Denver, Colorado has been named the hottest market for 2016 by Zillow, which evaluated homes based on value appreciation, low unemployment rates, and strong income growth.
The honor likely came as no surprise to area originators.
“There are a lot of start-ups here and a lot of job opportunities; it could be the home of the next Google, AirBnB, or Uber,” Brian Quigley, a Denver-based originator with The Mortgage Network, told Mortgage Professional America. “There is a great quality life with us being right next to the mountains.”
Denver certainly ticks all the boxes of what is required of a hot market, according to Zillow.
"As the job market continues to hum and opportunity becomes more widespread, the best housing markets are no longer limited to the coasts or one-industry tech towns,” Gudell said. “This year's hottest markets have something for everyone, whether they're looking for somewhere to raise a family or start their career."
Zillow's Top 10 Housing Markets for 2016:
- Denver, Colo.
- Seattle, Wash.
- Dallas-Fort Worth, Texas
- Richmond, Va.
- Boise, Idaho
- Ogden, Utah
- Salt Lake City, Utah
- Omaha, Neb.
- Sacramento, Calif.
- Portland, Ore.
"Trendy tech centers like San Francisco, Seattle and Denver hogged the spotlight in 2015,” Zillow Chief Economist Dr. Svenja Gudell said in a release, “but this year, the markets that shine brightest will be those that manage to strike a good balance between strong income growth, low unemployment and solid home value appreciation."
Of course, the list still includes a number of hot tech centres, but many rely on more than just their tech industries; including Denver, whose booming marijuana industry is credited with helping bolster its tourism.
Housing market predictions are in and one industry veteran in the nation’s number one city provides reasons why his is the winner.