Much higher home prices in the big cities on the east and west coasts traditionally are the norm, such as in New York and San Francisco.
But regarding the housing market in 2017, these hot markets are not necessarily the best places to buy a home. According to Zillow, some of the best places to buy homes next year may well be in smaller markets away from the major population centers on the coasts.
Below are some of the best housing markets to call home for 2018:
#1 Nashville TN
It is expected that Nashville will see real estate appreciation in the range of 4.3% next year. Nashville these days is not just about country music and BBQ. It now has a very quickly growing healthcare sector, and this is leading to booming growth in jobs, income and more jobs. Its relatively central location in the country also helps it to attract major employers, and the state has no income tax, so that helps as well.
Income in Nashville will rise by about 1% in the next year, and unemployment is low at 4%.
#2 Seattle WA
Seattle is an expensive city in which to live, but this is off set somewhat by home price increases, which will be at least 5.5% next year. This will benefit people who own their homes and want to sell or get a home equity loan. But it is going to pinch some people who want to buy a home here.
Amazon is growing like mad, and as the home of that company, this is leading to growing demand for homes and also rising wages.
Unemployment in the city is 4.4% and incomes will rise by 1% in 2018.
#3 Provo UT
Provo is an affordable place to live and will see 4.3% increase in home prices in 2017 and 2018. Some of the most important employers here for home owners are Novell and Nu Skin Enterprises.
Incomes are going to increase by 1% and the unemployment rate is very low at 2.7%.
#4 Orlando FL
Orlando is still very popular with tourists as the home of Disney World and Universal Studios Florida. The tourism industry will always drive employment growth here. Home prices are set to rise by a healthy 5.7%, and increases in wages will be in the 1% range.
The unemployment rate in Florida is around 4%.
#5 Salt Lake City UT
People who live in Salt Lake City will enjoy appreciation of 4.3% in the next year. One of the biggest employers in the city is the University of Utah, and the university tends to make this one of the best educated cities in the country.
Salt Lake City attracts major employers including Marriott and Delta. Some people say that Salt Lake City is a newer, much cheaper Silicon Valley. Incomes are increasing by 1% each year, and the unemployment rate is very low at 2.8%.
#6 Portland OR
Portland will see homes increase in value by more than 5% by the end of next year. This seems high compared to some parts of the US, but it is not nearly as hot as two years ago, when there was a 15% increase in prices.
The unemployment rate here is around 4.7% and incomes also are increasing 1% per year.
#7 Knoxville TN
This is the third-largest city in the state. It will enjoy home appreciation of 4.4%, and it is like Nashville in that it will see rapid growth as more large employers are moving to the city, attracted by its low cost of living and low taxes.
Incomes will rise by 1.1% here and the unemployment rate is 4.5%.
#8 Ogden UT
This small city is located about an hour north of Salt Lake City. It will enjoy 4.7% growth in home prices, and has been named one of the best cities in America by Outside magazine.
The unemployment rate here is very good at less than 3%, and incomes will rise by 1% by the end of next year.
#9 Denver CO
Housing prices here will grow by 3.6%, which is one of the lower rates on this list. But home prices here have grown a lot in the last five years as more people from the expensive west coast have relocated here. The unemployment rate is low at 2.9%. Incomes in the city are rising by 1% per year.
The city is very popular for people moving here and also tourists as it is near great hiking and skiing areas.
#10 Sacramento CA
Not every part of California is completely out of site in terms of home prices. Home prices here are going to go up by nearly 5% in the next year. It has a much lower cost of living than LA and San Francisco, so is becoming a more popular destination for many Californians. The unemployment rate here stands at 5%.
References: Top Hottest Real Estate Markets for 2018. (n.d.). Retrieved from https://www.cbsnews.com/media/the-10-hottest-real-estate-markets-in-2017/2/