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On January 6, Zillow, a leading real estate and rental database, announced its predictions for 2017’s 10 hottest housing markets. Topping the list this year, at #4 in the nation and #2 in the East, is our very own Orlando, Florida!
Zillow’s predictions are based on rising home values, low unemployment rates, and strong income growth, according to their website. The three variables that Zillow utilized to determine their hot market predictions are Zillow’s Home Value Forecast, which forecasts the change in the Zillow Home Value Index over the next 12 months, recent income growth, and current unemployment rates. Those three variables were then scaled for the 100 largest U.S. metros and combined to create a ‘hotness score’.
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Orlando came in with a 5.7% forecasted home value appreciation, a 1% income growth, and a 4.5% unemployment rate. Other cities joining Orlando in the hottest markets of 2017 include Nashville, TN, Seattle, Washington, and Provo, Utah.
According to Zillow, other 2017 predictions include:
- The development of smaller homes near public transit and urban centers will rise.
- An increasing number of millennials, who made up over half of first-time buyers in 2016, will become homeowners this year, resulting in more racial and ethnic diversity in homeowners overall.
- Homeowners will continue to move to the suburbs to find more affordable housing, resulting, for the first time in a decade, in an increased share of people driving to work.
- As incomes rise and escalating rents slow, rental affordability will improve.
We’re so excited to be a part of one of the hottest real estate markets in the nation, and can’t wait for our future buyers and sellers to join us!
Want to read the original article?
Read: Nashville is Zillow’s Hottest Housing Market for 2017
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