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2019 Hottest Real Estate Markets (Hint: Nashville is on the list)

Posted by Scott Layson on January 20, 2019
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It’s the beginning of new year, which means all the experts are putting on their prognosticator hats and doing their best to predict what this year might have in store for the real estate market.

The people at Zillow did just this and took a look at the 50 largest U.S. Metro areas to come up with their own list of “Top 10 Hottest U.S. Markets in 2019.” The below graph shows their findings:

 

Projected Top 10 Hottest Markets in the U.S. for 2019

RankMetroMedian Home Value, Nov. 2018% Change in Home Values, ForecastMedian Rent, Nov. 2018% Change in Rents, ForecastIncome GrowthPopulation GrowthUnemployment Rate
Job Openings per Person
1San Jose, CA$1,251,20012.70%$3,5212.10%6.80%1.00%2.50.039
2Orlando, FL$233,7006.30%$1,4722.90%5.20%2.80%3.10.029
3Denver, CO$403,8006.80%$2,0755.20%6.60%1.20%3.10.028
4Atlanta, GA$215,0007.60%$1,4118.20%4.40%1.60%3.30.022
5Minneapolis-St Paul, MN$265,2005.40%$1,6592.30%5.00%1.40%2.60.035
6San Francisco, CA$963,0006.70%$3,4171.20%5.20%5.20%2.60.033
7Dallas-Fort Worth, TX$237,8008.40%$1,6112.90%5.60%5.60%3.30.019
8Nashville, TN$252,2006.80%$1,4991.10%6.50%6.50%2.90.023
9Jacksonville, FL$208,2009.30%$1,3572.40%3.30%3.30%30.026
10San Diego, CA$592,8004.30%$2,5738.60%7.60%7.60%3.20.017

Siix different variables were used to form what they call a “hotness” score for each metro area. The variables included:

  • Zillow Rent Forecast
  • Zillow Home Value Index (median home values)
  • Zillow Rent Index (median estimated rents)
  • Income and population growth using the Census Bureau’s American Community Survey (ACS) 2016 and 2017 one-year estimates.
  • Current unemployment rates
  • Number of job openings using data from Glassdoor

San Jose came in at #1 on the list for the second year in a row. Nashville, oddly enough, also landed at the same exact spot it did last year, coming in at number 8. However, we will probably see Nashville bump up a few spots next year on the heels of the 1,000’s of jobs Amazon will be bringing to the city.

Nashville’s Top 5 Neighborhoods for 2019

Cherish Lombard with WKRN news in Nashville did a follow-up story to drill down and find out predictions for the hottest areas in Nashville. Below is a list of the top 5 neighborhoods predicted to see the highest home value increase in 2019.

  1. Cloverhill– Donelson – 12.2%
  2. Hermitage Hills– Hermitage – 10.5%
  3. Whites Bend– West Nashville – 10.1%
  4. Tulip Grove– Hermitage– 9.9%
  5. Rayon City– Old Hickory area– 9.8%

 

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