Last week, we talked about the #5-9 hottest real estate markets for residents in 2017. Click HERE to catch up if you missed it. Today we'll finish out the list with #1-4. What do you think? Are any of these in your future?
Baltimore has world renowned residency programs and affordable real estate for residents and new physicians. The median sales price over the past 12 months was $207,500, making Baltimore one of the most inexpensive markets on the East Coast (Trulia). Johns Hopkins University and the Greater Baltimore Medical Center offer residency programs, and communities like Homeland, Mt. Vernon, and Original Mt. Washington are close to the center of the city.
If you want to get away from it all, Annapolis and Reisterstown have sprawling estates that are within driving distance of the city.
St. Louis may not be as well known as many of the cities on this list, but the Gateway to the West has one of the hottest real estate markets in the US. Home prices in St. Louis are affordable, and properties within the city limits are appreciating rapidly. Zillow reports that home values have risen by 9.3 percent over the past year, providing residents with valuable real estate and investment opportunities.
Washington University, Saint Louis University, St. Luke’s Hospital, and St. Mary’s Hospital have residency programs in the St. Louis Metro Area, giving medical students plenty of options if they are planning to move to Missouri.
Neighborhoods like Ladue, Webster Groves, and St. Peters provide first time homebuyers with the opportunity to live in a family oriented community that is close to the city.
The San Francisco Bay Area is making a comeback after the Great Recession. Although prices are soaring in San Francisco, Oakland, and San Jose, properties in the North Bay and East Bay are more affordable for residents and new physicians. The median listing price in the San Francisco Metro Area is $482 per square foot, compared to $936 per square foot within the city limits (Zillow).
Multiple universities in the San Francisco Bay Area, including University of California – San Francisco and Stanford, are known for their premier residency programs. The city’s vibrant culture and job opportunities are within a short commute of the suburbs, giving residents the flexibility of living across the bay from their medical campus.
Boston is in the middle of a housing boom. Condos and townhouses are available in the city, and Boston’s suburbs are filled with quality real estate and homeowners who are eager to sell. Bedroom communities like Medford, Concord, and Somerville strike a balance between affordability and luxury.
Despite high demand, real estate prices remain stable: Trulia reports that the 2016 median sales price was $442,500, only $20,000 more than the median sales price in 2015.
With Boston University Medical Campus, Boston Medical Center, Massachusetts General Hospital, and Boston’s Children’s Hospital inside of the city limits, new residents will be within a stone’s throw of their programs. Yale and Harvard have also partnered with hospitals in the Greater Boston Metro Area, giving young medical professionals the opportunity to be affiliated with Ivy League schools.
If you’re gearing up for Match Day 2017, this list will help you get your bearings and understand the local markets. Remember, you can find a gem in any market. You just have to be diligent and look carefully.
Guest author Ricardo Roberts writes mainly to educate residents and physicians about doctor mortgage loans. He’s the founder of Doctor Loan USA, a service that connects physicians with mortgage lenders who specialize in doctor loans.