The Top 10 Emerging Real Estate Markets to Watch in 2024

Are you looking for the best places to invest, live, and work in real estate in 2024? If so, you might consider these ten emerging markets that are expected to offer attractive opportunities and returns in the next year.

These markets are based on the Emerging Trends in Real Estate 2024 report by PwC and the Urban Land Institute, which surveyed more than 2,000 real estate industry experts and analyzed various factors, such as economic growth, population trends, affordability, sustainability, and innovation.

1. Nashville, Tennessee

Nashville tops the list of emerging real estate markets for 2024 thanks to its strong economy, diverse industry base, vibrant culture, and affordable housing.

Real Estate at Tennessee

It is a hub for health care, music, education, and technology, attracting talent and investment from across the country and the world. The city has also been resilient during the pandemic, with low vacancy rates, high rent growth, and robust demand for office, industrial, and multifamily properties.

2. Phoenix, Arizona

Phoenix is another hot market to watch in 2024 as it benefits from its favorable climate, low cost of living, and high quality of life.

It is one of the fastest-growing metro areas in the US, with a young and diverse population, a pro-business environment, and a booming tech sector. Phoenix is also a leader in sustainability, with initiatives such as renewable energy, water conservation, and green building.

3. Dallas/Fort Worth, Texas

Dallas/Fort Worth is a perennial favorite among real estate investors, and for good reason. The metro area boasts a large and diversified economy, a skilled and educated workforce, a central location, and a business-friendly climate.

Real Estate at Texas

It is also a magnet for corporate relocations and expansions, especially in the technology, financial services, and logistics sectors. The metro area offers various real estate options, from urban infill to suburban sprawl, catering to different preferences and budgets.

4. Atlanta, Georgia

Atlanta is another southern powerhouse that ranks high among emerging real estate markets for 2024. Atlanta is a major transportation and logistics hub, with the world's busiest airport and a strategic position in the Southeast.

It is also a center for innovation and entrepreneurship, with a thriving startup ecosystem, a strong presence of Fortune 500 companies, and a growing reputation as a tech hub. Atlanta offers a mix of urban and suburban lifestyles, with affordable and attractive housing, cultural diversity, and recreational amenities.

5. Austin, Texas

Austin is no stranger to the spotlight, as it has been one of the most popular and successful real estate markets in the US for the past decade. Austin is known for its creative and dynamic culture, progressive and inclusive values, and entrepreneurial and innovative spirit.

Real Estate at Austin

It is home to some of the world's leading tech companies, such as Dell, Apple, and Google, a vibrant startup scene, a renowned university, and a lively music and entertainment industry. Austin is also one of the US's most sustainable and green cities, committed to renewable energy, public transportation, and environmental protection.

6. Raleigh/Durham, North Carolina

Raleigh/Durham is another tech-driven market that ranks high among emerging real estate markets for 2024. Raleigh/Durham is part of the Research Triangle, a region that hosts three prestigious universities, several research institutes, and hundreds of tech companies ranging from biotech to software.

Real Estate at North Carolina

It is also a desirable place to live and work, with a low cost of living, a high quality of education, a diverse and educated population, and a rich cultural and natural heritage.

7. Denver, Colorado

Denver is a market that combines the best of both worlds: a vibrant and cosmopolitan city with a stunning and accessible natural environment. Denver is a hub for the energy, aerospace, and telecommunications industries and a tourism, recreation, and wellness hotspot. Denver is also a leader in innovation and sustainability, with a strong startup community, a progressive and collaborative government, and a commitment to green and smart growth.

8. Orlando, Florida

Orlando is a market poised to bounce back strongly from the pandemic as it recovers its position as one of the world's top tourist destinations.

Real Estate at North Florida

It is home to world-famous theme parks, such as Disney World and Universal Studios, and a diverse and growing economy, with sectors such as health care, education, aerospace, and simulation. Orlando is also a magnet for retirees, millennials, and immigrants drawn to its warm climate, low taxes, and affordable housing.

9. Salt Lake City, Utah

Real Estate at Utah

Salt Lake City is a market emerging as a regional powerhouse with a robust and resilient economy, a young and talented workforce, and a high quality of life. Salt Lake City is a center for the financial services, technology, and healthcare industries and a gateway to some of the most spectacular natural attractions in the US, such as the Great Salt Lake, the Wasatch Mountains, and the National Parks. Salt Lake City is also a model for social and environmental responsibility, with a strong sense of community, a diverse and inclusive culture, and a commitment to clean energy and conservation.

10. Boston, Massachusetts

Boston is the only cold-weather market that makes it to the top 10 emerging real estate markets for 2024, and for good reason. Boston is one of the US's oldest and most historic cities and one of the most innovative and forward-looking.

It is a global leader in education, health care, biotechnology, and life sciences, with some of the world's best universities, hospitals, and research centers. Boston is also a hub for culture, arts, sports, and entertainment, with a rich and diverse heritage, a loyal and passionate fan base, and a vibrant and cosmopolitan scene.