Nashville, Tenn. is making a play for the hottest housing market this year, heating up with a forecast of 4.3 percent home value appreciation, 1.1 percent income growth and a 4.0 percent unemployment rate, according to Zillow’s 2017 10 Hottest Housing Markets list. The list, determined using data from Zillow’s Home Value Forecast, income growth and unemployment rates, assigned a ‘hotness score’ to the 100 largest metropolitan areas in the U.S, with Nashville ranking No. 1.
Music City U.S.A.—a departure from the West Coast hubs dominating the list—represents a shift in housing activity to mid-size cities inland, says Zillow Chief Economist Dr. Svenja Gudell.
“Zillow’s 2017 list highlights that jobs and opportunities are increasingly growing in smaller markets away from the coasts,” says Dr. Gudell. “Mid-size cities like Salt Lake City, Portland and Nashville are desirable places to live, with good employment opportunities and steady economic growth. The growth and demand for housing will drive up home prices in 2017, and these hot markets are experiencing change as more people discover them.”
The full top 10 list:
- Nashville, Tenn.
Expected Home Value Appreciation: 4.3 percent
Income Growth: 1.1 percent
Unemployment Rate: 4.0 percent
- Seattle, Wash.
Expected Home Value Appreciation: 5.6 percent
Income Growth: 1.0 percent
Unemployment Rate: 4.4 percent
- Provo, Utah
Expected Home Value Appreciation: 4.3 percent
Income Growth: 1.0 percent
Unemployment Rate: 2.7 percent
- Orlando, Fla.
Expected Home Value Appreciation: 5.7 percent
Income Growth: 1.0 percent
Unemployment Rate: 4.5 percent
- Salt Lake City, Utah
Expected Home Value Appreciation: 4.3 percent
Income Growth: 1.0 percent
Unemployment Rate: 2.8 percent
- Portland, Ore.
Expected Home Value Appreciation: 5.2 percent
Income Growth: 1.0 percent
Unemployment Rate: 4.8 percent
- Knoxville, Tenn.
Expected Home Value Appreciation: 4.4 percent
Income Growth: 1.1 percent
Unemployment Rate: 4.7 percent
- Ogden, Utah
Expected Home Value Appreciation: 4.7 percent
Income Growth: 1.0 percent
Unemployment Rate: 2.9 percent
- Denver, Colo.
Expected Home Value Appreciation: 3.6 percent
Income Growth: 1.0 percent
Unemployment Rate: 2.9 percent
- Sacramento, Calif.
Expected Home Value Appreciation: 4.8 percent
Income Growth: 1.0 percent
Unemployment Rate: 5.2 percent
For more information, please visit www.zillow.com.
For the latest real estate news and trends, bookmark RISMedia.com.
