After some considerable ups and downs (especially in the aftermath of the 2008 economic fall), the markets around the country are recovered and growing. This previous list of the best real estate markets (which we shared with you some time ago) highlighted the best housing markets through 2016. Readers could then get a better sense of what was going on in this business niche and even choose from the particular housing market which they would feel most comfortable investing in. Today, we will present you the updated trends and facts in real estate marketing for the 2016-2017 time frame.
Predictably enough, the best markets sit in centrally-oriented metropolitan areas. They also tend to sit places close to consistent business activity and plentiful employment opportunities. After all, a housing market is only truly strong if, beyond the isolated growth figures, the middle class community can truly afford to buy into that real estate field. Therefore, there are other factors to take into account in this list of the best real estate markets. These factors include the affordability of the real estate market for the middle class community of the area, recent income growth and the rates of unemployment (and so on). All these factors (and more) are considered by Zillow contributors (our primary source behind the numerical data) as the main ingredients behind the score calculated for each housing market in this list.
Without further ado, these are the best and most profitable markets you should consider for the 2016-2017 time frame. This is all you need to know in recent real estate news and trends: the top 10 best housing markets.
Best Real Estate Markets of 2016 through 2017
|Rank||City||Median Home Value Appreciation|
|8.||Salt Lake City, UT||4.4%|
1. The Denver Metro Housing Market
The growth rate for the Denver housing market is projected* to be at 5% in the next year. Pairing this with the very low unemployment rate (just 3.1%), it makes the Denver metropolitan area one of the fastest and most reliably growing markets for real estate in the country. Within the area, the best neighborhoods for investing are Ruby Hill, and three areas of Aurora, CO: Delmar Parkway, Centretech and Highline Villages.
2. The Seattle Metro Housing Market
Next in line is the Seattle metropolitan housing market: the median home value here is predicted* to grow by 5.4 percent in the next year. Out of the local areas of the Seattle metro real estate, the Northwest Bellevue area is the best possible one to take an interest in. The median home values here will grow by a staggering 9.2 percent (up to an impressive $1.15 million) over the next year. Other areas with promising growth rates are Holly Park, the University District and the Olympic Manor area. Check out the rest of the Washington housing market here.
3. Dallas – Fort Worth Metro Area
The next market on our list is the Dallas – Fort Worth area, one of the best real estate markets in the U.S. The growth rate for the median home value here is 5.6% for the next year (up to spring 2017). The best local housing markets to invest in are Oak Lawn, Holford and M Streets, so it’s definitely worth keeping an eye on the offers in those neighborhoods.
4. The Richmond Metro Housing Market
The median home value in Richmond is projected to grow by 2.2% in the next year. This may not seem very impressive at first, but when this is combined with the fact that the area also experiences the greatest income growth out of all the 10 markets for real estate in the top, and very low unemployment as well, it sure looks promising. The hottest housing markets in the area should be the neighborhoods of Church Hill, The Fan and Carytown, at least where a growth in home values is concerned.
5. The Boise Metropolitan Housing Market
The median home value in the Boise Metro is predicted to grow by 4.7 percent, and it’s definitely considered one of the hottest markets for real estate in the U.S. Some of its neighborhoods even have growth rates of over 5% for their median home values: Central Bench, Maple Grove-Franklin and North End. Check out the rest of the Idaho real estate market here.
6. The Ogden Metropolitan Housing Market
The median home value for the Ogden housing market is expected to grow by4.9 percent in the next year. The promising growth rate and the very low unemployment rate, as well as the impressive income growth, make the Ogden metro one of the best real estate markets in 2016-2017 and probably beyond. The best neighborhoods to look into are Kaysville, Farmington and the center of Ogden proper.
7. Salt Lake City Metro Area
The Salt Lake City housing market is predicted to have a 4.4 growth of its median home value for the next year. The best areas (cities, in this case) for home value growth are Erda, Grantsville, Tooele (especially the 84074 ZIP code) and Stansbury Park.
8. The Omaha Metropolitan Housing Market
The median home values in the Omaha metro area are expected to grow by 3.2 percent, and the unemployment rate is at a super-low rate of 2.9 percent, making this one of the hottest markets for real estate. The best Omaha areas for real estate investment are, according to Zillow experts, the following zip codes: 68136 and 68131 (in Omaha) and 68066 (in Wahoo).
9. The Sacramento Metro Real Estate Market
Next up, the Sacramento housing market is also very much worth looking up. The median home values here are predicted to grow by 5.1 percent, which is impressive enough to make Sacramento attract some pretty serious flow of transactions. The best local real estate areas within Sacramento Metro are Folsom Road, Southeast Village and Hagginwood, all with an over 8 percent forecast of home value growth Compare Sacramento to the rest of the 2016 California housing market.
10. The Portland Metro Housing Market
The rise in the median home value for Portland Metro is predicted to be 5 percent in the next year. Out of the neighborhoods in the Portland Metro area, the best ones are Woodlawn (7.2 percent growth), Parkrose (a predicted rise of 7.1%) and Summer (with a predicted growth of 7 percent). All in all, the Portland Metro housing market has definitely made the top of the best real estate markets in the country. Find out how the Portland metropolitan market stacks up to the Oregon housing market.