AgentIndustry News

Visualizing where the next real estate market boom will be

Howmuch.net paints 3D picture of best GDP growth by metro area — will housing market gains in those cities follow that success?
  • House prices do tend to rise in areas experiencing industry expansion, and higher competition could mean fewer days for homes to sit on the market.
  • Of the top metro areas, New York has the highest GDP in the country, followed by Los Angeles and Chicago.

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With gross domestic product (GDP) increasing 2.3 percent last year, many metropolitan areas across the country are experiencing big gains in industry and business -- will real estate get a boost in those cities? It’s quite possible, taking a look at Howmuch.net’s latest graphics on how the economy is faring in many markets. Using 2014 data on GDP by metropolitan area from the Bureau of Economic Analysis, the cost information website has built a map to provide a 3-D visualization depicting GDP growth across the country. House prices do tend to rise in areas experiencing industry expansion, and higher competition could mean fewer days for homes to sit on the market, as well. In addition, the Fed's upcoming interest rate hike is a reflection of the health of the overall economy. Visualizing the U.S. Growing (and Shrinking) Economies in a 3D Map via Howmuch.net Of the top metro areas, New York has the highest GDP in the country with $1.5 trillion, an increase of 2.4 perce...