Markets That Will Make a Splash in 2016
Real Estate In-Depth | December 9, 2015
WASHINGTON—Several markets across the country are poised for substantial growth in home prices and sales in 2016 – likely topping 2006 even, according to Realtor.com’s recently released housing forecast.
Growing household formation, a strengthening job market, and low unemployment rates are good signs that can get more millennials, young Gen-Xers, and retirees moving.
However, there are 10 markets that will likely get a lot of attention in the new year, at least if Realtor.com’s predictions hold true. Their researchers recently identified the markets they believe will have growth equal to or better than the U.S. average. These markets will likely have high demand from home buyers (already having 60% more listing page views on Realtor.com than the U.S. overall) and quick sales (inventory that sells 16 days faster than the U.S. average).
“Some markets have been hot and are remaining hot (San Diego, Sacramento, Boston, Atlanta),” said Jonathan Smoke, Realtor.com’s chief economist. “Some are just now seeing signs of recovery based on substantially better economic conditions forecasted for next year (Providence, New Orleans, Virginia Beach, St. Louis). Some are spillover markets from very hot markets (Providence, Sacramento), and most have one or more key demographic driving demand.”
Here are the top 10 housing markets that Realtor.com is predicting will have a bullish 2016:
St. Louis, MO
San Diego, CA
New Orleans, LA
Virginia Beach, VA