Columbus and the rest of the Midwest will be left out in the real-estate cold this year, according to the annual forecast of hot real-estate markets by the real-estate service Zillow.
None of Zillow’s Top 10 hottest real-estate markets are in the Midwest or the Northeast. Instead, the West Coast and the South dominate, led by San Jose, California.
Zillow predicts that the median value of a San Jose home – already over $1.1 million – will rise 8.9 percent this year, the highest in the nation.
Zillow’s hot-market list is based on projections of rent as well as home values.
Following San Jose are: Raleigh, North Carolina; Seattle, Washington; Charlotte, North Carolina; San Francisco, California; Austin, Texas; Denver, Colorado; Nashville, Tennessee; Portland, Oregon; and Dallas, Texas.
“This list shows that just because a market is smaller or more affordable doesn’t mean it isn’t dynamic,” said Aaron Terrazas, senior economist at Zillow.
“Places like Raleigh, Charlotte and Nashville offer plenty of opportunities in healthcare and finance, while providing a less-expensive, but still-convenient alternative to the larger and pricier markets in the Northeast. The tech industry continues to roar, attracting thousands of new residents per year to tech-dominant markets like Seattle, Denver and the Bay Area. The higher cost of living in these areas is offset to a large degree by well-paying tech jobs.”