The 10 hottest housing markets in the country are topped by three cities where technology jobs are fueling the strong outlook, Zillow announced with the release of its predictions on Tuesday.
Denver tops the list, followed by Seattle and Dallas-Fort Worth. The next six markets include Richmond, Va.; Boise, Idaho; Ogden, Utah; Salt Lake City; Omaha, Neb.; Sacramento, Calif.; and Portland, Ore.
According to a news release, Zillow looks at home value appreciation, low unemployment rates, and strong income growth to determine the level of hotness. Omaha has the lowest unemployment rate on the list, Zillow reports, at just 2.9 percent. The Seattle-based online real estate company says that Denver home values rose 16 percent in 2015, and “Zillow is forecasting them to rise another 5 percent in 2016, along with Portland.”
“Trendy tech centers like San Francisco, Seattle and Denver hogged the spotlight in 2015. But this year, the markets that shine brightest will be those that manage to strike a good balance between strong income growth, low unemployment and solid home value appreciation,” Zillow chief economist Dr. Svenja Gudell said in a release. “As the job market continues to hum and opportunity becomes more widespread, the best housing markets are no longer limited to the coasts or one-industry tech towns. This year’s hottest markets have something for everyone, whether they’re looking for somewhere to raise a family or start their career.”
Zillow also mined its forecast data to predict which will be the five hot Seattle area neighborhoods in 2016:
- Northwest Bellevue – 9.2 percent forecasted home value growth.
- University District and Holly Park – both with 8.3 percent forecasted home value growth.
- Olympic Manor – 8.2 percent forecasted home value growth.
- Fremont and South Delridge – both with 7.9 percent forecasted home value growth.
- Bryant – 7.7 percent forecasted home value growth.