The new VeroFORECAST is now out with predictions that the 10 Metropolitan Statistical Areas at the top of the report will appreciate from 9.3 to 11.7% through September 1, 2019.
The report, which covers the residences of 82% of the U.S. population in 358 MSAs, also forecasts an average rise in property values of 4.5% for the 100 most populous of them, a tenth of a percent increase over last quarter’s number. Housing supply and population trends continue to be the chief indicators of where a market will sit on the nation’s appreciation-depreciation continuum. In the top markets the housing supply is very low, which puts project price changes at the high end of the report.
The market with the highest projected average appreciation over the next year is Bremerton-Silverdale, Washington at 11.7% for single-family residences and 11% appreciation for condos and townhomes. The Bremerton market remains one of the strongest markets in the country, with its extremely low 1.4-month supply of homes struggling to fill the demands of its growing population.
Its predicted 11.7% appreciation is six-tenths of a percent higher than the top-ranked market in our VeroFORECAST reports in first and second quarter 2018. That market, in both reports, is right across the Puget Sound from Bremerton: Seattle-Tacoma-Bellevue. It remains in the top 10 this quarter, but drops to tenth place with a 12-month prediction of 9.3%.
Here are the 10 markets at the top of the VeroFORECAST for the year beginning September 1, 2018:
- Bremerton-Silverdale, Washington, 11.7%
- Boise City-Nampa, Idaho, 11.2%
- Las Vegas-Paradise, Nevada, 10.8%
- Bellingham, Washington, 10.6%
- Olympia, Washington, 10.3%
- Carson City, Nevada, 10.1%
- Reno-Sparks, Nevada, 10%
- San Francisco-Oakland-Fremont, California, 9.6%
- Denver-Aurora-Broomfield, Colorado, 9.5%
- Seattle-Tacoma-Bellevue, Washington, 9.3%
ANOTHER TOP MARKET ON THE SOUND
Just over 80 nautical miles north of Bremerton and Seattle, through the interconnected…