Realtor.com forecast says 11 of the 25 top metros will be out west
Phoenix is slated to become the place to be next year. A 2017 housing forecast from Realtor.com predicts that Phoenix will be the nation’s top housing market, with 5.94 percent price growth and 7.24 percent sales growth. Compared to other top metros, the Arizona capital also has moderately priced housing, with a $300,000 median price.
Left-coast metros are expected to remain popular, as 11 of the top 25 markets are out west, including five in California. The top 10 includes Los Angeles, Sacramento, Calif., Riverside, Calif., Tucson, Ariz., and Portland, Ore.
For all their commonalities, the top 10 metro markets have different buying patterns and price levels, Realtor.com chief economist Jonathan Smoke notes. Millennials are more of a buying force in Boston and Los Angeles, while retiring boomers make their presence felt in Phoenix; Jacksonville and Orlando, FL; Raleigh, NC; Tucson; and Portland, OR. Veterans, meanwhile, come out in force in Jacksonville and Tucson.
A slight slowdown is expected for next year, though. Eight of the top 10 cities (excluding Los Angeles and Tucson) are predicted to have smaller increases next year compared to this year.