Las Vegas, Dallas and Fort Collins, Colorado, are among the top metro markets expected to outperform over the next three to five years, according to a report released Wednesday by the National Association of Realtors (NAR).
The report uses more than six factors, including migration, affordability and employment for new residents, to determine the top-10 performers out of 130 U.S. metro areas, said Nadia Evangelou, NAR’s senior economist and director of forecasting. The 10 areas are not ranked, she added.
With a focus on recent movers, those who relocated to U.S. metro areas with a population of more than 150,000 in 2018, the report detailed the demographics of domestic migrants, housing tenure, affordability and the origin of these new residents.
“Drawing new residents from other states will also further stimulate housing demand in these markets, but this will create upward price pressures as well, especially if demand is not met by increasing supply,” Lawrence Yun, NAR’s chief economist, said in a statement.
At $404,700, Fort Collins, has the highest median home value of recent home purchases among the 10 areas, Ms. Evangelou said. Known as the state’s craft beer capital, the area attracted almost 60,000 new residents last year.
In the Las Vegas metropolitan area, 362,716 of new residents, mostly from Los Angeles, represent 16% of the local population. The report said that 4% of the recent movers can afford housing priced at $750,000 and above, the highest price category NAR tracks.
More than a million people moved to Dallas last year, and 5% of them can afford homes at $750,000 and above, according to the report.
Also making the list were:
- Charleston, South Carolina
- Charlotte, North Carolina
- Colorado Springs, Colorado
- Columbus, Ohio
- Ogden, Utah
- Raleigh-Durham-Chapel Hill, North Carolina
- Tampa-St. Petersburg, Florida
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