Four of the Top 5 fastest appreciating real estate markets during the next 12 months are projected to be in Washington, according to Veros Real Estate Solutions.
Veros analyzed market trends in roughly 340 metropolitan statistical areas (MSAs). It predicted Seattle (+11 percent); Bellingham, Wash. (+10.1 percent); Kennewick, Washington (+10 percent); Denver (+9.9 percent); and Mount Vernon, Wash. (+9.9 percent) as the top real estate markets would have be the fastest appreciating markets through March 2019.
“I’m not surprised to see that four of the five fastest appreciating markets are in Washington State,” Seattle-based Windermere Real Estate said Economist Matthew Gardner said in a release. “Seattle, in particular, continues to be a popular choice for residents coming from more expensive markets in California.”
“In Seattle and the other Washington State metro areas that made this list, the supply of new construction homes is very limited, which puts additional pressure on existing home prices,” Gardner added. “I don’t expect much to change in 2018; competition for homes will remain strong, resulting in strong sales and rising home prices.”
Rounding out the top 10 projected fastest appreciating markets were Midland, Texas (+9.5 percent); Bremerton-Silverdale, Wash. (+9.5 percent); Vallejo-Fairfield, Calif. (+9.4 percent); Eugene, Ore. (+9.1 percent); and Reno, Nev. (+9 percent).
Veros projected the five MSAs with the most depreciation in the next 12 months would be Atlantic City (-2.9 percent); Joplin, Mo. (-1.4 percent); Goldsboro, N.C. (-1.1 percent); Longview, Texas (-0.8 percent); and Peoria, Ill. (-0.6 percent).
“Atlantic City demand remains so low because the population has been declining for decades,” Eric Fox, Veros’ vice president of statistical and economic modeling said. “Unemployment is high at 6.4 percent, a full two-and-a-half percentage points above the national average. Supply is around nine months and continues to rise. Peoria’s sluggish forecast is due to relatively flat population growth over the past decade and an unemployment rate of 4.6 percent.”