As buyers gear up for what could be one of the strongest home buying seasons in recent memory, Ten-X, an online real estate marketplace, released its report for this season’s hottest markets.
Ten-X released its Top Single-Family Housing Markets Report for spring which ranks the nations 50 largest housing markets according to current and forecasted housing data. The top five showed a combination of strong demand, home price appreciation and economic and demographic growth.
“This quarter's housing report had a few surprises, showing how a market's housing outlook can ebb and flow depending on changes in some of the underlying fundamentals,” Ten-X Executive Vice President Rick Sharga said. “For example, Columbus bucked the downward trend we're seeing in many other Midwestern markets due to population and job growth, while cities that formerly ranked highly in our analysis, like Los Angeles and San Francisco, are beginning to show signs of weakness due to prices that have risen high enough to impact affordability.”
Here are the top 5 hottest markets for this spring home-buying season:
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Dallas and Tampa both increased by three spots as they took the top two rankings. Columbus jumped from tenth place in the last report to third this quarter as Las Vegas rejoined the top five after briefly falling off, rising from ninth to fourth. Jacksonville also climbed a few spots from last quarter as it moved to fifth place.
“The US economy remains in expansion despite potential political and international turbulence,” Ten-X Chief Economist Peter Muoio said. “The labor market in particular has gotten off to a strong start in 2017, as job gains, low unemployment, and rising wages are fueling housing demand.”
“While the housing market does face some headwinds, these top metros are performing well and have solid growth prospects thanks to great affordability and strong economic and demographic underpinnings,” Muoio said.
The rankings take into account pricing, sales, affordability, permit activity, economic and demographic growth. Since the rankings are forward looking, Ten-X also takes into account economic forecasts, population trends, and future growth prospects weighed against potential volatility.