Q2 2018 VeroFORECASTS
Veros Real Estate Solutions, an award-winning business in enterprise risk management, collateral valuation services and productive analytics, predicts that, over the next 12 months, residential market values will appreciate nationally by 4.4%.
VeroFORECAST analyzes 354 Metropolitan Statistical Areas (MSAs) in the country occupied by 82% of the population on a quarterly basis. Single –family homes, condominiums and townhouses are included in Vero’s quarterly predictions on price appreciation and depreciation.
Q2 2018 is the 24th consecutive quarter that the VeroFORECAST index predicted a national appreciation of housing units in the US. Its predictive 4.4% appreciation rate for all national residential units is for the 12 months from Q2 2018 through Q2 2019.
The top 10 markets predicted to experience appreciation in their respective residential markets are all located within the five contiguous states closest to the Pacific Ocean…Washington, Oregon, California, Nevada and Idaho. Add the mountain states of Utah and Colorado and you’ll cover 21 of the 25 top markets.
Top 10 Cities with Most Appreciation for Q2 2018 – Q2 2019
Average population for all cities = 1.7M
- Seattle-Tacoma-Bellevue, WA 11.1%
- Olympia, WA 9.8%
- Bremerton-Silverdale, WA 9.8%
- San Jose-Sunnyvale-Santa Clara, CA 9.5%
- Carson City, NV 9.5%
- Reno-Sparks, NV 9.5%
- Mt. Vernon-Anacortes, WA 9.4%
- Pocatello, ID 9.4%
- San Francisco-Oakland-Fremont, CA 9.2%
- Eugene-Springfield, OR 9.1%
The VeroFORECAST indicates that nearly one half of the bottom 25 states predicted to experience the most depreciation are in the Northeast part of the country…NJ, PA, NY, CN, Maine and Maryland. States in the Deep South…LS, AL, AK, and MS…make up the other eight city slots.
Note that Cumberland, MD-WV was not among the 10 highest depreciating MSAs in Q1 2018 and now it’s the highest ranking at -1.6%. Veros believes this major shift comes from declining population, rising unemployment, increased interest rates and seasonality.
Top 10 Cities with Most Depreciation for Q2 2018 – Q2 2019
Average population for all cities = 318,000
- Cumberland, MD-WV -1.6%
- Farmington, NM -1.1%
- Gettysburg, PA -1.0%
- Atlantic City-Hammonton, NJ -1.0%
- Peoria, IL -1.0%
- Fort Smith, AK-OK – 0.7%
- Jackson, MS – 0.5%
- Hartford, CT – 0.4%
- Joplin, MO – 0.3%
- Bridgeport-Stamford-Norwalk, CT – 0.0%