Hot Homebuying Markets To Consider
To determine our predictions for the best real estate markets of 2018, realtor.com's® economic data team
took a look at the number of sales of existing homes and their prices, along with the amount of new home construction in the 100 largest markets.
We also analyzed the local economies of each area, along with population trends, unemployment rates, median household incomes, and other factors.
But truth be told, we've got all of this soothsaying beat by a mile: We're setting our sights on prognosticating which housing markets will soar to new heights in 2018.
Because you care! Americans breathlessly track the up-and-down trajectory of the nation's housing markets these days, the way previous generations obsessed over stock prices, NBA rankings, or Furby sales. Give the credit (or blame) to skittishness over the last decade's housing crash, or the roller-coaster ride of home pricing, or maybe even the ascension of HGTV flipping shows.
But real estate matters: The fortunes of cities rise and fall, sometimes quickly, other times in agonizing slo-mo. And the last thing you want to do with the biggest investment of your life is buy into a housing market that is heading in the wrong direction.
What are the hot markets where you can still afford to buy? Which are ones where home prices are almost certain to appreciate? The ones with burgeoning economies and lots of job growth? The ones where you actually want to live?
Predicted sales growth: 4.6%
Predicted price growth: 4.5%
Salt Lake City is so hot that potential home buyers will likely need to duke it out with competitors.
Buyers in the city, which entered the global spotlight in 2002 when it hosted the Olympic Games, are now offering 20% to 25% above the asking price, says Kenny Parcell, real estate broker .
“You’re seeing people who are tired of paying higher taxes, or they’re tired of dealing with traffic and congestion [elsewhere]. They can sell their house in Silicon Valley and get four times the house in Salt Lake or the surrounding suburbs,' Parcell says. 'We have a lot of corporations coming in, which means good-paying jobs, a good tax base, and good schools.'
'People are going to continue to seek out pockets of affordability that remain in the market,' says Danielle Hale, chief economist of realtor com. 'A lot of these places are more affordable than surrounding areas, yet still have strong economies. Even though prices are expected to grow, most of these markets will still remain relatively affordable in 2018.”
source: Realtor.com
To determine our predictions for the best real estate markets of 2018, realtor.com's® economic data team
We also analyzed the local economies of each area, along with population trends, unemployment rates, median household incomes, and other factors.
But truth be told, we've got all of this soothsaying beat by a mile: We're setting our sights on prognosticating which housing markets will soar to new heights in 2018.
Because you care! Americans breathlessly track the up-and-down trajectory of the nation's housing markets these days, the way previous generations obsessed over stock prices, NBA rankings, or Furby sales. Give the credit (or blame) to skittishness over the last decade's housing crash, or the roller-coaster ride of home pricing, or maybe even the ascension of HGTV flipping shows.
But real estate matters: The fortunes of cities rise and fall, sometimes quickly, other times in agonizing slo-mo. And the last thing you want to do with the biggest investment of your life is buy into a housing market that is heading in the wrong direction.
What are the hot markets where you can still afford to buy? Which are ones where home prices are almost certain to appreciate? The ones with burgeoning economies and lots of job growth? The ones where you actually want to live?
6. Salt Lake City, UT
Median home price: $360,828Predicted sales growth: 4.6%
Predicted price growth: 4.5%
Salt Lake City is so hot that potential home buyers will likely need to duke it out with competitors.
Residential neighborhood in Salt Lake City
Buyers in the city, which entered the global spotlight in 2002 when it hosted the Olympic Games, are now offering 20% to 25% above the asking price, says Kenny Parcell, real estate broker .
“You’re seeing people who are tired of paying higher taxes, or they’re tired of dealing with traffic and congestion [elsewhere]. They can sell their house in Silicon Valley and get four times the house in Salt Lake or the surrounding suburbs,' Parcell says. 'We have a lot of corporations coming in, which means good-paying jobs, a good tax base, and good schools.'
'People are going to continue to seek out pockets of affordability that remain in the market,' says Danielle Hale, chief economist of realtor com. 'A lot of these places are more affordable than surrounding areas, yet still have strong economies. Even though prices are expected to grow, most of these markets will still remain relatively affordable in 2018.”
source: Realtor.com
No comments:
Post a Comment