Eight years has made all the difference in several single-family housing markets that were affected most by the recession. Many of those markets now rank among the nation’s healthiest in Ten-X’s Top Single-Family Housing Markets Report for the Winter [1].
Florida, which featured many of the areas hardest hit by the crisis, took each of the top four spots on the list of the nation’s 50 largest single-family housing markets when ranked by Ten-X according to strong demand, home price appreciation, and economic and demographic growth. Orlando, Palm Beach County, Fort Lauderdale, and Tampa placed first through fourth, respectively, and Dallas, Texas, ranked fifth on the list. Florida ranked one more market in the top 10 with Jacksonville and No. 8.
“While most of the cities at the top of the list share common traits like job growth, population growth and economic expansion, many of the cities showing the greatest potential were among those hardest hit during the Great Recession,” said Ten-X EVP Rick Sharga. “The top 20 cities in our report include many that were devastated during the foreclosure crisis—especially in states like Florida—and as home prices continue to recover, they still represent buying opportunities for homeowners and investors alike.”
The only market out of the top five that experienced positive year-over-year sales growth was Orlando at 0.2 percent, though the declines in the remaining top four markets were slight . All of the top five experienced robust home price appreciation year-over-year, however; the lowest rate among the top five markets was 8.8 percent (Fort Lauderdale) and the highest was Palm Beach County (12.1 percent), according to Ten-X. The demand in Florida has been largely driven by improved economic and demographic trends, as was the case in Dallas. Another one of the hardest hit areas, Las Vegas, ranked ninth on the list primarily due to strong demand for single-family housing.
“The U.S. economic expansion is continuing despite turbulence abroad,” said Ten-X Chief Economist Peter Muoio. “The labor market in particular remains a bright spot, adding an average of 180,000 jobs per month this year. U.S. home sales have bounced around at a high level throughout 2016 because of tight inventories, resulting in a zig-zag pattern of sales that has persisted. Nonetheless, solid job gains, low unemployment, budding wage growth and low mortgage rates are all contributing to elevated housing demand.”
Click here [1] to view the complete list of top 50 single-family housing markets as ranked by Ten-X.