10 Up-And-Coming US Housing Markets To Watch In 2015
By Rachel Stults | Realtor.com
We’re closing out the best year in the U.S. economic recovery since the recession hit in 2008. For the most part, the housing market has rebounded. And plenty of places are reaping the benefits.
Where can you find these hot housing markets? Realtor.com® Chief Economist Jonathan Smoke offered up his top 10 picks for 2015—the places where we can expect to see strong housing growth, affordable prices and fast-paced sales.
“The markets on this list range from big cities with older housing stock to big and mid-size cities with substantial levels of new construction to up-and-coming markets appealing to young professionals for their job growth and high affordability,” Smoke said.
Some of the cities on the list are familiar to anyone who’s kept an eye on real estate trends, but there are a few surprises in the mix.
We’ve hand-picked a lovely home in each city—to learn more about any of them, just click on the images below. If you’d like to discover more of what these happening cities have to offer, simply click the city name.
Atlanta: Favorite for Household Growth and Home Sales Growth
One of the cities hit hardest by the bubble bursting a few years ago, Atlanta took longer than other markets to recover from the housing crash. But now, the sprawling metropolis is showing signs of rebounding. Over the next five years, the Atlanta market is expected to see 7% growth in total households, Smoke says.
At the center of transportation throughout the Southeast, Atlanta is also experiencing strong employment growth and its income is on par with the the rest of the nation.
Plus, Atlanta is still affordable—especially compared to other markets—despite predictions of increasing prices. City home sales are forecast to be up by 11% in 2015 as household growth, job growth and affordability work together to speed up the housing market recovery.
Dallas: Favorite for Household Growth and Volume of Home Sales
Dallas has been a top performer and is expected to remain one of the best markets in 2015, Smoke says. Although it’s home to 20 billionaires, the city hasn’t had its real estate market thrown out of whack by big money.
The Southern city is on pace to set a new employment record in 2014, the market is affordable, and it continues to draw an influx of new households.
Everything’s bigger in Texas, and huge new homes are springing up all over Dallas.
The city’s strong new construction market helps to contain any worry of housing supply pressure. Smoke predicts a 3% growth in home prices in 2015 and 7% growth in home sales.
Denver: Favorite for Growth in Home Sales and Demand Exceeding Supply
Although it’s freezing in the winter, this mountain metro is the hottest when it comes to real estate. Denver is on track to see the largest percentage increase in home sales—14%—of any major market, according to Smoke. It’s had one of the stronger local economies since the recovery began and is now setting new records for jobs.
Home prices are fully recovered, and the Mile High City will likely end 2014 with more home sales than 2013. The market’s biggest looming concern is declining affordability: Smoke predicts 3% growth in home prices in the next year.