2019 Top 10 Hotest Housing Markets
A new report from Seattle-based Zillow ranked the top 10 housing markets in 2019 and found that Denver is No. 3.
To find the country’s hottest housing markets, Zillow looked for cities with strong income growth, low unemployment rates, growing populations, and home values and rents that are on track to outpace the rest of the nation in 2019.
San Jose came in first as the hottest housing market for the second year in a row. Zillow’s research shows that the Northern California city has the lowest unemployment rate and the most jobs per person out of the 50 largest metros in the country. It also boasts the highest home values as well as the highest forecasted home value appreciation.
But the rest of the list indicates a shift in the overall housing market, the report said.
“Silicon Valley's white-hot jobs market has propelled the region's housing market – which we expect to continue into the early months of 2019 – but there are some signs that the trend is away from the West Coast and toward the South and Southeast," said Zillow Senior Economist Aaron Terrazas in a written statement. "Affordability is attractive – for both young professionals and booming businesses – earning markets like Orlando, Minneapolis, Dallas and Nashville top billing in 2019."
In Denver, the median home value is $403,800 compared to San Jose’s median home value of $1.2 million. Median monthly rent in Denver is $2,075 compared to $3,521 in San Jose.
Here are the cities that made Zillow’s list of hottest markets:
- San Jose
- San Francisco
- San Diego