A home is among the biggest and most important purchases people will make in their lifetime.
To make sure you’re buying a home that will increase in value, location can make a big difference, per a SmartAsset study that ranked housing markets for growth in value over time.
As part of the study, SmartAsset looked at the total growth in home prices in 400 metropolitan areas across the U.S. from 1997 through the fourth quarter of 2021 and stability, which is calculated as the probability that homeowners experienced a significant price decline (5% or more) at any point in the 10 years after they purchased the home.
Texas dominates the top 10 locations on the list, with the Austin-Round Rock-Georgetown market placing first, followed by Midland in third, Houston-The Woodlands-Sugar Land at sixth, and Dallas-Plano-Irving coming in seventh, Odessa at eighth, and San Angelo in 10th.
Homes in the top-ranked Austin market increased in value nearly 368% from 1997 through the end of 2021, the highest increase among all 400 metro areas in the study, and a 0% chance of a loss in value of 5% in 10 years.
Homes in the Dallas market grew in value 228% since 1997 and a 1% chance of a loss in value of 5% in 10 years.
“While it’s impossible to predict what the future holds, much of what caused last year’s significant house price growth will continue into the next,” licensed real estate broker Kris Lippi told SmartAsset.
For more information about the study and to see the full list of rankings of metropolitan areas, visit SmartAsset’s website here.
Information provided by People Newspaper