There’s no doubt about it – the US housing market consolidated its recovery in 2017. House prices rose consistently almost across the country and some states, such as Florida, registered 12 consecutive months of increases. 2018 promises more of the same with US property investment set to be one of the world’s top performers according to Fitch Ratings.
Within the vast countrywide property market there are, of course, big regional and state differences. Realtor.com has looked at the statistics and revealed the top ten states for US property investment this year. Key states for BRIC Group investments, Texas and Florida, stand tall in second and third position.
Nevada in top slot
Nevada state, home to Las Vegas, that takes the top spot for Realtor.com. Against a background of a forecast 4.6% rise in prices across the US this year, Nevada is expected to see an even higher increase. Prices rose by 8.6% in 2017 in Las Vegas, according to the latest S&P/Case-Shiller’s Home Price Index.
Texas in second
Just below Nevada and an excellent performer for US property investment generally in 2017 is Texas. The Lone Star state is home to a booming economy and as Realtor.com reports, “a steady flow of profitable companies continues to relocate, expand or launch their businesses here”. The study expects house prices to rise 6% generally in the state with Austin, Dallas and Houston predicted to be among the best performers.
Florida in third
A firm favourite for foreign US property investment, Florida is no stranger to top rankings in housing market performance. According to Realtor.com, the Sunshine State combines three factors that make it a preferred spot for relocation: “the appeal of oceanside living, warm weather and the ability to live an active lifestyle”. A 5% rise in house prices is expected across the state, although more popular areas such as Orlando, Deltona and Tampa should experience even higher hikes.
In the Milken Institute survey of 381 cities in the US, the Tampa and Orlando metro areas ranked in sixth and seventh positions respectively for best performance in job and salary growth, and high-tech positions.
California comes fourth
Another regular in the listings for best places to invest in US property, California features high in the Realtor.com survey. However, the state comes with a caveat – the shortage of homes on the market and the high prices of those for sale make it “a more challenging market to get into for homebuyers,” says the real estate portal.
Utah completes top 5
Utal lies in fifth position for US property investment potential due largely to the state’s popularity among relocating companies. In the Milken Institute, the Provo-Orem metro area ranked the highest for best performance in job and salary growth, and high-tech positions. Realtor.com predicts a 3.2% in house prices in Salt Lake City this year.
Best of the rest
Completing the top ten are the states of North Carolina, Colorado, Tennessee, Oklahoma and Georgia. North Carolina remains a popular relocation spot driving up house prices. Colorado saw some of the highest price rises in the country in both 2016 and 2017, and properties in Nashville, Tennessee reportedly receive multiple offers over asking prices such is the demand. Oklahoma City combines an attractive housing market with affordable prices and Georgia, home to Atlanta, saw double-digit rises in 2017.
(Source: Realtor.com)
