The US housing market has seen some serious growth in the previous two years. During 2016, the sales of existing homes were the strongest they had been since 2006, and more than a decade after our worst housing crisis in history, it appears we’re finally making a real recovery.
Now that we’re firmly in 2018, the real estate market shows no signs of slowing down, and the US is predicted to remain among some of the top performers in the world, with home prices expected to rise as much as 4.6% this year – even despite the tax changes. Here are just some of the top real estate markets to watch in 2018.
1. Nevada
The housing forecasts for Nevada indicate that the market will continue to increase in strength, and that home prices will rise throughout 2018. The fact that this real estate space is home to Las Vegas, where home prices are expected to rise by 5.8% in the next year is one of the many reasons why this makes our list of the top real estate markets for 2018.
2. Texas
Thanks to a strong economy, Dallas, and various other areas in Texas have seen a significant increase in the real estate market over the last couple of years. As companies with plenty of profit potential continue to move into the state, it’s likely that the prices of homes will continue to grow. What’s more, home sales should see a growth of 6% during 2018. According to information from Zillow, the median home price is currently $218,300. The robust home-building market is sure to continue making Texas a powerful place for investors, with 24,000 new apartments built last year.
3. Florida
Thanks to low taxes, cities like Lakeland and Deltona are leading the way for Florida in 2018, making it one of the top real estate markets for the year. Thanks to the ever-increasing appeal of oceanside life and warm weather, some experts predict that the market will see more than a 5% boost. What’s more, the median home price for Deltona at present is $275,000.
4. Utah
Today’s businesses are continuing to flock to Utah, which makes for a fantastic real estate housing market that should continue throughout 2018. The Orem/Provo region was previously seen to be the top performing city according to the Milken Institute thanks to the high-performing tech centre and plenty of job growth. In Salt Lake City, the market is predicted to grow by around 3.2% during 2018. The new “Downtown Rising Plan” is sure to be a source of this growth, which will develop the urban area of Salt Lake with a $3.6 billion airport and more.
5. Colorado
Colorado has seen some of the most significant increases in housing out of any state in the US throughout the last couple of years. The market is predicted to remain strong, though it might level out a little at the end of 2018. Colorado Springs is the top city for growth, with a median home price that’s expected to rise by 5.7% this year. Additionally, creative new developments in Denver is sure to help Colorado become a leading contender for the year ahead, new transit options like the G Line light rail are already in the works.
