Ten-X, the nation’s leading online real estate marketplace, released its Top Single-Family Housing Markets Report for spring, 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) were Tampa, Fla.; Dallas; Columbus, Ohio; Las Vegas and Jacksonville, Fla., each demonstrating a vigorous combination of consistently strong demand, home price appreciation, and economic and demographic growth, the report said.
While previous reports have heavily featured Florida markets, this quarter’s list is more diverse. Tampa and Dallas each advanced three spots to take the top two rankings this quarter, respectively. Columbus jumped from tenth to third this quarter, while Las Vegas rejoined the top five metros list after a brief hiatus, rising from ninth to fourth. Jacksonville rounds out the top five, climbing a few spots from last quarter, the report stated.
“This quarter’s housing report had a few surprises, showing how a market’s housing outlook can ebb and flow depending on changes in some of the underlying fundamentals,” Ten-X Executive Vice President Rick Sharga said. “For example, Columbus bucked the downward trend we’re seeing in many other Midwestern markets due to population and job growth, while cities that formerly ranked highly in our analysis, like Los Angeles and San Francisco, are beginning to show signs of weakness due to prices that have soared high enough to impact affordability.”
Looking at the top five markets at a glance and the home price growth year-over-year, Tampa was tops with a 13.1 percent growth followed by Jacksonville (11.9 percent), Dallas (10.6 percent), Las Vegas (9.7 percent) and Columbus (9.6 percent).
With regards to the home sales growth year-over-year Las Vegas leads with 11.4 percent, Jacksonville and Tampa (7.3 percent), Columbus (6.6 percent) and Dallas (2.0 percent).
Tampa, Jacksonville and Las Vegas have all emerged in the aftermath of a devastating housing bust. While they are still on the road to recovery, they have all made impressive strides benefiting from accelerating population growth and prosperous local economies.