The cost of housing in the U.S. has been on the rise. According to the S&P CoreLogic Case-Shiller national index, home prices in the U.S. rose by 5.5% in 2023. Some cities saw more significant price hikes than others; for example, in San Diego, the average home value is now $1,003,863 — up 5.7% year-over-year.
Find Out: 5 Cities Where Homes Will Be a Total Steal in 2 Years
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Rising home prices are bad news for buyers in the short term, but great news for them in the long run if they intend to sell 10 years down the road. Sellers and real estate investors can also benefit from home values shooting up.
Which cities will see the biggest housing price hikes over the next five or 10 years?
Realtor.com recently released its list of 10 cities that are poised to become million-dollar housing markets in the next decade. You may be shocked by some. For example, Stockton, a currently more affordable city in California, will likely see home prices skyrocket.
Boston
- 2014-2019 5-year price growth: 26.2%
- 2023 median sale price: $622,902
- 2028 price projection: $786,000
- 2033 price projection: $991,804
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Colorado Springs, Colorado
- 2014-2019 5-year price growth: 49.8%
- 2023 median sale price: $501,245
- 2028 price projection: $680,980
- 2033 price projection: $1,019,929
Portland, Oregon
- 2014-2019 5-year price growth: 44.9%
- 2023 median sale price: $501,245
- 2028 price projection: $726,105
- 2033 price projection: $1,051,838
Salt Lake City
- 2014-2019 5-year price growth: 46.9%
- 2023 median sale price: $493,414
- 2028 price projection: $724,614
- 2033 price projection: $1,064,147
Sacramento, California
- 2014-2019 5-year price growth: 40.7%
- 2023 median sale price: $557,522
- 2028 price projection: $784,301
- 2033 price projection: $1,103,325
Honolulu
- 2014-2019 5-year price growth: 29.4%
- 2023 median sale price: $683,086
- 2028 price projection: $883,931
- 2033 price projection: $1,143,830
Boise City, Idaho
- 2014-2019 5-year price growth: 58.2%
- 2023 median sale price: $464,578
- 2028 price projection: $735,026
- 2033 price projection: $1,162,910
Denver
- 2014-2019 5-year price growth: 53.8%
- 2023 median sale price: $547,966
- 2028 price projection: $842,932
- 2033 price projection: $1,162,910
Stockton, California
- 2014-2019 5-year price growth: 58.0%
- 2023 median sale price: $579,292
- 2028 price projection: $915,467
- 2033 price projection: $1,296,676
Seattle
- 2014-2019 5-year price growth: 46.3%
- 2023 median sale price: $694,351
- 2028 price projection: $1,015,739
- 2033 price projection: $1,485,885
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This article originally appeared on GOBankingRates.com: 10 US Cities Poised To Become Million-Dollar Markets in 10 Years
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