What is a secondary market in real estate?

What is a Secondary Market?

In real estate, the term "Secondary Market" refers to regions or cities that are smaller and less prominent than the primary markets (like major metropolitan areas) but are still significant in terms of economic activity and real estate opportunities. These markets usually have a moderate level of population and economic growth, offering a balance between the high competition and costs of primary markets and the higher risks of tertiary markets. Secondary markets can attract investors seeking more affordable investment opportunities and less competition, while still providing reasonable growth prospects and stability.