SEATTLE—Zillow recently revealed its predictions for the 10 hottest housing markets in 2016. Topping the list is Denver, followed by Seattle and Dallas-Fort Worth, all of which are major tech towns—ideal for job growth. Other places that made the list are Utah markets Ogden and Salt Lake City, along with Omaha, NE and Boise, ID.
To determine which markets would be hot, Zillow looked at home value appreciation, low unemployment rates, and strong income growth. Omaha has the lowest unemployment rate of the ten hottest markets, at just 2.9%. Denver saw home values rise 16% in 2015, and Zillow is forecasting them to rise another 5% in 2016, along with Portland.
A strong and diverse economy is the driving force behind Richmond's high income growth, with government, finance, education, and manufacturing jobs robust in the area and expected to continue in 2016, says Zillow. Boise, Ogden, Salt Lake City and Sacramento all have high forecasted home value appreciation; homes are expected to appreciate an average of about 5% over the next year.
Zillow's Top 10 Housing Markets for 2016:
1. Denver .
2. Seattle
3. Dallas-Fort Worth
4. Richmond, VA
5. Boise, ID
6. Ogden, UT
7. Salt Lake City
8. Omaha, NE
9. Sacramento
10. Portland, OR
"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," says Zillow Chief Economist Dr. Svenja Gudell. "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."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
