Entering the world of real estate is something that has a huge range of benefits. Few other careers can offer the kind of high salary potential, personal and professional rewards, and flexibility that becoming a real estate agent can provide. But after you go through the process of putting in the time, energy, and effort that getting your real estate license requires, you will still have a number of challenges ahead of you.
First and foremost is the most obvious thing that those working as a realtor must achieve – selling properties. You’ll need to spend time honing your skills and capabilities in order to truly succeed at this, but you can also take additional steps to help make it easier. In particular, you need to be sure that you’re working on selling properties in the top real estate markets out there.
Finding the right markets will be vital for success, and the top real estate markets will have a number of things that help them stand out including:
- Strong inventory levels
- Excellent variety between all properties
- Motivated sellers as well as motivated buyers
- Supply/demand index that leads to higher average sale prices
- A strong economy to support the market and those moving into the area
In short, finding the top real estate markets will be instrumental in ensuring that you are able to thrive as a real estate agent. And certain markets stand out in a big way. Here’s a look at some of the top real estate markets in the country in 2023 and just why they deserve a closer look from you.
One – Seattle
The home prices throughout Washington state increased more than 13 percent from just a year ago, and they rose more than 4 percent over the first quarter of 2018. Thanks to strong job growth, Seattle is experiencing some of the fastest growth in the entire nation. It also has a major supply/demand imbalance that means that buyers will pay top dollar – something that helps real estate agents earn more commission on every sale. Simply put, it’s in the top spot out of all the top real estate markets at the moment, and deserves serious attention from anyone.
Two – San Bernardino/Riverside
The status of this city as a commuter town has helped it drive itself forwards as one of the top real estate markets. Add in the fact that China Airline flights between Taiwan and Ontario and you have an easy understanding of why it’s predicted to have one of the strongest new home market growth over the next two years. And with oversupply problems vanishing thanks to increased population levels in the area, it’s become a must-see property market in the nation today.
Three – San Diego
San Diego’s real estate market has very tight supply – the inventory on the market just isn’t as high as some other areas. But the city has double-digit employment growth in upper-income brackets, which means that while homes here are more expensive than in other areas, they’re also able to be sold quickly. This, in turn, means that agents can earn larger than average commissions and increase their income dramatically. And when you consider the large military presence and one of the most diverse economies in the country, it’s easy to see why San Diego is one of the top real estate markets out there.
Four – Nashville
Music City is much more than just a stop for touring artists. The city only has a 2.6% unemployment rates and jobs are 23% above prior peak levels. Nashville is one of the new ‘it’ cities in the country, and it’s being flooded by millennials as well as those looking to move to a smaller city that still has lots to offer them. While inventory is still strong, prices are increasing steadily, making it a market that any real estate agent should watch.
Five – Austin
Austin has exploded as one of the hippest cities in the nation, and it doesn’t show any signs of stopping. The city has shown strong growth and continues to have more and more people moving to the area – bolstered by the fact that many who come to the city to go to school fall in love with it and end up never leaving. It’s a great market that has huge potential for anyone looking to get more from their career as a real estate agent.
Six – Phoenix
Phoenix struggled during the economic downturn, but today it’s bounced back in a huge way. Single-family permits are below 66%, and sales volume is among the highest in the nation. It’s also a city with more affordability and a more diversified economy than some other markets, which makes it perfect for real estate agents looking to diversify their own sales strategies or who want more stability and long-term potential from a market.
Seven – Cincinnati
Surprised? Don’t be. Cincinnati has revitalized itself in a huge way, and more than 63 percent of the population owns their own home. Home prices are up 4 percent virtually every year, and more and more people are moving to this location annually. It’s always been a strong, healthy market, but experts agree that with great inventory supply/demand ratios and good average prices, it’s now one of the top real estate markets to look into.
Finding Your Market
So what do you do with this information, exactly? The key is finding the top real estate markets that work best for you. In particular, consider looking at areas that you feel comfortable with or that have a market that suits your own strengths. Find a market to work in that will allow you to enjoy living in the area while helping you find the best success with your sales. And remember – these are just 7 of the best markets out there at the moment. They hold tremendous potential and are well worth looking at first, but they aren’t’ your only options. Find the market that works best for the kind of realtor that you are, and you’ll find a bright future in your career.