Zillow: Denver, Seattle, Dallas-Fort Worth Top ‘Hot’ Housing Markets
Zillow Inc., Seattle, predicted Denver as the hottest housing market for 2016, along with other major U.S. “tech towns.”
Following Denver are Seattle and Dallas-Fort Worth, which Zillow said because of their locations as technology centers make them ideal for job growth. Other places that made the list include Utah markets Ogden and Salt Lake City, along with Omaha, Neb. and Boise, Idaho; Richmond, Va.; Sacramento, Calif.; and Portland, Ore.
Zillow examined home value appreciation, low unemployment rates and strong income growth. It said Omaha has the lowest unemployment rate of the 10 hottest markets, at just 2.9 percent. Denver saw home values rise 16 percent in 2015; Zillow is forecasting them to rise another 5 percent in 2016, matching Portland.
“Trendy tech centers like San Francisco, Seattle and Denver hogged the spotlight in 2015,” said Zillow Chief Economist Svenja Gudell. “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.”
As the job market improves and opportunity becomes more widespread, Gudell said the best housing markets won’t be limited to 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,” she said.
The report noted strong and diverse economy pushed Richmond’s high income growth, with government, finance, education and manufacturing jobs robust in the area and expected to continue in 2016. Boise, Ogden, Salt Lake City and Sacramento all have high forecasted home value appreciation; homes are expected to appreciate an average of nearly 5 percent this year.