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 1. Lifestyle
 2. If You Live in One of These Areas, Your Home May Be Worth Twice What You
    Paid


IF YOU LIVE IN ONE OF THESE AREAS, YOUR HOME MAY BE WORTH TWICE WHAT YOU PAID

These locales are booming—here's why.

By Lesley RotchfordPublished: May 1, 2024
Save Article

Nora Carol Photography//Getty Images

Whenever anyone buys a home, they hope to make at least a modest profit when
they're finally ready to trade up for a bigger one or downsize, cash it all in,
and retire to Florida. But for homeowners in certain cities across America, that
slight profit may be ballooning into a big, fat one. A number of locales are
seeing unexpected housing price surges that create unique opportunities for
potential sellers. "It is certainly possible that if you purchased your house in
one of these areas 15, 20, or 30 years ago it could now be worth two to three
times what you bought it for," says Clare Trapasso, executive news editor at
Realtor.com. In other words, if you live in one of these 10 cities, you may be
sitting on a gold mine.

Realtor.com's list of the 10 fastest-growing real estate markets is a curious
mix of large, expensive California cities, small, affordable Northeastern
cities, and a couple of midwestern charmers in between. On the surface, these
places don’t seem to have much in common. (Toledo and Los Angeles don't usually
go hand-in-hand.) But they do share features that may explain their
desirability. Read on to find out what's noteworthy about each area, and what's
driving up housing prices. If you live in one of these metros, consider striking
while the iron is hot and put your house on the market soon. And if you're
contemplating a move to one of these previously undervalued locations, act
quickly, before prices spike even more.

For more hot real estate news:

• Zillow Reveals 10 Cities Where Your Dream Home Is Still Affordable

• Top 10 Cities for Home Buyers in 2024

• What Do Asking Prices Even Mean Any More?




1


TOLEDO, OHIO

Michael Melchiorre//Getty Images

Median listing price (as of March 2024): $230,000

In the Northwestern corner of the state, just across the border from Michigan,
you'll find the unassuming city of Toledo. Known as The City of Glass due to its
history of glass manufacturing, Toledo is a bit of a secret cultural mecca; it's
home to the Toledo Museum of Art, the Imagination Station Children’s Museum, The
Toledo Zoo, The Toledo Symphony Orchestra, and The Toledo Opera. Outdoor
activities abound, with a botanical garden, the city's network of Metroparks,
and the Maumee River meandering through all of the action. The increase in
housing prices can be attributed to the attractions mentioned above, plus its
affordability. "The median home price in the Toledo metro area is $200,000 less
than the national average of $424,900," says Trapasso. "The overall cost of
living there is reasonable and the area has good manufacturing, healthcare,
education, and government jobs."

2


OXNARD, CALIFORNIA

Photography by Alexandra Rudge//Getty Images

Median Listing Price: $1,065,000

An hour up the coast from Los Angeles, midway between Malibu and Santa Barbara,
lies the sleeper city of Oxford. It has beautiful beaches (Mandalay State Beach
was voted one of the top beaches in the US) and ample recreational activities,
but is more affordable than its more well-known neighbors. "After Covid a lot of
people from other areas of Southern California, and states like New York and
Florida started moving here. You could get a house across the street from the
beach for a very affordable price," says Nancy Villasenor, of Nancy Villasenor &
Associates in Oxnard. She notes that prices went up by 21 percent in 2023—and
that her own house, which she bought in 2016, is now worth double what she paid
for it. Ventura County offered incentives to large companies like Amazon and
Patagonia, which created a number of jobs, and new schools have been built to
accommodate the influx of new students. While the days of a cheap beachfront
home are in the past, Oxnard still remains a slightly more affordable, diverse,
oceanfront city with a homey, small-town feel.

3


ROCHESTER, NEW YORK

Davel5957//Getty Images

Median Listing Price: $279,900


By all accounts, this upstate city is the perfect place to live—as long as you
don't mind cold weather and eight months a year of gray skies. Although it's
more than a five-hour drive from New York City, Rochester is a sophisticated
area and some of its suburbs are nearly as posh as those that ring the
metropolis—with homes that are a fraction of the price. It's known for its
amazing golf courses, great food, and excellent schools. For adventure-seekers,
its location on the shores of Lake Ontario makes it a popular spot for boating
and fishing, and there are ski slopes 40 minutes from downtown (and since there
is zero traffic in Rochester, it will take exactly 40 minutes every time you
make that drive). Post-Covid, as city-dwellers move upstate in search of more
space, Rochester has become a hotspot, which is driving up housing costs. In
fact, prices are up 85 percent since realtor.com started keeping track in 2016.

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4


SAN DIEGO, CALIFORNIA

David Toussaint//Getty Images

Median Listing Price: $998,000

This affluent yet laid-back metro area is famous for its miles of surf beaches
and attractions like the San Diego Zoo and Seaworld. For a while,
through-the-roof home prices coupled with high mortgage rates were shutting out
many prospective buyers, sending the San Diego market into a bit of a slump. Now
the market is bouncing back in a big way, and becoming a refuge for those
looking to escape the hustle of Los Angeles. In San Diego, Angelenos can enjoy a
slower-paced lifestyle and take advantage of the excellent public schools (three
San Diego metro schools made the top 30 of Niche's list of the best public
schools in California), while still making the two-and-a-half-hour drive up to
LA occasionally for work or fun.

5


RIVERSIDE, CALIFORNIA

MattGush//Getty Images

Median Listing Price: $599,000

We all know the first rule of real estate—location, location, location.
Riverside is hot because "it's a less expensive alternative to Los Angeles, and
only an hour away," says Trapasso. Tucked away inland, Riverside is the
epicenter of California's citrus industry, and home to 24 nationally registered
historic sites and more than 100 city landmarks. The walkable downtown features
notable examples of classic architecture and is home to the iconic Mission Inn
Hotel & Spa (which hosts the annual Festival of Lights). There is also The
Riverside Art Museum, Fox Performing Arts Center, and the University of
California at Riverside.

6


BAKERSFIELD, CALIFORNIA

miroslav_1//Getty Images

Median listing price: $385,000

"Bakersfield is one of the last affordable cities in California," says Laurie
McCarty, owner of The McCarty Group, a real estate agency in Bakersfield. "We
have seen a huge influx of people moving here from other areas of California
because it's two times as affordable as most other places in the state." For a
long time, Bakersfield was a city of oil company transplants with people moving
in and out every couple of years. This created a welcoming, friendly vibe that's
still apparent today. Bakersfield is also known for having lots of job
opportunities. In addition to oil and agriculture jobs, the healthcare and
service industries have taken hold, and Amazon opened a huge distribution
center.


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7


SPRINGFIELD, MASSACHUSETTS

DenisTangneyJr//Getty Images

Median listing price: $350,000

Springfield's proximity to one of the country's most beloved cities accounts for
its meteoric real estate rise as a "cheaper alternatives to Boston," says
Trapasso. "With remote and hybrid work, people don’t have to commute into their
offices nearly as much. That's led some buyers to seek out more affordable areas
to live where they can still get into the bigger cities for work or
entertainment." (In addition to being two hours from Boston, Springfield is also
an easy two and half hour ride to New York City, and under two hours to popular
ski mountains in Vermont, such as Stratton.) While it's easy to get places from
Springfield, there are plenty of reasons to stick around this small city of
156,000. For example, Springfield is home to the Basketball Hall of Fame and, as
the birthplace of Dr. Seuss, boasts The Amazing World of Dr. Seuss Museum and
the Dr. Seuss National Memorial Sculpture Garden.

8


WORCESTER, MASSACHUSETTS

DenisTangneyJr//Getty Images

Median listing price: $499,999

Worcester is an hour closer to Boston than Springfield, which means you can
catch a Red Sox game at Fenway Park and be home in time for dinner. (Or skip the
commute all together; the city has its own minor league team, the Worcester Red
Sox, or "Woo Sox", who play in Worcester's own Polar Park Stadium.) The second
largest city in New England behind Boston, Worcester feels more like a big,
bustling college town (it has 12 colleges and universities), with a wide variety
of eclectic cafes and restaurants. It also boasts the Worcester Art Museum,
where you can see works by famous American artists including Winslow Homer and
John Singer Sargent, and the Hanover Theatre for Performing Arts. Worcester's
housing market is up 85.3 percent since 2016, and its newfound popularity can
also be attributed to the ongoing revitalization of its downtown.

9


GRAND RAPIDS, MICHIGAN

Lumigraphics//Getty Images

Median listing price: $419,880

Grand Rapids is a sizable city—the second biggest in Michigan—but unlike most
other large cities in the US, it's very affordable. "With interest rates so
high, people are looking for places where they can get a lot of house for their
money and be happy, and one of those places is Western Michigan," says Josh May,
a real estate agent at RE/MAX of Grand Rapids, who points out that increasing
demand and low inventory is driving up home prices. Grand Rapids has plenty of
jobs (it's the furniture capital of the world and home to several large
manufacturing and healthcare companies), and it's just 30 minutes away from
beautiful Lake Michigan. With all of the money you'll save living in Grand
Rapids, you may just have some cash left over to buy yourself a little weekend
house on Lake Michigan.


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10


LOS ANGELES, CALIFORNIA

Kevin Johnson Visuals//Getty Images

Median listing price: $1,150,000

OK, so a lot of California cities are seeing rising prices for being more
affordable than LA. But the City of Angels itself is also watching home prices
climb. With year-round sunshine, some of the best restaurants and shopping in
the world, and celebrities around every corner, glamorous LA has always been one
of the most desirable places to live in the country—and also one of the most
expensive. Like San Diego, it has become too pricey for many buyers, but the
lower mortgage rates at the beginning of this year seemed to have given the real
estate market a kick in the butt. "[LA and San Diego] are such pricey areas that
buyers may be especially attuned to rates. So when they dropped at the start of
the year, more buyers may have jumped into the market helping to bid up prices,"
explains Trapasso. "Now that rates are back up, it will be interesting to see
what happens."




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