Real estate investing in 2023 has become a tricky business for many. Interest rates are rising, home values are skyrocketing, and it’s difficult to turn the same profit you did just a few years ago. One of the absolute best ways to maximize your investment potential this year is to buy properties in cities with hot markets. Below, you’ll find some of the best New England cities for real estate investors in 2023 based on data provided by the National Association of Realtors®.
Manchester & Nashua New Hampshire
According to the NAR, the Manchester-Nashua New Hampshire area is the hottest area for real estate in 2023. Homes there spend an average of 44 days on the market, which is seven days more than this time last year, and the median listing price is $495,000. Finding a hidden gem in this area could significantly improve your portfolio. Manchester is the largest city in the state, and its population continues to grow with new business opportunities cropping up there – and in other nearby metros.
Rochester, New York
Second on the NAR’s list of hottest real estate markets is Rochester, New York, which is the fourth most populated city in the state. There’s plenty of growth and economic development expected in the area, and new buildings are going up all over. Last year, Homes in the area also spend about 44 days on the market, and they have a much lower median listing price of just $237,000.
Springfield, Massachusetts
Springfield, Massachusetts ranks number four on the NAR’s list of hottest real estate markets. Springfield is the state’s third largest city, it’s dubbed the “City of Homes”, and city officials predict a “vigorous economic future”. The average market listing price is $335,000, but homes do stay on the market a little longer in this area – about 52 days, to be exact. Sales are a bit slow, but with so much economic activity expected later in the year, that is predicted to change.
Worcester, Massachusetts
Ranked number 7 on the NAR’s list of top housing markets for 2023, Worcester, Massachusetts may be a bit unexpected. However, experts are predicting significant economic growth, and with home prices being far more affordable than neighboring Boston, it’s expected that homes will start exiting the market much more quickly than they are currently. Average time on the market as of the time of writing was 53 days, and the average home price was $440,000 – well below the national average.
Providence & Warwick, Rhode Island
Rhode Island is the smallest state in the Union, but its population continues to grow – and it’s growing more diverse, too. Industries such as commercial banking, colleges and universities, and insurance companies have called the state home for decades. With growth across all three sectors, it comes as no surprise that people are ready to settle down and buy homes in the area. The Providence-Warwick Metro ranked eight on the NAR’s list, with homes spending 47 days on the market at average prices of about $470,000.
If you’re looking to expand your real estate investment portfolio, the National Association of Realtors feels very confidently that these five New England cities are the best places to land. As always, follow investing best practices and do your own research before you buy.