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The housing market is hot. In many cities, we’ve seen houses double or even triple in price in just five years.
Some cities are experiencing better real estate booms than others. But which cities are they?
To curate this list of U.S. cities experiencing an unexpected real estate boom, we focused on cities with skyrocketing prices. In these cities, the median home price is at least $150,000.
Here are 12 U.S. cities experiencing an unexpected real estate boom.
1. Anna, Texas
Anna, Texas, has seen an incredibly rapid rise in home prices. In June 2024, the median house price in Anna was $394,000.
According to Redfin, this is 2.7% higher than last year. This Colin County city is cute but quaint. There isn’t much to do in Anna. The city also only boasts a population of around 23,000.
2. Haines City, Florida
Florida is no stranger to real estate booms. It’s one of the states that has seen the largest spikes in home prices. Not all price surges are in Miami, Tampa, or Orlando.
Haines City is also seeing significant rises. According to Redfin, the average house price in Haines City is $339,000. This is 2.5% higher than May 2023.
3. Albuquerque, New Mexico
When most people think of surging home prices, they imagine large cities in Florida, Texas, or California. But what about New Mexico? New Mexico is not exempt from rising home prices.
One city where we see prices skyrocketing is Albuquerque. In Albuquerque, the median home price is $353,000, 5.2% higher than last year.
4. Rockford, Illinois
Like New Mexico, Illinois is a relatively low-key state. The median home value in Illinois is $265,824, a 7% increase from last year.
So, how high are home prices in Rockford? Rockford residents experienced a nearly 15% home price increase since last year. Now, the average home price is $157,878.
5. Lake Havasu City, Arizona
Have you ever heard of Lake Havasu City? Not many people have. Lake Havasu City is in Arizona. It has a population of around 57,000.
Home prices in Lake Havasu City are painful. The average home value in Lake Havasu City is a jaw-dropping $510,000. This is a 2% increase from last year.
6. Racine, Wisconsin
Wisconsin can’t escape rising home prices. No state or city can. Racine is no exception.
Racine’s median home price in May 2024 was $200,000. This might not sound like a lot, but the $200,000 increase has been 7.5% since last year.
7. Gladeview, Florida
Another Florida city makes our list. Gladeview is a quiet city home to about 15,000 people. Don’t let the small population fool you; home prices in Gladeview are intense.
The average home price in Gladeview is $416,000. A year ago, they were about 2.8% less. Million-dollar homes aren’t hard to come by.
8. Coeur D’Alene, Idaho
Home prices in Coeur d’Alene, Idaho, have nearly doubled in five years. In 2020, the average home price in Coeur d’Alene was slightly above $300,000.
Now, finding $300,000 homes in Coeur d’Alene is a dream. The median home price in this Idaho city is $522,000.
9. Fayetteville, North Carolina
So many people have moved to North Carolina. This has played a massive role in the rapidly increasing home prices.
The median home price has changed in Fayetteville, North Carolina. The median home price in Fayetteville is 11.6% higher than last year at $240,000.
10. Johnson City, Tennessee
Tennessee can’t catch a break. The southern states have seen huge population increases, which has affected the housing market.
Johnson City is an unexpected city to see a real estate boom in Tennessee. Although only around 71,000 people, the city is in three counties. Johnson City’s average home price in May 2024 was $279,000 – a 1.1% increase since last year.
11. Lexington, Kentucky
Even Kentucky has seen some new residents and increasing home prices. The average home price in Kentucky is $207,528, which is nearly 5% higher than last year.
So, what does this mean for Lexington? Lexington has seen a 4.8% increase. The average home price in Lexington is $330,000.
12. Toms River, New Jersey
Last but not least is Toms River, New Jersey. Truthfully, though, this list could go on and on. Toms River is a funny addition. It’s a township with a little less than 100,000 residents.
This historical township is expensive. The average home price in Tom River is $475,000, a 22% increase from last year. In 2021, home prices were around $250,000.
16 Coolest Small Towns in the U.S. You’ve Never Heard Of
One of my favorite things about this country is the differences in each state. A cross-country road trip can take you from the mountains to the desert, coast, and swampland, with each region representing its unique charm and culture. I’m an avid road tripper and have spent some time in these small towns. They left their mark on me in the best way possible.
13 Home Renovations That Are Not Worth the Money
There’s something to be said about making your home your own. However, certain renovation projects simply aren’t worth the money and time invested.
Being pragmatic about the projects you decide to invest in around your home can be a considerable challenge. There’s always the temptation to add the features you’ve dreamed of having. Then there’s the reality of costs, maintenance, and the long-term appeal of realizing your dream.
I approached compiling the way I would suggest anyone start when contemplating a renovation. I dug into years of real estate sale and construction data from the last few decades to see how costs have fluctuated compared to buyer demand for certain home features. These were the resounding renovation losers, not worth the money.
41 Shocking Ways You’re Throwing Money Down the Drain
There are many ways to increase the money in your bank account. Many people start by looking at ways to make more money. And, of course, that is a great solution. But it isn’t always the easiest. A better, easier way may be to examine your spending habits. By tracking your spending and seeing where every dollar goes, you’ll likely find several instances of spending money you don’t have to. It could be little things that add up or recurring monthly expenses that are an utter waste of money.
Once you eliminate your bad spending habits, that money can go toward your emergency fund, paying off debt, or other essential things. Here are the 41 biggest wastes of money to look out for:
