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Texas Cities Among Top 5 Real Estate Markets in U.S.
According to the 2014 edition of the Urban Land Institute’s annual “Emerging Trends in Real Estate” report, two Texas cities—Houston and Dallas—placed in the top five real estate markets in the country. Other highlights of the report include Washington, D.C. falling to #21 in the rankings, just just three years after it placed #1. Overall, ULI predicts investors will branch out into secondary markets to increase yields in 2014. Here are the top five markets in the report:
- San Francisco, CA retained its place at the top of last year’s list due to projected job growth of 2% in 2014 and a particularly strong hotel sector.
- Houston, TX jumped three places from last year’s rankings. Housing and nonresidential construction will spur the economy in 2014, with an expanding population and thriving energy industry expected to sustain long-term growth.
- San Jose, CA stayed at #3. Investors are enticed by the city’s technology industry, which is spearheading job and income growth and rising demand for housing.
- New York City, NY fell two places from the 2013 rankings due to concerns the city’s real estate is overpriced. Still, employment has surged ahead of its pre-recession peak, and layoffs in the finance industry are expected to subside midyear.
- Dallas, TX rose from #9 in last year’s list, with an economy highlighted by strong residential construction and a particularly robust industrial real estate industry.
Read more at Urban Land Institute