What are the top real estate markets in the country? You might think of New York, Seattle and possibly Boston.
If so, you would be wrong on all counts. None of these cities ranked in the top five of a recent study — and Denver ranked no. 4.
The study, titled “Emerging Trends in Real Estate 2015,” found Houston and Austin moving ahead of San Francisco for the top spots this year, while Charlotte, N.C., earned seventh place, edging out Seattle and Boston. Nashville ranked No. 14, besting Manhattan.
“These cities are positioning themselves as highly competitive, in terms of livability, employment offerings, and recreational and cultural amenities,” noted Patrick L. Phillips of the Urban Land Institute, one of the sponsors of the study.
According to the report, the top five cities to watch in 2015, in order of appeal, are: Houston, Austin, San Francisco, Denver and Dallas/Ft. Worth. Denver was cited for its popularity with millennials. In addition, investors appreciate the city’s vibrant technology and energy industries.
Denver also ranked high in a Realtor.com survey of the country’s “fastest moving markets,” based on the number of days homes spent on the market. Denver fell just below Oakland, San Jose and San Francisco. It ranked above Washington, D.C., Seattle, Houston, Los Angeles, Austin, Omaha, San Diego and Palm Bay, FL.
Interestingly, these markets boast a higher percentage of architects, engineers and computer and mathematical professionals than other markets and are also expected to see strong growth (19-35%) in the number of people over 65 years in the next five years — “well above the national average,” according to Realtor.com. As aging baby boomers make housing moves anticipating their retirement, Realtor.com notes that this helps bolster housing demand.
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