Collaborating research most recently done by Zillow and Pulsenomics indicates that southern housing markets will reflect their relatively hot climates. And, among those hot-weather climates, Austin TX is expected to be a standout housing market in the 2020’s.
The vast majority, a whopping 83%, of the economists and industry experts surveyed by Zillow-Pulsenomics for this latest research expect the Austin housing market to outperform the nation’s market. Only 7% of those surveyed said that the Austin housing market would underperform.
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Joining Austin in such expectations for “most successful” housing markets in the 2020’s are Charlotte, Atlanta and Nashville. Fourteen additional markets, eleven from Texas or other southeastern/southwestern strongholds, are also expected to perform well in the 2020’s.
Skylar Olsen, Zillow’s director of economic research, said, “At the top of (our most successful) list are metros that are still providing relative affordability and thriving amenities – rich communities that appeal to younger adults willing to make a move. These features, plus the ability to grow and add housing in the future, are attractive properties for employers and employees alike.”
Markets expected to underperform in the 2020’s are those having a poor track record for affordable housing and cost of living realities. San Francisco, where only 8.4% of homes sold in Q3 2019 were affordable to households earning the area’s median income of $133,898, Los Angeles and San Jose are on Zillow-Pulsenomics’ list to underperform in 2020. Sacramento and Cincinnati also earned that unwelcome distinction.
Here are the Outperforming Markets for 2020 along with the percentages of industry experts and economists who support this endorsement:
San Antonio 44%
Las Vegas 41%
Here are the Underperforming Markets for 2020 where prices are expected to fall:
San Francisco 64%
San Jose 61%
Los Angeles 55%
San Diego 39%
You’ll note that Seattle’s housing market generated a split-decision with 40% of the experts predicting the city to outperform and 40% predicting that its market would underperform. The remaining 20% expect Seattle’s housing market prices to remain unchanged in 2020.
Thanks to Zillow and Pulsenomics for source data.