Top Haunted Cities for Real Estate Investing

Ever thought a ghost story could be good for business? The dark tourism industry is now worth a staggering $32.69 billion in 2025, and it's quietly reshaping the real estate market in some of America's most historic—and haunted—locations. For real estate investors (REIs), properties with a paranormal past are becoming unique opportunities. These aren't just spooky homes for sale; they're potential goldmines, from premium tourist destinations to "stigmatized" properties available at a discount.

Cities famous for their haunted histories are more than just attractions for thrill-seekers. They are active, profitable real estate markets with surprisingly strong fundamentals. While ghost stories might give you goosebumps, the real estate investment data behind these cities tells a story of high property values, quick sales, and significant flip activity.

This analysis will take you through six of America's most haunted cities. We'll explore their spine-chilling histories and dive into the current real estate market data. You’ll see exactly where supernatural stories meet solid investment returns and learn how you could turn ghostly legends into tangible profits.

The Dark Tourism Boom: How Ghost Stories Drive Real Estate Value

So what exactly is dark tourism? It’s the act of traveling to places linked to death and tragedy, and it’s become a booming industry. This interest in the macabre is even influencing local real estate markets. Haunted properties are no longer just homes—they’re being turned into commercial attractions, boutique hotels, and popular bed & breakfasts.

This trend is helping to create a consistent revenue stream that supports property values and encourages real estate investments. For example, US Ghost Adventures, a major player in the ghost tour industry, has invested millions in acquiring and renovating notorious properties. Their portfolio includes the infamous LaLaurie Mansion in New Orleans and the Lizzie Borden House in Massachusetts, both of which are being transformed into commercial hotspots that draw thousands of visitors each year.

The economic impact is undeniable. Cities that embrace their haunted histories often see a significant boost in tourism revenue, which in turn helps fund the preservation of historic buildings. This symbiotic relationship between spooky stories and economic stability makes these markets particularly attractive for real estate investors (REIs).

America's Most Haunted Real Estate Markets

Beyond the ghost tours and paranormal tales, these haunted cities are backed by solid real estate data. We analyzed key metrics from the last 12 months for several of America's spookiest metro areas to see how they stack up as real estate investment markets.

Here’s a snapshot of what we found:

Kiavi collected this data from its own internal data and third-party resources (First American Data & Analytics and Attom) for the period between September 2024 and September 2025. This data covers the Boston-Cambridge-Newton, MA-NH; Chicago-Naperville-Elgin, IL-IN; New Orleans-Metairie, LA; San Antonio-New Braunfels, TX; and Savannah, GA metro areas.

These numbers tell a compelling story. Boston currently boasts the highest property values, while Chicago dominates in sheer volume of reported fix-and-flip transactions. However, Savannah stands out as a red-hot market, with for-sale properties averaging just 6 days on the market. 

Let's dig deeper into what could make each of these haunted cities a unique investment opportunity.

1. Boston, Massachusetts

Boston's rich history makes it a prime location for haunted real estate opportunities. As one of America's oldest cities, its cobblestone streets and colonial-era buildings hold centuries of stories—and, supposedly, spirits. Sites like the Omni Parker House and Granary Burying Ground attract ghost hunters and history enthusiasts alike, helping to blend the paranormal with the city’s deep cultural roots.

In terms of real estate, Boston currently dominates our list with the highest median sale price at $710,000, reflecting its strong market fundamentals and premium investment environment. With a median house age of 65 years, Boston also presents a great opportunity for fix and flip investments. 

While Boston's haunted properties may not be as heavily marketed as those in New Orleans or Savannah, their historical significance could add value for both residential and commercial investors. The city's proximity to Salem, another hotspot for dark tourism, further enhances its appeal. For those seeking long-term appreciation, high-end real estate opportunities, and renovation potential, Boston may offer a perfect mix of history, charm, and profitability.

2. New Orleans, Louisiana

New Orleans wears its haunted reputation like a badge of honor. The city's history is steeped in tales of voodoo and vampires, all of which contribute to its spooky allure. From the above-ground cemeteries to legendary locations like the Old Absinthe House, the paranormal is a part of the city's identity—and its economy.

At the center of NOLA's haunted real estate scene is the infamous LaLaurie Mansion. Once the site of horrific cruelty, this French Quarter property has a dark and storied past. After being foreclosed on in 2009 by actor Nicolas Cage, it was purchased by a Texas energy trader who invested heavily in its restoration. More recently, US Ghost Adventures acquired the mansion for $6 million in 2024, with plans to turn it into a commercial attraction. This sale highlights the high-value potential and return on investment (ROI) for haunted buildings.

In New Orleans, it's not uncommon to see properties marketed with "Haunted" or "Not Haunted" designations, showing just how much paranormal lore is integrated into the real estate market.

According to our research, the French Quarter investment property market has been strong over the last 12 months. With a median property sale price of $215,000 and 1,251 homes flipped in the last year, New Orleans could offer accessible entry points for real estate investors looking to capitalize on its unique cultural and historical appeal.

3. Savannah, Georgia

Often called "America's Most Haunted City," Savannah was built on Native American burial grounds and has a history marked by fires, wars, and disease. This dark past helps to fuel a thriving ghost tourism industry, with notorious locations like the Sorrel-Weed House and the Mercer House drawing visitors from around the world.

What's truly remarkable about Savannah, however, is the speed of its real estate market. With a median of just 6 days on the market, it's the fastest-moving haunted market we analyzed. Properties here appear to be in high demand, reflecting a real estate market where history and modern investment appeal collide. The tourism revenue generated by Savannah’s haunted reputation helps subsidize the preservation of the city's beautiful historic buildings, creating a stable and visually stunning environment for residents and REIs alike.

The Savannah, GA, real estate market also shows some impressive stability. Our analysis shows there were only 147 foreclosures in the last 12 months (September 2024 - September 2025)—the lowest of all the cities on our haunted list. For real estate investors, Savannah might represent a market with strong demand, quick turnover, and a solid foundation built on its historic charm.

4. Chicago, Illinois

Chicago's dark history is the stuff of legends. From Al Capone's mob-era reign to H. H. Holmes' "Murder Castle" and the St. Valentine's Day Massacre, the city has no shortage of chilling tales. Locations like the Congress Plaza Hotel and Bachelor's Grove Cemetery are hotspots for paranormal enthusiasts.

For real estate investors, Chicago's haunted past is secondary to its massive market activity. Based on our research, Chicago leads this list in sheer transaction volume, with an astonishing 21,376 homes flipped and 12,678 foreclosures in the last 12 months. This high-volume environment could provide significant liquidity and a constant stream of opportunities for real estate investors.

While a single haunted property might not define the market here as it does in New Orleans, the sheer scale of the Chicago haunted properties market may make it a prime target for REIs looking to buy, renovate, and sell. If you're looking for a market with endless opportunities, Chicago's bustling and sometimes spooky streets could be a great place to start.

5. Salem, Massachusetts

Salem is synonymous with the 1692 witch trials, a dark chapter in American history that the city has fully embraced as part of its brand. The Witch House and Old Burying Point Cemetery are just a few of the historic sites that help attract tourists year-round, especially during Halloween.

This dark history has helped establish Salem as a premium real estate market. Closely tied to the broader strength of the historic Boston, Massachusetts market, Salem offers unique opportunities for real estate investors. Our research shows a median of 45 days on the market and 4,315 homes flipped in the past twelve months. With a large number of properties being flipped and selling quickly, REIs could find Salem to be a great city for fix-and-flip or fix-and-rent opportunities.

Investing in Salem means buying into a market where historical significance commands a premium. The steady stream of tourists helps to support local businesses and property values, helping to make it a stable and lucrative market for both commercial and residential real estate.

6. San Antonio, Texas

The story of the Alamo—a site of a bloody and pivotal battle—is central to San Antonio's identity and its haunted reputation. Historic properties like the Emily Morgan Hotel, which once served as a hospital and morgue, and the Menger Hotel add to the city's ghostly lore.

According to our analysis, the San Antonio historic real estate market is thriving. The metro area saw an impressive 9,352 homes flipped in the last year, signaling strong real estate investor activity. With a median sale price of $298,000 and a median 35 days on market, San Antonio investment fix and flip opportunities could be plentiful.

The city's rich history is a major tourism driver, which helps to support the value of its historic and haunted properties. Real estate investors here could benefit from a market with strong appreciation potential and a steady demand fueled by both its past and its vibrant present.

Ready to Invest? Don't Be Afraid of the Dark

The data is clear that America's most haunted cities could also be some of its most dynamic real estate markets. They offer a compelling blend of historical intrigue and solid investment fundamentals. From the high-volume flips in Chicago to Savannah's lightning-fast sales, each city presents a unique opportunity for real estate investors willing to look beyond the ghost stories.

Whether you're interested in the commercial potential of a haunted B&B or the residential appeal of a historic home, these markets are proving that a dark past can lead to a bright financial future. The next time you hear a spooky tale, you might just find your next great investment opportunity hiding in the shadows.

Frequently Asked Questions

Is it worth buying an abandoned or foreclosed house?

Buying an abandoned or foreclosed house can be a great investment opportunity, but it’s important to do your research, and have a solid strategy. These properties are often sold at a lower price, which can help you save upfront, but they may require significant renovations or repairs. If you're considering purchasing a foreclosed home, make sure to conduct a thorough inspection to uncover any hidden issues. 

What are zombie properties in real estate?

Zombie properties are vacant, abandoned homes that are in the process of foreclosure but have not yet been repossessed by the lender. They often fall into disrepair because neither the owner nor the bank is maintaining them.

What are haunted houses called in real estate?

In real estate, a house where a traumatic event has occurred is known as a "stigmatized property." This label could also apply to homes believed to be haunted, though disclosure laws vary by state.

What is a stigmatized property in real estate?

A stigmatized property is a property that buyers may find undesirable for reasons unrelated to its physical condition. This includes properties with a history of criminal events, alleged paranormal activity, or proximity to a public nuisance.

Data Sources

Unless otherwise noted, all residential real estate market data, including property values, sales velocity, and flip activity, is based on a Kiavi analysis of its proprietary data, as well as Public Records data, third-party data, and insights acquired from First American Data & Analytics and Attom. The data analysis covers the period from September 2024 through September 2025.