Where should developers build next? Where might that new office park or apartment building actually fill up? The National Association of Realtors has developed a fresh metric to address those questions using hard data rather than intuition.
The index, released Aug 20, 2026, covers more than 300 metropolitan areas. It ranks each one on potential future demand for office, industrial, retail, and multifamily properties. The numbers come from the Bureau of Labor Statistics and the Census Bureau, tracking jobs, population, and migration.
South Carolina tops all states. That is a notable shift for a state that has spent years in the shadow of bigger southern neighbors. The index weights several factors evenly - employment growth across property types, population inflows, and the pace of in-migration. States like Texas and Florida still attract headlines, but this ranking highlights a quieter trend: midsized metros in the region are now outpacing their larger peers.
St. George, Utah, takes the top spot overall. It also has the strongest office job growth in the country, which helped push it over the line.
"It also has very strong population growth and in-migration, and its industrial demand is above average," Nadia Evangelou of NAR said. "So St. George, for example, is the No. 1, because one industry happened to have a good year, so there is a broader momentum over there."
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Among large markets, only Raleigh, North Carolina, is stronger now than it was at the 2022 peak of the pandemic-era migration boom. Austin, Miami, and Naples, Florida, have all weakened compared with their 2022 levels.
Big coastal cities are still lagging. "When we take a look at New York, San Francisco, and the big coastal markets, we see that the large markets are still generally weaker than the fast-growing Sunbelt and smaller markets," Evangelou said.
The index is not a magic signal to buy anything. "It doesn't say, 'OK, go there and just buy property,' but it says … where the data shows that the momentum is building, the demand is building," Evangelou said.
Instead, think of it as an early warning system. Small and midsized metros may hold the strongest chances, she said, pointing to Fayetteville, Arkansas; Huntsville, Alabama; and Spartanburg, South Carolina. Huntsville scores among the best in the country for multifamily demand, while Salem, Oregon, and Fairbanks, Alaska, top the industrial list.
For everyday investors, local real estate data can feel like background noise. But the same forces that drive office parks and apartment complexes also ripple through residential markets and public companies. When a metro adds jobs and residents, demand for housing rises, rents climb, and property values follow. That momentum feeds into real estate investment trusts (REITs), construction firms, and even retailers that depend on local spending.
For smaller metros, the index offers a clear signal: growth is no longer reserved for the biggest coastal cities. Huntsville's strong multifamily demand, for instance, reflects its expanding aerospace and tech workforce. Salem, Oregon, and Fairbanks, Alaska, shine on the industrial side, suggesting that logistics and warehousing are thriving in places far from traditional hubs. These mid-sized markets often have lower land costs and less regulatory friction, making them attractive for developers seeking higher yields.
For everyday investors, local real estate data can feel like background noise. But it matters more than you might think. When a metro adds jobs and people, rents and property values tend to follow. That same engine drives real estate investment trusts (REITs) and even some stocks you already own.
The index also offers a long-term view. Population shifts and job creation happen gradually, so today's rankings are a signal of where demand could build for years. That makes the list a useful starting point for anyone scouting opportunities - not a guarantee, but a data-backed guide.
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