As the new year approaches, one of the things that people want to know is who made it on the top ten list in almost anything in fashion, movies, celebrities, etc. Realtor notes on their reports the top ten hottest places for real estate in America in 2016.
Chief economist Jonathan Smoke of Realtor made the tally possible based from their 2016 housing forecast.
"Smoke and his team took past trends and seasonal variations of housing and economic data for the 100 largest markets in the country and stuck them into a time machine-oops, we mean a statistical model that predicts future values for home sales and prices."
"Then they identified the markets whose forecasted growth was equal to or better than the U.S. average. The resulting top 10 list is of the real estate markets that look the most bullish for the coming year," based from the outlet.
According to the publication, three among these cities that made it on the list were San Diego, Sacramento, and Boston. One of the reasons that a city makes it to the list was due to the avid buyers interest in purchasing a property on that city. Apart from this, employment also plays a key role in the process.
"Some markets have been hot and are remaining hot (San Diego, Sacramento, Boston, Atlanta)," Smoke said in the article. "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."
Based from the reports, the top ten list forecast is indicated below and Providence in Rhode Island is ranking at the top of the list.
Providence, RI
St. Louis, MO
San Diego, CA
Sacramento, CA
Atlanta, GA
New Orleans, LA
Memphis, TN
Charlotte, NC
Virginia Beach, VA
Boston, MA
