CHARLOTTE, NC — When it comes to the hottest housing markets in the U.S. going into 2018, two North Carolina cities are at the top, according to a new Zillow market report.
Raleigh and Charlotte were ranked the second and fourth hottest real estate markets in the country, Zillow said.
“Both areas boast strong income and population growth, as fast-growing Research Triangle anchor Raleigh becomes better known for innovations outside its life sciences base and Bank of America headquarters Charlotte builds on its reputation as a financial center,” said Zillow data scientist Lauren Bretz.
The hottest real estate market in the country is in San Jose, California, where the median home value is $1.13 million, and is expected to increase 8.9 percent in 2018, according to Bretz. The area boasts the highest job opening ratio per person in the country, and the only market where incomes average above $100,000, she said.
In other parts of the country, however, once thriving industrial cities Cleveland, Ohio; Buffalo, New York; and Milwaukee, Wisconsin are facing significant challenges, the report found.
“The population of all three metros is falling, and unemployment in Cleveland is 6.2 percent, well above the historically low national rate of 4.1 percent,” Bretz said.
Zillow’s rankings are based on six variables in the 50 biggest metro areas in the country, including its home value and rent forecast, income estimates, population growth data, unemployment rates and current job openings.
Here’s Zillow’s ranking of the top 10 hottest U.S. markets:
San Jose, California Raleigh, North Carolina Seattle, Washington Charlotte, North Carolina San Francisco, California Austin, Texas Denver, Colorado Nashville, Tennessee Portland, Oregon Dallas, Texas
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