WASHINGTON, D.C. — Due to the rise of what the Urban Land Institute (ULI) dubs “18-hour cities,” markets like Raleigh-Durham, Nashville and Charlotte are emerging as hotbeds of growth heading into 2021, according to the latest Emerging Trends in Real Estate report from PricewaterhouseCoopers (PwC) and ULI.
Participants in Emerging Trends 2021 are bullish on markets in the Southeast, including Tampa and Washington, D.C./Northern Virginia, as they are experiencing an influx of population because of lower housing costs, business-friendly climates and available jobs.
The top 10 U.S markets to watch for overall real estate prospects in 2021 are:
- Raleigh-Durham, N.C.
- Austin, Texas
- Nashville, Tenn.
- Dallas-Fort Worth, Texas
- Charlotte, N.C.
- Tampa-St. Petersburg, Fla.
- Salt Lake City
- Washington, D.C./Northern Virginia
- Boston
- Long Island, N.Y.
*bold indicates a market in the Southeast.
Raleigh-Durham is the No. 1 overall real estate market to watch in 2021, according to the Emerging Trends report, in part, due to its trio of research colleges — Duke University, University of North Carolina at Chapel Hill and North Carolina State University — as well as the largest research park in United States, Research Triangle Park.
Additionally, there are several high-profile projects underway in the area, including Seaboard Station, Fenton and the redevelopment and expansion of the American Tobacco Campus.
ULI and PwC conducted more than 1,687 interviews with real estate professionals to create Emerging Trends 2021.
For more findings from the annual Emerging Trends report, click here.