Realtor.com has revealed the hottest real estate markets in the United States for the month of November. San Francisco, California; Dallas, Texas; Vallejo, California; Denver, Colorado; and San Jose, California were listed as the five most popular markets.
The Dallas housing market, which was at the number four spot last month, is on the rise. Data from a Zillow report released last month stated that Dallas, along with Portland and Seattle, had the highest year-over-year home value appreciation among the 35 largest metros across the country for the third month in a row in October. Zillow also mentioned that home values in Dallas and Seattle have appreciated over 12 percent since last October.
The national price of homes has remained consistent within the summer and fall months. For the fourth consecutive month, the median list price of homes is at $250,000, which is a 9 percent increase from the previous year. Data from Realtor.com shows that low inventory supply and high buyer demand are keeping home prices high.
“After an eventful election, demand for real estate appears to be carrying momentum going into the holiday season,” says Javier Vivas, Manager of Economic Research for Realtor.com. “We expect that to be put to the test, as mortgage rates sky rocket to new highs. But the economic foundations remain strong and most forecasts expect growth as we enter the new year, which should keep waves of buyers intent on entering the market.”
As 2017 nears, economists are looking at fast growing job markets to determine popular markets and trends. Jonathan Smoke, Chief Economist for Realtor.com, told DS News, “The strongest markets for next year also have the job growth dynamics we see this year but also have strong population growth that keeps attracting employers. That population growth is partially a result of relatively strong affordability in housing, which translates into the strongest household growth numbers as well. That is especially true for markets with the strongest sales growth forecasts.”
The 2017 Housing Forecast also predicts rising rent prices for multiple markets. Svenja Gudell, Chief Economist at Zillow, said, “Rents are still appreciating, but not as fast as they have been. Over the past year, rents rose 1.4 percent. Seattle, Portland and Sacramento reported the highest year-over-year rent growth. This is good news for current renters who are worried about being able to save enough for a down payment to buy a home.”
Rounding out the top 10 are San Diego, California; Stockton, California; Fort Wayne, Indiana; Columbus, Ohio; and Detroit, Michigan. To read the full report, click HERE.