The East Coast offers a diverse range of housing markets, from the glitz and glamor of New York City to the southern charm of Charleston. While prices fluctuate in many desirable coastal cities, some areas provide remarkable stability for homebuyers and investors alike.
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Tampa, Florida
The Tampa Bay metro area offers Gulf Coast living at a reasonable cost compared to many coastal cities, with a median home sale price of about $371,000. Tampa’s housing market stability stems from its affordability and desirability among buyers relocating for Tampa’s warm climate and business-friendly tax policies.
Erik Wright, CEO at New Horizon Home Buyers, said Tampa’s stability reflects how it provides “affordability, warm climate and a diverse range of industries.”
This diversity of drivers, ranging from retirees to remote workers to tourists, suggests stability even if factors negatively impact one portion of buyers. With a solid baseline of affordability and livability, Tampa seems poised to operate as a stable market amid changing economic winds.
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West Palm Beach, Florida
Located in southeast Florida along the Atlantic Ocean, West Palm Beach provides convenient access to the attractions of Palm Beach Island while maintaining a separate, thriving downtown scene. The median home sale price in West Palm Beach is around $364,000, providing stability at a relatively affordable price point compared to nearby coastal cities.
“The West Palm Beach housing market continues to see growth in both residential and commercial spaces,” said Erin Sykes, chief economist and real estate advisor at Nest Seekers International.
This commercial growth indicates ongoing economic vitality supporting the stability of West Palm Beach’s residential real estate. With new developments attracting businesses even amidst economic uncertainty, West Palm Beach is poised to maintain its standing as one of the East Coast’s most stable markets.
Jersey Shore, New Jersey
New Jersey’s Jersey Shore region has long attracted vacation home buyers from New York City and Philadelphia. However, the recent influx of high-net-worth buyers has also brought year-round residents to the Jersey Shore’s stunning oceanfront communities.
Sykes said the Jersey Shore market “continues to see interest from those trading out of congested areas like the Hamptons. With move-in ready oceanfront residences trading from $7 million–$20 million, towns like Mantoloking, Margate, Longport and Avalon have attracted attention from luxury buyers who see the value compared to 3x prices in the Hamptons and even celebrities like Oprah.”
The area’s stability even amidst economic fluctuations can be attributed to this enduring appeal for wealthy buyers combined with the Jersey Shore’s relative affordability compared to other northeastern resort destinations. With high-end sales remaining vigorous, the luxury market looks poised to provide ongoing stability.
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Richmond, Virginia
Situated along the James River, Richmond blends small-city charm with cultural vibrance. Its median home sale price sits around $320,000, achieving stability through varied demand drivers.
Wright stated Richmond’s stability represents a product of its “diverse economy, historical significance, and a relatively low cost of living.” From corporate operations to historical tourism, Richmond has many thriving industries that attract transplants while keeping housing affordable. This combination enables stability even amidst fluctuations affecting individual sectors. While prices remain high enough to encourage new construction, Richmond’s diversity and affordability should buoy values regardless of rising interest rates or other uncertainty.
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New York City
Manhattan’s Upper East Side is world-renowned for its luxury residences and easy access to iconic New York City attractions. More recently, it has also become a bastion of stability despite economic uncertainty affecting NYC’s property market.
“The Upper East Side median prices have not seen massive swings one way or the other because there are more units on the market and have been for the last year,” said Compass Real Estate Agent Chelsea Werner. “According to reports, the median home sold price in Upper East Side was $1,465,333 in October 2023, down 0.7% from last year, and the median price per square foot was $1,338. This difference is far less extreme than some of the other neighborhoods in Manhattan, where the scarcity in inventory is impacting the data more aggressively.”
With pricing still high but softly correcting toward current market conditions, the Upper East Side provides stability amidst N.Y.C.’s flux.
Raleigh, North Carolina
Boasting a median home sale price of around $402,000, Raleigh’s stability bucks the volatility seen in many downtown areas. Rapid job creation and economic growth explain why Raleigh’s housing market remains so steady.
Wright said Raleigh’s stability is “driven by a strong job market, excellent educational institutions, and a growing tech sector.”
With no slowdown in sight for the area’s burgeoning knowledge economy, Raleigh seems poised to see only minor value corrections rather than a destabilizing crash. The city’s bright economic outlook will likely uphold home values and contribute to ongoing stability.
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Charleston, South Carolina
Known for its rich history, coastal charm, and dynamic culinary scene, Charleston, South Carolina, has a median home sale price of around $536,000. The city’s diverse blend of economic drivers ranging from tourism to shipping has allowed its real estate market to achieve enviable stability.
As Wright said, Charleston’s stability is “attributed to its desirable coastal location, rich history and growing economy.” This winning combination satisfies home buyers’ aesthetic preferences while giving them confidence that Charleston offers promising financial prospects. With no single industry propping up home values, Charleston is well-positioned to withstand fluctuations. Charleston consequently seems likely to maintain its reputation as one of the eastern seaboard’s most stable markets for years to come.
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This article originally appeared on GOBankingRates.com: I’m a Real Estate Agent: These Are the 7 Most Stable Housing Markets on the East Coast
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