We’re closing out the best year in the U.S. economic recovery since the recession hit in 2008. For the most part, the housing market has rebounded. And plenty of places are reaping the benefits.
Where can you find these hot housing markets? Realtor.com® Chief Economist Jonathan Smoke offered up his top 10 picks for 2015—the places where we can expect to see strong housing growth, affordable prices and fast-paced sales.
“The markets on this list range from big cities with older housing stock to big and mid-size cities with substantial levels of new construction to up-and-coming markets appealing to young professionals for their job growth and high affordability,” Smoke said.
Phoenix: Favorite for Income Growth and Growth in New Construction
Phoenix consistently hammers home market growth through new construction. Because it’s one of the top five markets for new construction, the sprawling desert city continues to see an increase in overall population and household growth.
Household growth is anticipated to increase by 7% over the next five years, according to Smoke.
And although the market hasn’t fully recovered from the recession, it continues to be relatively affordable and income is expected to grow at a higher pace in 2015.