Zillow survey says more than half of economists and real estate experts said they expected home value growth in Denver to outperform the national average this year.
Author: James Rodriguez (Denver Business Journal)
Published: 3:10 PM MST January 20, 2021
DENVER — Denver is expected to be the fifth-hottest home market in the U.S. in 2021, according to the results of a recent survey published by Zillow Inc.
The Zillow Home Price Expectations Survey takes into account the predictions of more than 100 economists and real estate experts. More than half (56%) said they expected home value growth in Denver to outperform the national average this year.
The panel of experts collectively appears to be bullish on relatively cheaper markets in sunny locales, and less so on expensive coastal cities. Austin, Phoenix, Nashville and Tampa comprise the top four markets that the panel deemed most likely to outperform the rest of the country, respectively.
“The pandemic has not upended the housing market so much as accelerated trends we saw coming into 2020,” the Zillow report states. “These Sun Belt destinations are migration magnets thanks to relatively affordable, family-sized homes, booming economies and sunny weather. Record-low mortgage rates and the increased demand for living space, coupled with a surge of millennials buying their first homes, will keep the pressure on home prices there for the foreseeable future.”
Read the full article at Denver Business Journal.
20Q4 Apartment Absorption
Furthermore, CoStar reported the best fourth quarter for apartment demand in two decades, nationally, with Denver in the top 10.
Other leaders included San Antonio, Denver and Charlotte, North Carolina, three cities that have continued to benefit from positive net migration trends from Northeastern, Midwestern and West Coast areas.
