Nashville named as top market for real estate growth in the US in 2017
Nashville, Seattle, Orlando and Denver are named as among the top hottest real estate markets for 2017 in the United States with prices and rents expected to rise during the year.
Rising home values, low unemployment rates and strong income growth makes the Tennessee capital top of the list compiled by real estate firm Zillow, followed by Seattle, Provo in Utah and Orlando.
The States of Utah, Tennessee and Florida are likely to lead the way with the rest of the top 10 made up of Salt Lake City, Portland, Knoxville, Ogden in Utah, Denver and Sacramento in California.
The Zillow report points out that home values in all three Utah states are expected to rise more than 4% in 2017 and Provo has the lowest unemployment rate of the top 10 hottest markets at 2.7%.
Nashville has moved beyond its country music roots to become a major healthcare employment centre, helping drive it to the top of the list and in Sacramento, while prices are rising quickly, they are still 58% less expensive than the median area’s homes. Zillow forecasts Sacramento home values will rise almost 5% this year.
Portland reported the strongest home value growth in 2016 among the 100 largest US metros, with home values up almost 15% and housing experts predict that Portland, Seattle and Denver will continue to outperform the average national home value growth in 2017 with Zillow forecasting growth of 3%.
What makes these locations hot is that jobs and opportunities are increasingly growing, according to Zillow chief economist Svenja Gudell and mid-sized cities like Salt Lake City, Portland, and Nashville are desirable places to live.
‘They have 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,’ she explained.