Lucky Seven: The USA’s Seven Hottest Housing Markets in 2017.
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Published Date: 2017-12-11
Home ownership can be a gamble. Forces beyond your control can have a strong effect on the value of your home. Economic trends, climate change, corporate relocations, your neighbors; there’s a hundred possibilities that can improve or harm your home value. But that’s true of many investments, and historically real estate has been a good place to spend your investment money. Nowhere has it a better roll of the dice in 2017 than in these red hot real estate markets. In markets like these, people are increasingly turning to corporate rentals to find great high-quality housing options.
Seattle, Washington
Seattle area homes have appreciated an average of 13.5% in the past year. This makes it the absolute hottest market in the nation. There’s not a lot of land for building, which make existing homes that much more valuable. The median single-family home value is a mind boggling $730,000. The housing market in Seattle was list this high in 2006. It experienced the bubble in 2012, and since have increased 79%, more than 20% above the 2006 high. Incomes aren’t rising as fast as home prices, but a relatively low 4.4% unemployment rate also helps.
Portland, Oregon
In 2017, Portland is growing by 111 people every day. Like other cities, there’s a shortage of housing, especially near town. New home supply is only meeting half the demand here, resulting in a 5.2% rise in home values. It should be noted that that’s 11% less than the meteoric 16% rise in 2016, and that the market is cooling slightly; it’s still plenty hot enough to make our list.
Salt Lake City-Ogden-Provo
The “next Silicon Valley” of Salt Lake and outlying communities of Ogden and Provo are growing fast. New tech startups, relocating companies, and stalwarts Marriott and Delta are pushing growth that has led to buyer bidding wars and offers of 20-25% above home values. Predicted sales and price growth are expected to top 4.5% in 2018. Ogden, 40 miles north, is expected to grow at 4.7%, while Provo will grow at a predicted 4.3%.
San Jose/Sunnyvale/Santa Clara
The original Silicon Valley is here, too. Good luck finding a home to buy; 99.77% of all homes are off-market, most in the nation. Median prices here top $1 million, and with well heeled investors buying what little is available, less than 6% of homes in the area have declined in price this year.
San Francisco
The median price of a single-family home in San Francisco is at an all time high of 1.6 million dollars in October 2017, and at $900,000 for 2017. However, this reflected a large number of luxury home sales, while condos and smaller homes have risen less quickly and made up more of the market this year. Nevertheless, home values rose 4.7% in this slowing but still white-hot housing market.
Dallas/Fort Worth, Texas
A strong economy, low unemployment, and room for growth have put the metroplex on the hottest housing market list. Low corporate taxes and cost of living have resulted in more corporate headquarters here than anywhere else in the nation. Sales growth is predicted at 6%, and price growth at 5.6%, while the median home goes for $339,300. 2018 should again be a banner year for the Dallas/Fort Worth housing market.
