Five Emerging Tech Cities Where Home Values Are Surging Alongside Innovation

The landscape of America’s tech industry has undergone a transformation in recent years.

While Silicon Valley is still the powerhouse, a new crop of cities is emerging as tech hubs, helping reshape local economies and real estate markets.

According to a report issued by Mansion Global, several up-and-coming tech centers are attracting major companies and top talent, driving up home values in their respective areas. 

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Atlanta

Atlanta is becoming a hotbed for financial technology (fintech). According to the report, the city now processes 70% of all global financial transactions. That infrastructure has paved the way for a fintech scene where companies like Fiserv, BitPay, and Kabbage compete with traditional banking giants.

The tech boom isn’t limited to fintech, though. Major players like Panasonic, Intel and Google have established their presence in the city, with Google opening a new 500,000-square-foot office in July 2022.

According to the report, the influx of tech jobs—currently numbering around 112,000 across 8,500 companies—is reshaping Atlanta’s real estate market. The combination of high-paying jobs, top-notch universities, and a relatively low cost of living makes the city increasingly attractive to companies and tech workers, putting upward pressure on home values.

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Salt Lake City

Salt Lake City’s tech roots date back to 1976 when WordPerfect was created at Brigham Young University. Today, the city has blossomed into a full-fledged tech hub, boasting a workforce of over 59,600 tech professionals, according to the Mansion Global report.

The city’s tech scene is diverse, spanning established names like Adobe and eBay to homegrown successes like Overstock.com and Instructure. The startup ecosystem is particularly vibrant, with nearly 70% of all venture capital funding in Salt Lake City – totaling almost $130 million – directed toward tech ventures.

The tech boom has impacted Salt Lake City’s job market and real estate. As tech talent flocks to the area, home values are increasing.

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Las Vegas

Las Vegas is diversifying beyond its traditional entertainment and hospitality focus, with tech emerging as a key driver of economic growth. The city is carving out sports tech and fintech niches, attracting companies like DraftKings, Sleeper and Shift4.

The expansion of major league sports in Las Vegas – including the NHL’s Golden Knights, the NFL’s Raiders and the upcoming relocation of MLB’s Athletics – has created a ground for sports tech. DraftKings, for instance, opened a 90,000-square-foot technology hub in the city in March 2023.

Mansion Global noted that the sports tech workforce in Las Vegas is expected to grow from 7,700 in 2023 to 9,600 by 2028. The fintech sector is similarly strong, with over 15,700 employees as of 2022 and projections for continued growth.

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Northern Virginia

Northern Virginia’s tech scene gained national attention in 2018 when Amazon announced plans for its second headquarters in Arlington and Alexandria. However, the region’s tech roots run much deeper, dating back to AOL’s founding in Loudoun County in the late 1980s.

Today, Northern Virginia is home to diverse tech companies, from giants like Amazon, Google and Microsoft to defense contractors with tech operations, like General Dynamics and Northrop Grumman.

The impact on the local real estate market has been substantial. With Amazon projecting to employ 25,000 people at its National Landing headquarters by 2031, housing demand in the area is skyrocketing, the report said.

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Raleigh

Raleigh, part of North Carolina’s Research Triangle, has long been a center of innovation. However, recent years have seen the city’s tech scene expand beyond its traditional strengths in big data and biotech to encompass emerging fields like clean tech, cybersecurity and artificial intelligence.

The city’s tech ecosystem includes established giants like IBM, Cisco and Epic Games and a startup scene. The Triangle Tweener List, which tracks local startups, now includes some 300 companies across various tech sectors.

Staffing agency Hatch I.T. has predicted that Raleigh will become the second-largest tech hub on the East Coast by 2025, surpassed by Washington, D.C. That growth transforms downtown Raleigh, sparking a real estate boom that’s turning the once predominantly governmental and commercial area into a residential and cultural center.

As the five cities continue cementing their status as tech hubs, their real estate markets will likely grow.

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