2016’s Hottest Real Estate Markets, From Texas to Michigan
Around the country, housing markets are heating up. Some of the markets, like San Francisco, have already been hot for years. But there are some relative newcomers to the list, too. Keep reading to learn which regions around the country have the strongest real estate housing markets.
Zillow gave the Denver housing market top honors this year, ranking it the #1 hottest market in the entire country. A healthy combination of price appreciation, low unemployment and a robust technology job market have all contributed to Denver’s appeal. The benefits have helped the entire metro area, too.
But let’s look at the numbers: home values in the area rose just under 16% in 2015, and experts estimate that the city will gain an additional 5% before 2016 finishes.
Housing markets continue to sizzle as you head west. Utah has been experiencing impressive growth recently, especially in Salt Lake City, where there are more would-be buyers than available inventory. Local expert Dave Robinson, President of the Salt Lake County Board of Realtors, is excited by the shift, “It’s awesome! It’s the craziest market I’ve seen in years … we have gone from a median price range of $190,000 and [gone] up $80 – $90,000.”
Plus, the bulk of that growth is organic, and not due to investors.
One of the tools that Zillow uses to predict market trends is its Zillow Home Value Index, or ZHVI. Seattle’s ZHVI is slated to rise by 5.4% year after year, making it one great real estate market. The most sought-after neighborhood is Northwest Bellevue, where the median home value is estimated to increase by 9.2% to a hefty $1.15 million. According to Zillow, other popular neighborhoods include the University District, Holly Park, and Olympic Manor.
Some experts are forecasting the end of San Francisco’s bubble, but there’s no denying that the area’s real estate climate is still blazing hot — the city still comes out at #1 on Realtor.com’s list of hottest markets in January 2016. A healthy supply of tech industry jobs and pleasant weather keep people coming in droves, and prices reflect that trend. If you have clients that want to sell their homes in the San Fran area they’ll likely fetch a decent sum.
As we head back east there are even more growing housing markets, and Dallas-Fort Worth is one of several Texas cities benefiting from a flourishing market. Home prices in the metro area increased by 9.5% year-over-year in the fourth quarter of 2015, and that demand is only estimated to continue.
Texas is one of several states that has no state income tax, and its job market has been growing rapidly in recent years as people around the country relocate to take advantage of the opportunities.
Recently, Michigan hasn’t often been in the news for positive reasons, but Grand Rapids could change that. Forbes gave it the title of the country’s top housing market to invest in and this lively city on the state’s west side is living up to the honor.
What makes Grand Rapids great? Census data suggests a 3.1% three-year population growth rate, and employment throughout the metro area grew by 3.9% over a 12 month period from 2014 – 2015. Amenities like charming craft breweries and great schools add to its appeal for buyers.
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