By Neal Collins, Licensed Real Estate Broker at Latitude Realty, LLC
Zillow, the national database for real estate and rental properties, recently announced it's top 10 hottest real estate housing market predictions. Topping the charts are cities with burgeoning tech industries such as San Jose, CA, Seattle, WA, and San Fransisco, CA.
Portland, OR, made this year's list and ranks 9th nationwide.
Using various metrics to make its prediction, Zillow analyzed the 50 largest cities in the U.S. to find the fastest increasing home values and rental rates, lowest unemployment rates, and strong population and income growth.
Portland has seen double digit increases in both home values and rental rates for several years now. The population has steadily been growing in Portland and unemployment is at an all time low. The city's economy is adding high paying-jobs and the commercial real estate sector is heating up.
Some say that the residential market is cooling down to the multifamily construction boom the city has experienced over the last five years. Others argue that home values mostly likely will not continue to increase by double digits year over year in inner neighborhoods either due to increasing interest rates or income ceilings.
If Zillow's predictions are right, Portland's housing market in 2018 could prove to be a good market to sell in for people that have held out over the last several year run-up.
Zillow's Top 10 Housing Markets for 2018:
- San Jose, Calif.
- Raleigh, N.C.
- Charlotte, N.C.
- San Francisco
- Austin, Texas
- Nashville, Tenn.
- Portland, Ore.