Top 9 Housing Markets in 2017
by James Swift
Housing prices are going up in many markets across the country in 2017. For home owners, this is often a good thing because they can either sell the home at a nice profit, or pull out cash for home improvements or another big expense. As you are likely already aware of, home loan interest rates remain extremely attractive. It's no secret that affordable housing is a key component for a strong economy.
Some areas of the country are hotter than others, however. According to CBS News, these are the hottest housing markets in the US for 2017:
Home prices in this the capital of the state will rise by nearly 5% in 2017, per Zillow.com. This city features 500,000 residents and it is well known for diversity and its strong historical sense. Another major plus for Sacramento is that it has a lower cost of living than Los Angeles and San Francisco.
Incomes for people living here will increase by one percent, and the unemployment rate is 5%.
Housing prices here are going to increase by about 3.5% this year. This is a relatively small increase, but Denver also has a very low unemployment rate below 3%.
Incomes in this beautiful city are increasing by one percent or so per year. The city is very well known to people who enjoy skiing, biking, hiking and other outdoor activities.
Home prices in this city will grow by 4.7% for 2017, according to Zillow. It is located 40 miles to the north of Salt Lake City. It is well known for being a very walkable city downtown and it is very accessible for biking, climbing and skiing. It also has been named as one of the best towns in the US by Outside Magazine.
Unemployment here is low at 2.9%, and incomes are increasing by 1% per year.
This is Tennessee's third largest city and it will see 4.4% appreciation in 2017. It is well known for both its cultural and musical scene. It has strong appeal to people who love the outdoors due to its close proximity to the Smoky Mountains.
Incomes are increasing by 1.1% and the unemployment rate is 4.7%.
Home values in this popular hipster city are expected to increase by 5.2% this year. This is quite high, but things have cooled since 2015 when home prices increase by almost 15%.
This city is well known for beautiful parks, great coffee, and great eateries. Incomes are going up by one percent a year, and unemployment is 4.8%.
Salt Lake City, UT
Residents of Salt Lake City will see homes appreciate by 4.2% this year. This city is the home of the University of Utah, and it is known for having a population that is highly educated. It attracts major employers such as Delta and Marriott; both operate large call centers here.
This city also is the home of many tech startups and is thought of as a new Silicon Valley.
The unemployment rate is low at only 2.8%.
Orlando is a very popular tourist destination, and it is home to Disney World and Universal Studios. It is expected that home values will soar by 5.7% in 2017. The unemployment rate is at 4%, and incomes will grow by 1% or so.
Seattle is an expensive city to live in, and it will get more expensive in 2017. Home prices here are going to increase by 5.6%.
This is going to be a big benefit to current home owners but it is going to make it difficult for many first-time home buyers to break into the market. The tech companies in Seattle such as Amazon are adding workers, and this is continuing to push home prices higher.
Unemployment in Seattle is currently at 4.4%.
Nashville was named as the hottest real estate market by Zillow for 2017, with real estate expected to appreciate by 4.3%.
It is important to know that Nashville today is not just about country music. It also has a strong health care employment market, and this is really increasing growth, income and employment.
Young professionals like Nashville because of ample work opportunities and the quality of life.
Incomes are increasing by 1.1% per year, and the unemployment rate is 4%.
If you are thinking about buying your first home in 2017, you have many strong real estate markets from which to choose. Professionals with lower incomes may want to look closely at some of the hot markets in the interior of the country, such as Nashville or Salt Lake City. Cities such as Seattle are very attractive by many people are priced out of the market right now there, and rents are high as well.
2017 is a good time however to buy a home because rates are still very low on mortgages, and prices are increasing. Rents are also rising in many major markets, and buying a home often makes more financial sense.