Realtors Predict These 8 Cities Will See Home Prices Double In The Next 5 Years

Nationwide, home prices are expected to hold steady or rise slightly over the next couple of years. But in certain hot markets, home prices may double. For buyers, that could make getting into a home even harder. But homeowners and sellers may appreciate the newfound home equity.

This guide explores several cities that may see home prices double in the next five years, according to real estate agents, so you can prepare yourself financially.

Editor's note: All housing data comes from Zillow, unless otherwise stated.

North Peoria, Arizona

Average home value: $477,615

On the outskirts of Phoenix, Peoria could be poised for a boom.

"The northwestern region of Valley is getting billions invested in high-tech manufacturing facilities of TSMC and other supplier campuses," says Greg Field, Solar Home Realtor at HomeSmart Realty Pros. "High-income engineering jobs in an area with not enough housing stock lead to the rapid rise in property value."

Buckeye, Arizona

Average home value: $391,351

"Explosive growth in the area, coupled with the limited number of water certificates and infrastructural development make construction to go slower in some areas," says Field.

As demand outpaces supply, it's possible home prices will soar here.

Huntsville, Alabama

Average home value: $290,244

Huntsville is known as the Rocket City, and with good reason. Many space and missile development programs operate here, leading to high-paying jobs for many in the area.

"Thanks to the government investment in defense, aerospace manufacturing and continued expansion of technology companies, there are many six-figure income earners in Huntsville area," says Field. "While prices are still relatively cheap compared to other established tech centers, it will be short-lived, as soon the competition kicks in."

Spartanburg, South Carolina

Average home value: $232,218

With more manufacturing and logistics investment across the Southeast, Spartanburg sits in a great spot to become a growing metro area.

"The inflow of jobs and people becomes quite fast-paced," says Field. "With lower costs than Charleston or Charlotte metros, there's plenty of room for appreciation."

Columbus, Ohio

Average home value: $247,002

The Midwest is often known for affordable housing. But that might not be true in Columbus for much longer.

"With Intel entering the market and the inflow of their technology suppliers, the economy of the region is undergoing a transformation," says Field. "With strict zoning in suburban areas and population increase, there are good prospects for equity growth."

Greenville, South Carolina

Average home value: $331,641

Like other parts of South Carolina, Greenville has seen some significant changes in recent years.

"Greenville also has a growing population, but also strong in-migration, manufacturing and logistics, and a growing retail market," says Cameron Walker, real estate agent and manager of the agent network at Clever Real Estate.

Chattanooga, Tennessee

Average home value: $319,185

Chattanooga has begun to draw in a new crowd in recent years. Many remote workers are attracted to the area's relatively low cost of living and thriving arts community.

"Remote workers and smaller tech companies have made it their home. Best of all, the market is still undervalued," says Walker.

Spokane, Washington

Average home value: $396,121

"Spokane is a more affordable alternative to Seattle, and as a Washington state city, it is an option for those wishing to remain in the state," says Walker. "It is also benefiting from demand spilling from the Greater Seattle area as potential buyers are priced out."

With limited housing supply in the area, the continued influx of new residents will push housing prices higher.

Bottom line

Growing home prices could make shopping for a house even harder. For many buyers, rising prices mean a delayed purchase date. If you're trying to save up for a down payment, make sure you avoid wasting money and consider picking up a side hustle to boost your savings account.

This article is for informational purposes only and should not be considered investment advice.

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