By Janet Steinberg
Zillow’s top 10 hottest markets in 2017 were recently announced. Zillow makes these selections based upon locations that have quickly rising home values, low unemployment rates and strong income growth measures.
Here are the cities for real estate professionals to pay attention to. You can bet that potential buyers will be doing the same.
- Nashville, Tennessee
- Seattle, Washington
- Provo, Utah
- Orlando, Florida
- Salt Lake City, Utah
- Portland, Oregon
- Knoxville, Tennessee
- Ogden, Utah
- Denver, Colorado
- Sacramento, California
Sacramento,#10 on this list, is generating a great deal of talk. Zillow pegs this large metropolitan area as one of California’s most affordable. Currently at 58% less expensive than the Bay Area, home prices are rising quickly there…so quickly that Zillow predicts Sacramento’s home prices will rise 5% in 2017.
Realtor.com predicts that the greater Sacramento area will become the nation’s fourth (4th) hottest market in 2017 based upon its measures of price appreciation and growth in sales volume.
All this news is great for Sacramento as the city and its environs have spent the last 10 years recovering from a severe housing market collapse. The old adage applies here…luck and timing are critical essentials here.
The #1 hottest city, Nashville, gets its own shout out for being the center of both major healthcare employment and county music employment plus country music’s ancillary businesses. Note that the state of Tennessee has 20% of the top 10 hottest markets, Knoxville and Nashville.
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Utah is the state that hits the top 10 hottest markets the most at 30%. Provo, with an unemployment rate of 2.7%, Salt Lake City and Ogden are all worth mentioning at least twice.
Remember too that Portland, OR, had the strongest home value growth, 14.5%, in 2016.
These ten hottest markets underline the trend “…that the jobs and opportunities are increasingly growing in smaller markets away from the coasts,” according to Dr. Svenja Gudel, Chief Economist at Zillow.
This trend represents a real opportunity for real estate professionals who live in these micro markets to network with human relations specialists in “home town” companies about the real estate needs of their current and future new hires. Such networking efforts may just result in your becoming the “go to” agent for companies and relocating families in your home town.