The 10 Hottest Housing Markets for 2014
According to real-estate firm Zillow, Salt Lake City is the place to be for great real-estate deals in 2014. The capital of Utah tops the firm's predictions for the hottest housing markets in the nation for the upcoming year. Seattle, Miami, San Diego and Boston also made the list.
To determine which markets will be buzzing in 2014, Zillow combined data on unemployment rates, population growth and the Zillow Home Value Forecast. 'Hot' markets boasted lower than average unemployment, population growth greater than 2 percent during the past two years and are forecasted to have home value growth of more than 2 percent during the next 12 months.
While in every housing market on the list home prices are forecasted to continue to increase, values are not predicted to rise as rapidly as they did in 2013 (in which, according to Zillow, home prices increased by roughly 5 percent nationwide and more than 20 percent in some local markets). "This year, home value gains will slow down significantly because of higher mortgage rates, more expensive home prices, and more supply created by fewer underwater homeowners and new construction," the firm predicted.
For a full list of Zillow's top 10 picks for the hottest housing markets this year, check out the slideshow below. (Note: The figures that follow are taken from Zillow's Home Value Index for January 9, 2014).