Zillow: San Jose, Calif., Picked As Hottest Homes Market For 2019

By Staff Writer

The hottest housing market this year will be San Jose, Calif., according to Zillow, the second year in a row that Silicon Valley earns that distinction even as the winds are gradually shifting in the nation’s priciest housing market.

Meanwhile, the South is drawing new residents seeking affordability and jobs in some up-and-coming tech markets.

San Jose – where the median home value is more than $1.2 million – continues to see double-digit home value growth. It has led the country for home-value appreciation, which it should do again during the early months of 2019, though the market is doubtlessly facing headwinds. For-sale inventory in San Jose has doubled in recent months, but remains tight. It also ranked highly for income growth, with the typical household income growing by 6.8 percent.

Others on the top 10 list: Orlando, Denver, Colorado, Minneapolis, San Francisco, Dallas, Nashville, Jacksonville and San Diego.

“Affordability is attractive – for both young professionals and booming businesses, earning markets like Orlando, Minneapolis, Dallas and Nashville top billing in 2019,” said Aaron Terrazas, senior economist for Zillow.

Orlando, Atlanta, Dallas and Nashville each had median home values of less than $250,000 at the end of 2018. On the other end of the spectrum, the median sales price in San Francisco was $963,000.

This article provided by NewsEdge.