US Housing Market Forecast: 2015 Best Buy Cities
The last year saw significant real estate market stabilization and the trend is expected to continue throughout 2015. Needless to say, certain parts of the country will see a much better performance than others. The following US housing market forecast will present some of the best buy cities for 2015.
According to Forbes, the annual property price growth in Austin is expected to reach 12 percent in 2015.
Currently, the average home price in the city is 261,923 dollars. The annual job growth of 3.6 percent is one of the factors that are expected to boost the stability of the local real estate market. The Austin metro area population is also expanding (an 8.9 percent growth between 2010 and 2013).
One concern potential investors should keep in mind is that the hot market will maximize demand, which will result in further price increase. Anyone interested in buying Austin property should act on it now in order to get ahead of events.
The number of homeowners in Atlanta is expected to grow significantly in 2015, CNN Money reported. The annual sales growth forecast for 2015 is 11 percent.
In comparison to other US market, Atlanta has so far seen slower recovery. The stabilization of the real estate market began later than in other parts of the country, which is currently having an impact on prices and demand in the city.
The average residential property price in Atlanta is 228,250 dollars.
The average home price in Arizona is currently 212,327 dollars. The increase on an annual basis is to reach 10 percent. The lower average and the relatively strong growth are the two reasons why Phoenix has been added to the best buy US housing market forecast for 2015.
The annual job growth in the city is going to be 2.5 percent and the population growth in the metropolitan area is predicted at 4.5 percent.
The 2015 home sales forecast for Denver, Colorado, is 14 percent. Since the end of the financial crisis, the city has been among the ones enjoying the strongest recovery and the biggest economic stability. This growth has had a positive impact on the real estate industry, as well.
Denver is one of the places where the job growth is high and the unemployment rate is below the national average. This is why the city has seen the highest forecast for any US market.
The average property price in Denver is currently 270,000 dollars, an increase of 8.8 percent on an annual basis. Over the past five years, the property sales prices in Denver went up 45.9 percent. This upward trend is expected to continue throughout 2015.
The employment growth in Washington D.C. has been relatively slow in 2013 and 2014. The city, however, brags economic diversity and stability that turn it in a lucrative property investment place.
The 2015 home sales forecast is 10 percent and when it comes to new household formations. Washington will rank among the top five places in the country. The current average property price there is 435,000 dollars. The annual growth is expected to reach 2.5 percent and the Washington real estate market health is to improve significantly by the end of the year.
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