As 2015 starts to bid its goodbye, real estate market is ready to kick- off and start the real estate market for 2016. Several reports have released predictions of the top 10 real estate market to watch out for in 2016.
According to realtor.com, Chief economist Jonathan Smoke led the 2016 Housing Forecast and determine the top 10 "up- and- coming" industry markets in the country.
The list was a result of collaborative work and consolidated data of past trends and seasonal variations in housing market by using information from 100 largest markets in the country. Out of these data, a statistical model that will provide a forecast of future home sales or values was concluded.
Some of constant market "topnotches" were not included for next year's list as slower price appreciation and decreasing sales will be observed from these markets in which San Francisco, Denver and Dallas were included.
The markets included in the forecast list have high demand "with 60% more listing page views than the U.S. overall and inventory that sells 16 days faster than the U.S. average." The increased demand for these markets will be owed from increasing client groups which will be composed by retirees (65 to 74 years old), younger Gen Xers (35 to 44 years old) and older millennials (25 to 34 years old).
Despite of common denominators, the markets included in the list have different "underlying dynamics." Smoke said "Some markets have been hot and are remaining hot (San Diego, Sacramento, Boston, Atlanta). 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."
According to housingwire.com, the top 10 real estate market for 2016 are:
10. Boston, Massachusetts
9. Virginia Beach, Virginia
8. Charlotte, North Carolina
7. Memphis, Tennessee
6. New Orleans, Louisiana
5. Atlanta, Georgia
4. Sacramento, California
3. San Diego, California
2. St. Louis, Missouri
1. Providence, Rhode Island
What are your thoughts about this forecast? Share it in the comments!
