The housing market in the U.S. has experienced a major uptick over the past two years. In 2016, existing home sales were the strongest they’ve been since 2006. More than a decade after the worst housing crisis in U.S. history, it seems we’re finally in a sustainable recovery period.
As we enter 2018, the housing market shows no signs of slowing, and is slated to remain among the world’s top performers, according to a forecast from Fitch Ratings. U.S. home prices are expected to rise 4.6 percent this year.
Here are 10 states that are predicted to be among the top performers in 2018:
Housing forecasts for Nevada suggest that the market will continue to be strong, and that home prices will continue to rise in 2018. The fact that the state is home to Las Vegas — where median home values are expected to rise approximately 5.8 percent over the next 12 months — accounts for much of the market strength. Home values in Sin City rose 8.6 percent during the most recent 12-month reporting period, according to S&P/Case-Shiller’s Home Price Index. The median home price is approximately $285,045.
Thanks to a booming economy, Dallas and many other areas in the Lone Star state have seen a boom in housing over the past several years. A steady flow of profitable companies continue to relocate, expand, or launch their businesses here, thanks to lower taxes and a lower cost of living. The median home price in North Texas is $339,950. In 2018, home sales are expected to grow by six percent in 2018.
Led by cities including Deltona and Lakeland, Florida will continue to see a strong housing market in 2018. With the appeal of oceanside living, warm weather, and the ability to live an active lifestyle, Florida’s most popular areas are expected to see a more than 5 percent boost. The median home price in Deltona, the state’s most-booming housing area is $275,050.
With the economy expected to continue growing statewide, housing demand is poised to remain strong into 2018. However, a shortage of available homes for sale and affordability constraints make it a more challenging market to get into for homebuyers. Those with top credit scores have a competitive advantage over the competition when it comes to securing a mortgage. One of the fastest-growing areas, Stockton, is predicted to grow its housing market by 4.6 percent, and the median home price there is $385,050. In the most desirable areas, would-be homebuyers have been largely squeezed out altogether. For example, the median price of a home in San Francisco has increased $100,000 in the past year.
Businesses continue to flock to many parts of this state, making for a booming housing market that’s set to continue into 2018. The Provo/Orem region was recently ranked as the best-performing city by the Miliken Institute, thanks to a robust high-tech sector and broad-based job and wage growth. In Salt Lake City, the median home price averages $360,000, and the market is predicted to grow 3.2 percent in 2018.
- North Carolina
North Carolina’s strong housing market is being largely driven by the amount of people relocating there from other states. Home sales are predicted to grow 6 percent in 2018, and the median home price averages $325,000. Charlotte is among the fastest-growing because it has capitalized on the popularity of mixed-use developments that surging in popularity across the country.
The home of the Mile High City has seen some of the steepest price increases in housing of any other state in the U.S. over the past two years. While the market will remain strong, it is poised to level out a bit in 2018 to around 3.1 percent. Colorado Springs tops the cities for growth and the median home price there is slated to rise 5.7 percent this year.
Namely in Nashville, the housing market will continue to flex its muscle in 2018. According to a Nashville Realtor, single-family homes in the city’s premier suburbs often fetch multiple offers above asking price “overnight.” Currently the median home price hovers around $358,500.
Oklahoma City boasts one of the strongest — yet affordable — housing markets as we move into 2018. That makes it an attractive option for those looking to secure a mortgage with a manageable payment. Home prices average $99,000 there, which a bit lower than the national average, and also lower than the statewide median home price of $116,800. Thanks to a lower cost of living, steady job economy, and low crime rate, the state will continue to stay at the top of the U.S. housing market this year.=
This “peach” will continue to be sweet in 2018. In a one-year period between July 2016 and July 2017, home values jumped 10 percent. Thanks lower median home prices of $218,350, and a smaller amount of home available for sale, we will continue to see a strong housing economy, particularly in and around Atlanta.
To learn more about investing in the US real estate market contact an expert member of the 9 Core Realty team.