11 cities ready for investment: identifying the Zillow economist.

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The years of the pandemic have led to rising housing markets

that were previously considered minor, as telecommuting policies and low interest rates spurred many moves to cities like Austin, Phoenix and Tampa, driving home prices to record highs in those cities. But as the pandemic dust settles and mortgage interest rates rise, home prices have returned to normal in some of these pandemic hotspots. However, demand is still strong compared to the pre-pandemic period, creating favorable situations for investors. In a recent interview with Business Insider, Zillow Chief Economist Skylar Olsen named 11 cities ideal for real estate investors in the coming years. The reason is that while prices have corrected significantly, employment is growing, which means there are good opportunities for home values and rents to rise. "Look for investments in areas with good prospects.

• Austin, Texas

  With median home prices at $509,500, Austin has seen home prices drop 23.8 percent since May 2022, while employment grew 2.8 percent between November 2023 and November 2022, according to the Bureau of Labor Statistics. The central Texas city has long attracted young people with its world music scene, but now it's increasingly becoming a tech hub.

• Nashville, Tennessee

  The median home price is now $439,950, down 6.3 percent since May 2022, according to Redfin data. Employment growth was 2.1 percent between November 2022 and November 2023, according to the Bureau of Labor Statistics.

• Dallas, Texas

  With median home prices at $385,000, home prices in Dallas have declined 20.7 percent since May 2022, while employment growth was 3.3 percent between November 2022 and November 2023.

• Tampa, Florida

  Home prices in Tampa have fallen just 2.9 percent since May 2022, but since their peak in August 2023, they are down 13.6 percent, with employment up 1.9 percent. The median home price is now $393,000, according to Redfin data.

• Las Vegas, Nevada

  Housing prices in the city of sin have decreased by 4.6 percent to $415,000 since May 2022, while employment growth was 3.8 percent year-over-year in November 2023, according to data from the Bureau of Labor Statistics.

• San Antonio, Texas

  Housing prices in San Antonio have decreased by 15.2 percent since May 2022, leading to an average home price of $250,000, according to Redfin data. According to the Bureau of Labor Statistics, the year-over-year job growth was 2.6 percent in November 2023.

• Charlotte, North Carolina

  Housing prices in Charlotte have decreased by 4.6 percent since May 2022, reaching $384,182, and have fallen by 9.6 percent since June 2023, while employment growth was 2.5 percent year-over-year in November 2023.

• Sacramento, California

  The median home price in California's capital has decreased by 12.6 percent since May 2022, now standing at $463,000. According to the Bureau of Labor Statistics, employment growth was 2.2 percent year-over-year in November 2023.

• Atlanta, Georgia

  The median home price in Atlanta is currently $360,000, which represents a 20 percent decrease since May 2022. At the same time, employment growth was 2.5 percent year-over-year in November 2023.

• Phoenix, Arizona

  Phoenix is a striking example of the real estate market during the pandemic, with home prices in the city dropping by 8.5 percent from May 2022 to $430,000, while employment continued to grow, reaching an annual rate of 1.9 percent in November 2023.

• Miami, Florida

  The only city on this list where housing prices have increased by 8.9 percent since May 2022 is Miami. Housing prices fell by 7.2 percent from May to December 2022, but then rose sharply, while employment growth compared to November 2023 was 3 percent, according to data from the Bureau of Labor Statistics.

Contact email address: Ben Verde.