Ten-X released its Top Single-Family Housing Markets Report for Spring, which ranks the nation’s 50 largest housing markets according to current and forecasted housing fundamentals. Among the 50 largest US markets, the top five (in order) were Tampa, Fla., Dallas, Columbus, Ohio, Las Vegas and Jacksonville, Fla., each demonstrating a vigorous combination of consistently strong demand, home price appreciation, and economic and demographic growth.
While previous reports have heavily featured Florida markets, this quarter’s list is more diverse. Tampa and Dallas each advanced three spots to take the top two rankings this quarter, respectively. Columbus jumped from tenth to third this quarter, while Las Vegas rejoined the top five metros list after a brief hiatus, rising from ninth to fourth. Jacksonville rounds out the top five, climbing a few spots from last quarter.
“This quarter’s housing report had a few surprises, showing how a market’s housing outlook can ebb and flow depending on changes in some of the underlying fundamentals,” said Ten-X Executive Vice President Rick Sharga. “For example, Columbus bucked the downward trend we’re seeing in many other Midwestern markets due to population and job growth, while cities that formerly ranked highly in our analysis, like Los Angeles and San Francisco, are beginning to show signs of weakness due to prices that have risen high enough to impact affordability.”
Tampa, Jacksonville and Las Vegas have all emerged in the aftermath of a devastating housing bust. While they are still on the road to recovery, they have all made impressive strides benefiting from accelerating population growth and prosperous local economies. This has contributed to both an increase in the local jobs market and increased demand in the housing market. Columbus stands out among otherwise struggling metros in the Midwest as stronger economic and demographic trends in this market have supported healthier housing demand. Columbus has also benefitted from historically lower volatility than most of the Midwest, as has Dallas, which offers a more diversified local economy – a factor that has helped strengthen its housing market despite the uncertainty surrounding oil prices.
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Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.