At the beginning of each new year, there is one sure-fire question on everyone’s mind: What does the coming year have in store for us? While we like to make predictions, set goals and plan ahead, we can never fully know what the future holds. But that’s the most exciting (and sometimes scary) part about it!
Nevertheless, everyone loves to try and predict the future. We place bets on football games and horse races, invest in stocks and cryptocurrency and spend billions in lottery tickets each year. Why? Because the prospect of being right is so enticing…and the end result, if in our favor, could possibly change our lives!
It’s no different in the real estate industry, as we become enthralled with forecasting which housing markets will top the nation’s ‘hot list’ each year. And now more than ever. Due to unease caused by the last decade’s housing crash and ever-fluctuating home prices, Americans tirelessly track the up-and-down trajectory of the nation’s housing markets, waiting to ‘break in’ again at just the right time — in just the right market.
Now, as we settle into 2018 and look at predictions for the previous year, we ask ourselves: Were we right? Did we see it coming? Were we able to direct our investments, and those of our clients, successfully?
And for this year: What are the ‘hot markets’ where you can still afford to buy? Where are home prices almost certain to appreciate? The ones with booming economies and high job growth?
Realtor.com recently released their predictions for the top housing markets of 2018 after looking at the number of sales of existing homes and their prices, along with the amount of new home construction in the 100 largest markets (along with economy, population trends, unemployment rates, median household incomes, and other factors). Affordability, along with a strong economy, are top priorities for home buyers this year. And while prices are expected to grow, these ‘hot’ markets will still remain relatively affordable in 2018.
So which housing markets are this year’s big ‘winners?’ Here are the top 10 housing markets of 2018 (as predicted by realtor.com).
Las Vegas, NV
Dallas, TX
Deltona, FL
Stockton, CA
Lakeland, FL
Salt Lake City, UT
Charlotte, NC
Colorado Springs, CO
Nashville, TN
Tulsa, OK
Any surprises? While we were (obviously) thrilled to see Salt Lake City take #6 on the list, we definitely weren’t surprised. According to realtor.com, “Salt Lake City is so hot that potential home buyers will likely need to duke it out with competitors.” If you’re currently in the market to buy a home in Utah’s capital city, you know just how true that statement is!
With the rise of our very own Silicon Slopes — a high tech mecca rivaling Silicon Valley — the housing market is, indeed, hot. Corporations are jumping on the prospect of lower taxes, affordable real estate and a pool of fresh engineering talent from local universities. College students and millennials are flocking to the city due to high job growth and affordability, and Gen Xers with families are buying up homes as soon as they hit the market, particularly in the suburbs.
So, would we bet on the accuracy of this housing prediction? Hands down. With a median home price of $360, 828 and a predicted sales growth of 4.6%, 2018 is looking to be a great year for Salt Lake City’s housing market!