It doesn’t take complex forecasting models to know Seattle’s housing market is hot. The city is swirling with stories about bidding wars, cash offers, and investments from overseas.
But how does it rank compared to other booming U.S. cities? Apparently it outpaces them all. Auction.com, an online real estate marketplace, crunched the numbers to find the nation’s 50 largest markets for single-family homes and Seattle came out number one.
Auction.com’s press release cites strong housing fundamentals and “significant boosts” from the tech industry as reasons for Seattle’s housing boom. Our neighbors to the south are facing a similar phenomenon. Portland came in at number five, thanks to its rising tech sector.
Interestingly, several Florida cities also rank in the top five. Auction.com executive Vice President Rick Sharga thinks low oil prices are the cause.
“States like Texas – where the economy relies heavily on the extraction, production and transportation of oil – are seeing higher unemployment and a slower rate of home sales and home price appreciation,” he said in a press release. “On the other hand, markets like Orlando are probably experiencing an economic boost from the increased level of travel brought on by lower oil prices.”
Continue reading for the full list of the nation’s hottest markets for single-family homes:
- Seattle
- Fort Lauderdale
- Orlando
- Palm Beach County
- Portland
- Columbus
- Nashville
- Charlotte
- Denver
- Oakland
- San Francisco
- Washington, D.C.
- Miami
- San Jose
- Tampa
- Atlanta
- Jacksonville
- San Antonio
- Dallas
- Las Vegas
- San Diego
- Austin
- Fort Worth
- Phoenix
- Raleigh
- Northern Virginia
- Riverside, Calif.
- Minneapolis
- Los Angeles
- Salt Lake City
- Kansas City
- Orange County, Calif.
- Sacramento
- Boston
- Houston
- Indianapolis
- Milwaukee
- Cincinnati
- Suburban Maryland
- Cleveland
- Baltimore
- Memphis
- Detroit
- Chicago
- Long Island
- Philadelphia
- Pittsburgh
- Northern New Jersey
- St. Louis
- Central New Jersey
