Denver Has Top Housing Market in Country: Auction.com
The Mile High City rises above all others across the United States when it comes to housing.
Denver ranked first on Auction.com's list of the "hottest" major single-family housing markets in the U.S., the online real estate marketplace said in a press release Wednesday. Rounding out the top five were San Antonio, Nashville, Fort Lauderdale, Fla., and Dallas.
These cities possessed very promising current and expected future housing fundamentals, including rising home prices, affordability, strong housing demand and positive economic and demographic conditions such as population and job growth.
Beyond Denver, Fort Lauderdale and Dallas were notable for ranking on the list. The Florida city faced a considerable housing decline due to the recession and is still regaining its footing. The city has one of the fastest job growth rates in the country at 4.2%, and median home prices have grown by 7.8% in the past year.
Conversely, Dallas has eyed a more recent crisis as oil prices tanked, threatening the local economy. The local economy is well diversified, however. And with employment rising by 4.5% and home sales resting at their highest level in seven years, Auction.com still considered the metro area as one of the hottest housing markets.
Generally, Auction.com found the Southwest to be the strongest in the country in terms of its real estate market. The Southeast and West also have strong markets, it noted.
"Earlier in the recovery, most of the growth came from markets that had suffered the biggest declines during the housing bust, but what we're seeing today is more in line with fundamental economic trends: markets with the best job growth and population growth are recovering most quickly," said Auction.com executive vice president Rick Sharga in the release.
Since 2007, Auction.com has sold more than $30 billion in residential and commercial real estate assets.