Ten-X, an online real estate marketplace, released its Top Single-Family Housing Markets Report for Summer 2017, 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) are Nashville, Tenn., Orlando, Fla., Fort Worth, Tex., Dallas, and San Antonio, Tex. These regions earned their spots by displaying consistently strong demand, home price appreciation, favorable affordability, and economic and demographic growth.
This quarter’s list features four newcomers. Nashville jumped from sixth to first this quarter, pushing out Tampa, which tumbled off the list to eighth. Orlando regained a spot in the top five, jumping from eighth to second. The remaining three spots on the list went to Texas metros. Fort Worth leapt from twelfth to third, Dallas dropped two spots this quarter to fourth, and San Antonio climbed six spots from last quarter.
“This quarter’s housing report continues to show that the housing market recovery varies greatly by region,” said Ten-X Executive Vice President Rick Sharga. “Markets in the South and Southeast with strong job and population growth – notably Texas and Florida – continue to have a much stronger outlook than much of the Midwest and Northeast. Markets in California and the Pacific Northwest appear to be cooling down a bit as home prices have risen to levels unaffordable for many prospective buyers.”
Nashville endured a modest downturn in existing-home prices after the 2008 housing crash, but since then, prices in the metro have surged well beyond their prior peak. Orlando’s ranking reflects the continued opportunity for continued growth amid the protracted recovery seen across many Florida metros. Meanwhile, Texas emerged as a prominent force this quarter. Despite cooling somewhat with the onset of lower oil prices, the Dallas, Fort Worth and San Antonio markets have been resilient, with prices surging well beyond previous highs.