Just as America’s population growth moved west from the Atlantic, real estate appreciation is trending in that direction, too. According to projections within the 2nd Quarter 2018 VeroFORECAST released last month, a graph of the nation’s highest-appreciating Metropolitan Statistical Areas through May 2019 might look like a wave cresting towards the West Coast.
The report from Veros Real Estate Solutions predicts that, while U.S. residential real estate will rise at a national average of +4.4% over the next 12 months, a tenth-of-a-percent uptick over the previous quarter’s report, the top markets are all between +9.1% and +11.1% – and all between the Rockies and the Pacific.
Six of those 10 MSAs are in Washington State and Nevada, which is starting to come back strongly. Although Las Vegas has dropped out of the top 10, the Carson City MSA has leapt in and the Reno-Sparks market leapt up from tenth to sixth. Both now are predicted to have average property appreciation of 9.5%. The rest of the top 10 markets are in Oregon, Idaho and California, where the Bay Area occupies two spots. Add in Utah and Colorado and you have 21 of the top 25 markets.
- Seattle-Tacoma-Bellevue, Washington (+11.1%)
- Olympia, Washington (+9.8%)
- Bremerton-Silverdale, Washington (+9.8%)
- San Jose-Sunnyvale-Santa Clara, California (+9.5%)