Top Housing Markets to Watch in the Coming Year
There’s no doubt about it: 2015 was a big year for the housing market. Home values have appreciated considerably in most major urban markets, with some particularly desirable cities posting stunning gains.
But will the hottest housing markets of 2015 keep their status as the hippest places to move, or will other cities steal their thunder? Here’s a look forward at some of the hottest housing markets of 2016.
Providence, Rhode Island
Rhode Island may be a small state, but 2016 should be a big year for the state’s capital city. If you follow real estate, then you know that Boston had an amazing year in 2015. As it turns out, all that Bostonian enthusiasm is spilling over into Providence. It’s only around 60 miles away, and median home prices are less than half.
Sacramento is often overlooked for some of California’s sexier cities, but that’s changing. The city is home to a burgeoning farm-to-fork movement, a rich cultural landscape, and a wealth of well-maintained vintage housing stock. Expect home values in California’s state capital to gain at least a tenth over the next year.
Boise, Idaho may not be the first place that comes to mind when listing the coolest cities, but that could soon change. The city has a wonderful arts scene, a healthy economy, and a healthy sports culture. Plus, it’s only a short distance from some of the most pristine natural landscapes in the country. Median home values in Boise are currently hovering around $190k – way more affordable than most desirable urban markets.
The mile-high city shattered several records during the past year, not just for home value gains, but also for total sales volume and low inventory levels, too. And who can blame them? Denver’s a beautiful city with a rich cultural life, a strong economy, and tons of great skiing nearby.
San Diego, California
No surprise here. San Diego has nearly year-round sunshine, picturesque beaches, and a robust local economy. Home values are expected to appreciate by more than 10% over the next year.
Not too long ago, Atlanta was a buyer’s market. And buy, they did. Over the past year though, things have changed. Home values have increased more than 10% during that time, and they’re expected to gain another 7% over the next year. Sellers are making fewer concessions, and more any more buyers are catching the Atlanta bug.
The fact that Portland, Oregon is a hot housing market is old news at this point, but the trend is showing no signs of ending. People just can’t seem to get enough of this quirky, creative city. Look for gains of 6% or more during the next year.
Tucson, Arizona is experiencing something of a renaissance these days. More affordable than nearby Phoenix, this desert city has been attracting plenty of new admirers with its laid-back lifestyle, year-round sunshine, and generous share of natural wonders. The median home value of $147,000 is expected to increase by at least 8% during 2016.
San Antonio, Texas
With its strong job market, low unemployment, and affordable but steadily appreciating home values, San Antonio has what it takes to become one of the most desirable housing markets among those in their twenties this year.
Predicting the Future of the 2016 Housing Market
It’s easy to predict the continued popularity of some desirable cities, but others may surprise you. Which housing markets do you think will make unexpected comebacks during 2016?