2015 was an interesting year for real estate business and it still is emerging more than ever. Despite changing investment laws, fluctuation on oil prices and currency instability, real estate markets have several exciting prospects in 2016.
“But this year, the markets that shine brightest will be those that manage to strike a good balance between strong income growth, low unemployment and solid home value appreciation,” says Zillow Chief economist Dr. Svenja Gudell.
The real estate market is generally ranked on three variables: income growth, home value appreciation and unemployment rates. A combination of these factors determine the strength of housing market. Based on these factors, check out the 10 hot real estate markets to watch in 2016.
1. Grand-Rapids, Wyoming, MI
Grand Rapids is one of the most emerging markets in the US as it is considered the 14th most affordable city in the country. This river city also has the 22nd strongest job growth as of 2015. A home to the Fulton Streets Farmers Market run since 1922, the city hosts around 11,000 shoppers a week and has over 200 vendors. With its vibrant scene and rich culture, the city is one of the most watch in terms of real estate in 2016.
2. Charleston, SC
Despite having low affordability and vacancy rates, the Charleston, SC real estate is one of the most trending business in the United States. With sixth-highest rate for job growth in the country, the real estate business is booming and growing like never before. Known as a food-destination with its popular Charleston Wine and Food Festival, 11 restaurants of the city were nominated for the James Beard Awards in 2015.
3. Austin, TX
Booming job growth, opportunities for millennials and the best dining scene is what locks Austin as one of the most popular places for real estate business. Local businesses to big brands like Apple, Dell, IBM and Samsung are established in the city which adds popularity to the real estate in Austin. Houses for sale in Round Rock, Austin is where there is a huge growth of real estate business as that part of the city has a lot of houses and properties for sale, more than anywhere else.
4. Baton Rouge, LA
Diverse in culture and architecture, Baton Rouge is a home to several museums, theaters, and theaters. Sports and arts scene has been growing here since a long time and with LSU present here, the city is what adds its competition to real estate and property management business.
5.San Antonio, TX
Another city in Texas, San Antonio is that place which saw the biggest boost in millennials of all metropolitan areas in the country in between 2010 and 2013. The beautiful Riverwalk and the travel attractions is what makes San Antonio a good place to live in. Plus, its affordable real estate has grown interest from several people around the country for business opportunities.
6. Colorado Springs, CO
Known to be a home for business and careers, Colorado Springs is best known as a paradise for tourists. Ranked as one of the best “distinctive destination” in the world, the city enjoys a great milieu of architecture and history which adds benefit to its growing real estate business.
7. Columbia, SC
The home to six best colleges, several major hospitals and the Fort Jackson, the largest military training center in the country, Columbia’s real estate business runs well because of the city’s top infrastructure. Home to several top restaurants and musicians, the city’s affordable housing prices is what supports the business here.
8. Riverside-San Bernardino, CA
Together with affordable properties, Riverside-San Bernardino is rich with its architectural history since the Spanish Colonial Revival. Plethora of opportunities to run several businesses including breweries and pubs is what makes the city an attractive spot for real estate.
9. Las Vegas, NV
Who does not love to visit Vegas once in their life? Well, the city of night live known for its great outdoors, Las Vegas is a dream to several millennials. With 4.8% job growth in 2016, the city is a home to several casinos and restaurants which adds several opportunities for business here.
10. Tacoma, WA
Tacoma is an attractive destination for young professionals looking to grow their business. With affordable real estate prices, the city is known for outdoor activities and arts. Located on the banks of Puget Sound, Tacoma also has several major employers in the country including Boeing, US Air Force, Costco, among others making it an appealing destination for real estate business.
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