Real estate has been evolving rapidly over the past few decades, and the best real estate markets seem to change from year to year. 2017 is no different, with many cities emerging from real estate slumps and others settling back down. If you’re a buyer, seller, agent, or developer, check out these three interesting real estate markets of 2017.
1. Seattle, WA
Forbes recently announced that Seattle, Washington is their top real estate market. The prices of single-family homes have risen 13.5% in the past year, which is nearly three times that of the rest of the country. Beyond that is the massive demand for homes in Seattle. There are currently too few available accommodations, and very little undeveloped land to utilize. This makes Seattle less of a great area for developers, but it can be a great place to watch sellers leave having made significantly more on their homes than they paid when they first bought them.
Why is Seattle so popular?
Seattle has recently become a haven for techies of all kinds, from gamers to startup entrepreneurs. People who prefer to stay out of California but want to stay connected to the tech industry may find that Seattle creates a comfortable balance. Furthermore, many companies are opting to open locations in both San Francisco and Seattle, or to move their offices to the Washington city.
2. Portland, OR
CBS ran a report on top real estate markets, using data from Zillow. Portland was #6 on their list, but this west coast city has more to offer than simple statistics. However, if you’re looking at pure numbers, Portland’s home values have been increasing at a rapid rate, from 15% in 2016 to an estimated 5.2% in 2017. Also, due to Portland’s reputation of individuality, younger people are flocking to this city.
Why is Portland so popular?
Known as a “hipster paradise”, Portland offers unique eateries to suit any taste, from Kask (a bar, which boasts a drink containing egg whites) to Voodoo Doughnuts (where you can not only order interesting doughnuts, but also legally get married!). Furthermore, Portland is an innovative city. It is home to many startups, due to the high rate of Millennial residents, which leaves it open to economic boosts. The environment is also at the forefront of Portland’s local government, as they have made it increasingly easy to reduce carbon emissions by providing safe biking areas, as well as timing traffic signals to allow drivers to stop at less red lights, which reduces carbon emissions.
3. Honolulu, HI
Many people love Hawaii. It is one of the top destinations for honeymoons and romantic getaways. It also boasts high diversity and a relaxed island culture. However, the median sales price in Honolulu is what makes this city interesting. Last year, there was a drastic dip, where the median price went from $765,000 to $225,150 almost instantly. Now might be a good time to get into the Honolulu market, though, as median prices have steadily climbed since then. Beyond that, the number of rentals in Honolulu has increased significantly in the past year, which may catch the eye of potential landlords. If you are interested in tapping into the vacation market, you could look into opening an Airbnb or two.
Why is Honolulu so popular?
As I said, Hawaii is one of the biggest vacation spots. There are tons of outdoor activities, from ocean sports to climbing volcanoes, and more. There is also some of the most authentic and delicious food, particularly Asian and Pacific. The beaches in Hawaii may be some of the most incredible in the world, but the islands also contain some amazing historical sites, both pre-American and modern.
When looking into investing in real estate, it can be difficult to know which markets are worth your time. However, this short list can be a quick guide to some of the most interesting American real estate markets of 2017. Even if you’re looking for a market on the east coast or in the south, take the factors from this list into account and you’ll be sure to find a great property.