Millennials, Generation X’ers and retirees will account for the majority of 6 million homes sold in 2016.
Millennials are expected to be the largest demographic of home buyers.
Driven by increasing income, Millennials will seek out homes that meet the needs of their growing families putting the most weight on the safety of the neighborhood and the quality of the home. Commute and a preference for charming homes have these buyers looking in city-centers and suburbs.
According to a 2016 forecast by Realtor.com, the new construction market will see more significant gains in the coming year as new home sales grow 16 percent year over year. Total sales for existing and new homes will reach 6 million for the first time since 2006, a result of a strong gross domestic product increase of 2.5 percent and continued job creation.
But where are the fastest growing housing markets in 2016?
While last year’s list was heavy on the centers of technology like San Francisco, this year’s hottest housing markets is more diverse and does span the country, although the majority of 2016’s fastest growing housing markets are west of Texas.
The following is Zillow’s full list of the hottest housing markets in 2016:
- 1. Denver, Colorado
- 2. Seattle, Washington
- 3. Dallas-Fort Worth, Texas
- 4. Richmond, Virginia
- 5. Boise, Idaho
- 6. Ogden, Utah
- 7. Salt Lake City, Utah
- 8. Omaha, Nebraska
- 9. Sacramento, California
- 10. Portland, Oregon
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