Press release January 15, 2019/PRNewswire – Zillow announced its predictions for the hottest housing markets in 2019 and San Jose, CA claimed the top spot for the second year in a row. To find the hottest housing markets, Zillow looked for places where they expect home values and rents will outpace the nation in 2019, strong income growth, good job opportunities with low unemployment rates and a growing population. San Jose has the lowest unemployment rate and the most jobs per person among the 50 largest U.S. metros, along with the highest home values and forecasted home-value appreciation. While other West Coast markets – most notably Seattle – have slowed down, San Jose continues to see double-digit home value growth.
Five of the hottest markets are in the South, where housing is more affordable, drawing in new residents. Median home values in Jacksonville, for example, are one-sixth what they are in San Jose, and rents are about one-third the price. Orlando had the biggest population increase of the hottest housing markets, up 2.8 percent.
The impact of the tech industry on housing is also apparent on Zillow’s list. Along with the San Francisco Bay Area markets of San Jose and San Francisco, four metros (Atlanta, Dallas, Denver and Nashville) in the top 10 were finalist markets for Amazon’s HQ2, and have growing tech industries.
Zillow’s Top Ten Housing Markets for 2019:
- San Jose, Calif.
- Orlando, Fl.
- Denver, Colo.
- Atlanta, Ga.
- Minneapolis, Minn.
- San Francisco, Calif.
- Dallas, Texas
- Nashville, Tenn.
- Jacksonville, Fl.
- San Diego, Calif.
You can read the entire article here: Zillow’s Top 10 Housing Markets for 2019
The Brundage Smith real estate team closely tracks other real estate markets like Seattle, WA and numerous cities in California because those have historically been our main feeder markets. When those markets are doing well, we see people sell their homes and relocate to Bend, OR. There’s been talk recently of a slowdown in the real estate market and as brokers entrenched in it every day, we’re not seeing it yet. Our feeder markets are still considered “hot” and over the last few years, we’ve seen our feeder markets expand and now include some of the areas on this list like Texas and Tennessee. Our rate of appreciation has slowed into the single digits which, quite frankly, needed to happen, but sales are on pace with previous years and Bend, OR consistently ranks among the fastest growing cities in the nation.