Predictions for the ten hottest housing markets in 2016 were recently announced by Zillow. Topping the list is Denver, followed by Seattle and Dallas-Fort Worth, all of which are major tech towns – ideal for job growth. Other places that made the list are Utah markets Ogden and Salt Lake City, along with Omaha, Neb. and Boise, Idaho.
To determine which markets would be hot, Zillow looked at home value appreciation, low unemployment rates, and strong income growth. Omaha has the lowest unemployment rate of the ten hottest markets, at just 2.9 percent. Denver saw home values rise 16 percent in 2015, and Zillow is forecasting them to rise another 5 percent in 2016, along with Portland.
A strong and diverse economy is the driving force behind Richmond’s high income growth, with government, finance, education, and manufacturing jobs robust in the area and expected to continue to in 2016. Boise, Ogden, Salt Lake City and Sacramento all have high forecasted home value appreciation; homes are expected to appreciate an average of about five percent over the next year.
Zillow’s Top 10 Housing Markets for 2016:
2. Seattle, Wash.
3. Dallas-Fort Worth, Texas
4. Richmond, Va.
5. Boise, Idaho
6. Ogden, Utah
7. Salt Lake City, Utah
8. Omaha, Neb.
9. Sacramento, Calif.
10. Portland, Ore.
“Trendy tech centers like San Francisco, Seattle and Denver hogged the spotlight in 2015. But this year, the markets that shine brightest will be those that manage to strike a good balance between strong income growth, low unemployment and solid home value appreciation,” says Zillow Chief Economist Dr. Svenja Gudell. “As the job market continues to hum and opportunity becomes more widespread, the best housing markets are no longer limited to the coasts or one-industry tech towns. This year’s hottest markets have something for everyone, whether they’re looking for somewhere to raise a family or start their career.”
For more information, visit www.zillow.com.
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