $413,499, though showing no year-over-year change.

The House Price Index trajectory tells a compelling long-term story, rising from 208.15 in 2014 to 514.22 in 2024, reflecting a substantial 147.0% appreciation over the decade.

Phoenix exhibits exceptional population momentum with a 2.6% growth from 2020-2023, significantly outpacing many comparable markets.

This growth builds on a historic pattern of strong population expansion, evidenced by the city’s consistent four percent annual growth from the mid-1960s to mid-2000s.

Phoenix’s investment landscape benefits from its established tourism infrastructure, featuring resort properties and recreational amenities.

The city’s role as a popular tourist destination, combined with its strong population growth and historic appreciation patterns, creates multiple investment opportunities despite current price stabilization.

• House Price Index (In 2014): 208.15
• House Price Index (In 2024): 514.22
• Home Appreciation Rate (Past 10 Years): 147.0%
• Population Growth (from 2020 to 2023): +2.6%
• Vacancy Rates: 7.7%

Athens, GA

• Median Home Price: $318,280 (+3.6% 1-yr)
• Average Rent: $1,165
• Unemployment Rate: 3.1%
• Median Household Income: $41,448

Athens presents a distinctive market opportunity, anchored by its position as Georgia’s sixth-largest city and home to the University of Georgia. With a population of 128,711, the market exhibits steady growth dynamics and unique investment characteristics.

The median home price stands at $318,280, showing a moderate 3.6% annual appreciation.

More notably, the market’s House Price Index has demonstrated exceptional long-term growth, rising from 166.16 in 2014 to 408.27 in 2024, representing a 145.7% decade-long appreciation.

The presence of the University of Georgia, an R1 research institution, significantly shapes the local real estate landscape.

The large student population creates sustained demand for housing, particularly in central campus areas, driving a relatively healthy vacancy rate of 6.50% despite the academic calendar cycles.

• House Price Index (In 2014): 166.16
• House Price Index (In 2024): 408.27
• Home Appreciation Rate (Past 10 Years): 145.7%
• Population Growth (from 2020 to 2023): +1%
• Vacancy Rates: 6.5%

Jacksonville, FL

• Median Home Price: $289,286 (-0.7% 1-yr)
• Average Rent: $1,310
• Unemployment Rate: 3.1%
• Median Household Income: $66,981

Jacksonville’s real estate landscape presents a compelling investment opportunity marked by substantial long-term appreciation and strong population growth. With nearly one million residents, the market demonstrates resilience through its diverse economic base and lifestyle advantages.

The current median home price of $289,286 shows a slight decline of -0.7% year-over-year, potentially creating strategic entry points for investors.

This minor adjustment follows impressive long-term appreciation, with the House Price Index surging from 193.27 in 2014 to 460.42 in 2024, representing a remarkable 138.3% increase over the decade.

Jacksonville’s economic foundation rests on diverse sectors including banking, insurance, healthcare, and logistics.

The tourism sector adds another dimension to market stability, particularly through golf-related activities centered around the PGA Tour headquarters in nearby Ponte Vedra Beach.

While the 11% vacancy rate indicates available inventory, strong population growth suggests potential for market absorption, particularly in areas leveraging Jacksonville’s 22 miles of beaches and year-round sunshine.

• House Price Index (In 2014): 193.27
• House Price Index (In 2024): 460.42
• Home Appreciation Rate (Past 10 Years): 138.3%
• Population Growth (from 2020 to 2023): +3.8%
• Vacancy Rates: 11%

Seattle, WA

• Median Home Price: $851,513 (+3.7% 1-yr)
• Average Rent: $2,058
• Unemployment Rate: 3.2%
• Median Household Income: $121,984

Seattle’s real estate market commands attention with exceptional price points and robust economic fundamentals, positioning it as a premier West Coast investment destination. With 755,078 residents and sustained growth, the market demonstrates remarkable resilience and appreciation potential.

The market’s foundation in tech, trade, and professional services, combined with sustained population growth, suggests continued appreciation potential despite high entry points.

The combination of port activity, tech sector expansion, and professional workforce concentration positions Seattle for sustained market performance, particularly in neighborhoods catering to high-earning professionals and areas benefiting from trade-related economic activity.

• House Price Index (In 2014): 235.16
• House Price Index (In 2024): 538.24
• Home Appreciation Rate (Past 10 Years): 128.9%
• Population Growth (from 2020 to 2023): +2.5%
• Vacancy Rates: 4.4%

Waco, TX

• Median Home Price: $189,643 (-0.2% 1-yr)
• Average Rent: $968
• Unemployment Rate: 3.2%
• Median Household Income: $51,468

Waco’s real estate market presents intriguing investment dynamics with its strategic location and strong appreciation history.

The market’s median home price of $189,643 shows a marginal decline of -0.2% annually, yet maintains attractive entry points for investors seeking value opportunities.

Waco’s strategic positioning 90 minutes from both Austin and Dallas creates unique market advantages, connecting it to two major economic hubs while maintaining relatively affordable housing costs.

The educational sector serves as a crucial market stabilizer, with Baylor University, McLennan Community College, and Texas State Technical College creating consistent housing demand.

This institutional presence, combined with tourism drawing over 4 million visitors annually, generates diverse revenue streams for real estate investors.

The rental market, with average rates at $968, offers promising returns relative to acquisition costs. This price-to-rent ratio, coupled with steady population growth and institutional anchors, makes Waco one of the best cities for property investment.

• House Price Index (In 2014): 176.88
• House Price Index (In 2024): 397.15
• Home Appreciation Rate (Past 10 Years): 124.5%.
• Population Growth (from 2020 to 2023): +3.3%
• Vacancy Rates: 11.3%

Durham, NC

• Median Home Price: $397,340 (+1.1% 1-yr)
• Average Rent: $1,304
• Unemployment Rate: 2.8%
• Median Household Income: $79,234

Durham emerges as a compelling real estate market driven by its robust healthcare sector, research capabilities, and exceptional population growth.

The median home price stands at $397,340 with a modest 1.1% annual increase, while the House Price Index has surged from 171.06 in 2014 to 382.56 in 2024, marking a significant 123.7% decade-long appreciation.

Durham’s position as the “City of Medicine” creates unique market stability through its concentration of over 300 medical and health-related enterprises. This healthcare foundation, combined with the Research Triangle Park’s technology and biotechnology sectors, generates sustained housing demand from high-skilled professionals.

Economic fundamentals remain strong with a 2.8% unemployment rate and robust median household income of $79,234.

The presence of prestigious institutions like Duke University and North Carolina Central University creates additional market stability and consistent rental demand.

• House Price Index (In 2014): 171.06
• House Price Index (In 2024): 382.56
• Home Appreciation Rate (Past 10 Years): 123.7%
• Population Growth (from 2020 to 2023): 4.4%
• Vacancy Rates: 8.7%

Raleigh, NC

• Median Home Price: $435,276 (+0.9% 1-yr)
• Average Rent: $1,288
• Unemployment Rate: 3.0%
• Median Household Income: $82,424

Raleigh’s real estate landscape showcases remarkable growth potential, supported by its strategic position within the Research Triangle and robust economic fundamentals. With a population of 467,665, the market demonstrates exceptional demographic momentum and institutional strength.

The median home price stands at $435,276, showing modest annual growth of 0.9%.

More significantly, the market’s House Price Index has climbed from 163.49 in 2014 to 361.51 in 2024, representing a compelling 121.1% decade-long appreciation.

Average rents of $1,288 indicate strong rental market accessibility relative to home prices.

Raleigh demonstrates exceptional population dynamics with a 3.1% growth rate from 2020-2023, positioning it among the fastest-growing cities in the United States.

North Carolina State University’s presence, combined with the broader Research Triangle ecosystem, creates a stable foundation for continued market growth.

The higher vacancy rate of 11.9% suggests potential opportunities in certain submarkets, particularly those catering to the academic and research sectors.

• House Price Index (In 2014): 163.49
• House Price Index (In 2024): 361.51
• Home Appreciation Rate (Past 10 Years): 121.1%
• Population Growth (from 2020 to 2023): +3.1%
• Vacancy Rates: 11.9%

Denver, CO

• Median Home Price: $545,849 (-1.3% 1-yr)
• Average Rent: $1,437
• Unemployment Rate: 3.6%
• Median Household Income: $91,681

As Colorado’s capital and most populous city with 715,522 residents, Denver maintains its position as the economic hub of the Front Range Urban Corridor, serving over 5 million people.

Denver’s market fundamentals remain robust despite recent price adjustments. A median household income of $91,681 and 3.6% unemployment rate indicate strong economic health.

The minimal population growth of 0.1% (2020-2023) suggests market stabilization following the significant 19.22% expansion from 2010 to 2020.

Denver’s distinctive market appeal stems from its strategic location:

• Base of Rocky Mountains providing recreation access
• World-class skiing, hiking, and outdoor activities
• Historically favorable climate with abundant sunshine
• Recognition as a top livability destination

The convergence of urban amenities, outdoor recreation access, and economic stability makes Denver one of the best cities to invest in Real Estate.

• House Price Index (In 2014): 225.22
• House Price Index (In 2024): 497.47
• Home Appreciation Rate (Past 10 Years): 120.9%
• Population Growth (from 2020 to 2023): +0.1%
• Vacancy Rates:  5.6%

Columbus, OH

• Median Home Price: $238,832 (+3.5% 1-yr)
• Average Rent: $1,125
• Unemployment Rate: 2.9%
• Median Household Income: $65,327

Columbus emerges as a compelling investment market, anchored by its status as Ohio’s capital and most populous city with 905,748 residents. The market demonstrates stable growth fundamentals and attractive entry points for investors.

The median home price of $238,832 positions Columbus as an accessible market, particularly when compared to similar state capitals.

Rental rates averaging $1,125 indicate steady income potential for investors.

The market’s House Price Index progression from 152.94 in 2014 to 330.83 in 2024 represents substantial value appreciation of 116.3% over the decade.

Columbus’s economic landscape is strengthened by major institutional anchors:

• The Ohio State University, driving consistent housing demand
• Battelle Memorial Institute, the world’s largest private R&D foundation
• Chemical Abstracts Service, supporting high-skilled employment

Columbus presents an attractive investment proposition due to its combination of affordable entry points, steady appreciation history, and diverse economic drivers.

• House Price Index (In 2014): 152.94
• House Price Index (In 2024): 330.83
• Home Appreciation Rate (Past 10 Years): 116.3%
• Population Growth (from 2020 to 2023): +0.8%
• Vacancy Rates: 7.6%

Austin, TX

• Median Home Price: $514,193 (-3.8% 1-yr)
• Average Rent: $2,000
• Unemployment Rate: 2.9%
• Median Household Income: $91,461

Austin’s real estate landscape presents an intriguing investment scenario marked by recent price adjustments amid strong underlying fundamentals.

The median home price of $514,193 reflects a -3.8% annual decline, suggesting a market recalibration. This adjustment follows substantial long-term appreciation, evidenced by the House Price Index increase from 241.56 in 2014 to 517.28 in 2024, representing a 114.1% decade-long gain.

The rental market maintains strength with average rents at $2,000, indicating resilient rental demand.

The University of Texas at Austin, with over 50,000 students, provides a stable foundation for housing demand, particularly in adjacent submarkets.

Austin’s investment appeal is further enhanced by Texas’s favorable tax environment, with no state income tax benefiting investors’ bottom lines.

• House Price Index (In 2014): 241.56
• House Price Index (In 2024): 517.28
• Home Appreciation Rate (Past 10 Years): 114.1%
• Population Growth (from 2020 to 2023): +1.9%
• Vacancy Rates: 9.4%

Dayton, OH

• Median Home Price: $144,540 (+ 6.4% 1-yr)
• Average Rent: $951
• Unemployment Rate: 3.9%
• Median Household Income: $43,454

Dayton presents a compelling investment opportunity, particularly for value-focused investors. The market’s standout feature is its remarkable House Price Index growth, rising from 119.82 in 2014 to 251.13 in 2024.

This significant appreciation trend, combined with affordable entry points, positions Dayton as Realtor.com’s top investment market for 2024.

The city’s economic foundation benefits from its robust aerospace sector, anchored by the Wright-Patterson Air Force Base and the National Museum of the U.S. Air Force.

Despite a slight population decline, Dayton’s export-driven economy and presence in the top 100 metropolitan areas for export-related jobs indicate economic resilience.

While the higher vacancy rate of 8.2% and recent population decline warrant consideration, the market’s affordability and strong appreciation history suggest potential for both cash flow and value appreciation strategies.

The low median home price of $144,540 creates opportunities for investors to enter the market with relatively modest capital requirements.

• House Price Index (In 2014): 119.82
• House Price Index (In 2024): 251.13
• Home Appreciation Rate (Past 10 Years): 109.56%
• Population Growth (from 2020 to 2023): -1.5%
• Vacancy Rates: 8.2%