February 14, 2017
New Faces Join Top Housing Markets for 2017
As title and settlement services providers, we work in a business environment at the crossroads between the real estate market and the mortgage industry. The success of real estate agents and lenders is vitally important to our success, and that’s why we keep a close eye on the stories and trends that will shape our industry in the coming year.
A recent story on CBS News noted that two real estate markets with reputations for their sky-high home prices and rent prices – New York City and San Francisco – are expected to come back to terra firma this year, while a new slew of metropolitan areas are expected to pick up steam.
Real Estate Markets: The Big Picture
Based on nearly any metric you use, the national housing market has recovered from its precipitous fall in the mid-2000s. But on a regional level, it’s clear that some areas have rebounded better than others. Furthermore, homes valued below $100,000 have only gained 10% in value since 2000, while homes between $500,000 and $1 million have more than doubled.
Many of those $500,000 to $1 million dollar homes, you’ll note, are in the markets we just mentioned: New York City and San Francisco. Home buyers in those markets can breathe a sigh of relief as home prices there are not expected to continue their meteoric rise aiding affordability.
Top 10 Housing Markets for 2017
Nationwide, home prices are expected to appreciate 3% in 2017. Only two of the nation’s five largest cities are expected to break 3% in home price appreciation this year: New York City at 3.6% and Houston at 3.2%.
Taking into account everything from affordability and unemployment rates to cultural, civic and outdoor opportunities, Zillow named the housing markets below the best for 2017.
- Sacramento, CA – 4.8%
- Affordable, Diverse California Market
- Denver, CO – 3.6%
- Slow and Steady with Low, Low Unemployment
- Ogden, UT – 4.7%
- One of Outside magazines best towns in America
- Knoxville, TN – 4.4%
- Outdoor Enthusiast Paradise
- Portland, OR – 5.2%
- Hipster Heaven Stays Strong after 15% price jump
- Salt Lake City, UT – 4.3%
- “The Next Silicon Valley”
- Orlando, FL – 5.7%
- Tourism Boosts Economy
- Provo, UT – 4.3%
- New Tech, Commercial Hub
- Seattle, WA – 5.6%
- Tech-Haven Drives Prices Further
- Nashville, TN – 4.3%
- Country Music and Quality of Life
Partner with Lincoln Abstract & Settlement Services in 2017
Lincoln Abstract & Settlement Services is trusted by realtors and lenders across the nation to coordinate the flow of documents and funds and make closings streamlined and worry-free. We understand the importance of communication and work proactively to identify and resolve issues that could cause a delay. To learn more about our many services, please visit our homepage today!