Homeowners in a Rio Grande City, Texas, neighborhood are expected to see their properties appreciate 12.3 percent over the next year, nearly 3 percent more than anywhere else in the country.
The region, located just north of the Texas-Mexico border, was ranked as the best place to buy in 2023 based on home price growth in a new study from SmartAsset.
It was followed by two others in Knoxville, Tennessee, and North Miami, Florida, where homes will appreciate 9.5 and 8.8 percent, respectively.
Projections were calculated using Zillow data. They looked at 2,000 ZIP codes across the country to detect changes in home values between July 2023 and July 2024.
About 80 percent of the top 50 projected house price increases are in the South. Some cities included: Winston-Salem, North Carolina; Athens, Georgia; Myrtle Beach, South Carolina; Savannah, Georgia and Charlotte, North Carolina.
Main Street in Rio Grande City, Texas, where homeowners are expected to see their homes appreciate 12.3% over the next year.
Two ZIP codes in Knoxville, Tennessee (pictured), are expected to see home values increase by 9.5 and 8.3 percent.
TOP 10 ZIP CODES
1. Rio Grande City, Texas (78582) 12.3% ($113,368 to $127,312)
2. Knoxville, Tennessee (37920) 9.5% ($283,744 to $310,699)
3. North Miami, Florida (33161) 8.8% ($461,145 $501,725)
4. Winston-Salem, North Carolina (27105) 8.7% ($150,202 to $163,269)
5. Muskegon, Michigan (49442) 8.6% ($158,324 to $171,940)
6. North Miami Beach, Florida (33162) 8.5% ($443,856 to $481,584)
7. Brownsville, Florida (33142) 8.5% ($375,406 to $407,316)
8. Lenoir, North Carolina (28,645) 8.4% ($190,862 to $206,894)
9. Knoxville, Tennessee (37918) 8.3% ($304,881 to $330,186)
ten. Post Falls, ID (83854) 8.2% ($483,973 to $523,659)
NEXT BEST 10
11. Donna, Texas (78537) 8.2% ($128,844 to $139,409)
12. West Little River, Florida (33147) 8.1% ($381,529 to $412,433)
13. Calhoun, Georgia (30701) 8.1% ($250,678 to $270,983)
14. Kingsport, Tennessee (37,660) 8.0% ($200,675 to $216,729)
15. Bentonville, AR (72712) 7.9% ($436,528 to $471,014)
16. Twin Falls, ID (83301) 7.9% ($348,324 to $375,842)
17. Athens, Georgia (30605) 7.9% ($300,308 to $324,033)
18. Morganton, North Carolina (28655) 7.9% ($229,488 to $247,617)
19. Lexington, North Carolina (27292) 7.9% ($223,340 to $240,984)
20. Statesboro, Georgia (30458) 7.9% ($220,766 to $238,207)
Exceptions in the top 20 neighborhoods include Post Falls and Twin Falls in Idaho, which are expected to grow 8.2 and 7.9 percent, as well as Muskegon, Michigan, where homes are expected to appreciate by 8.6 percent.
A handful of New York City neighborhoods are expected to see growth of 7% or more by next summer. These include Fort George, Jamaica and Washington Heights.
In some wealthy neighborhoods, the average home value was so high that an appreciation of about 5 percent translated into a growth in its value of about 0,000.
In San Diego’s Carmel Valley, the projected 5.3 percent growth on the current $1.85 million home would result in an average price increase of ,382.
Forecasts were generated using Zillow’s Home Value Forecast (ZHVF) metric, which considers home values in the 35th to 65th percentile range and takes into account mortgage interest rates, property tax, construction costs, loan quality and the amount of inventory on the market.
Two other ZIP codes in North Miami, Florida (pictured), are expected to see home values increase by 8.8 and 8.5 percent respectively.
In Muskegon, Michigan (pictured), homes are expected to appreciate 8.6%.
Real estate company Real Estate in Portland previously used Zillow data to reveal the states where it takes the longest to sell a home.
Hawaii is the state where it takes the longest to sell your home, it has been revealed, with properties spending an average of 65 days on the market.
Louisiana is second on the list – with 60 days – while Mississippi comes in third with an average of 58 days.
According to the study, the Hawaii metropolitan area where residents are having the most difficulty selling their homes is Kapaa, a small town on Kauai with an estimated population of around 11,000. Here, a home stayed on the market for an average of 101 days.
In Louisiana, historic Opelousas is where homes take the longest to sell, spending an average of 87 days on the market.
In Greenwood, Mississippi, residents are having the hardest time selling their homes, with properties typically spending 120 days on the market, more than double the average for the rest of the state.
In fourth place are New Mexico and Florida, where it typically takes a home owner 55 days to sell, 13 days longer than the national average.