The 7 biggest US housing markets in 2014 were suffering like other markets when a little over a year ago, the future of the US housing market looked anything but bright. However, beyond all expectations, real estate bounced backed like no one expected, a trend which will continue in 2014.
Following, we would like to present you with a list we have compiled of the 7 biggest US housing markets in 2014, based on a report issued by Trulia, a real estate website. The experts at Trulia took two main indicators: job growth and construction activity in 2013.
Curious to see what the 7 biggest US housing markets in 2014? Let’s take a look at the countdown.
No. 7: Salt Lake City, Utah
Job growth: 2.4%
Construction activity (permits relative to the area’s average since 1990): 80%
Salt Lake City’s housing market rebounded significantly in 2013 and will continue to do so in 2014. Factors that will contribute to this include a skilled workforce, increasing wealth, and the ease of obtaining a credit making Salt Lake City one of the 7 biggest US housing markets in 2014.
No. 6: Fort Worth, Texas
Job growth: 3.5%
Construction activity (permits relative to the area’s average since 1990): 83%
Low mortgage rates and the expanding job markets have significantly increased the housing market in Fort Worth. Real estate agents in the area have reported that home sales are close to what they used to be prior to the recession.
No. 5: Raleigh, North Carolina
Job growth: 2.1%
Construction activity (permits relative to the area’s average since 1990): 99%
Raleigh’s housing market will continue to be one of the 7 biggest US housing markets in 2014. With the population steadily growing and an ever expanding job market, real estate will remain a main sector in Raleigh years to come.
No. 4: Seattle, Washington
Job growth: 2.5%
Construction activity (permits relative to the area’s average since 1990): 99%
Apart from being one of the country’s strongest housing markets in 2013, the growth of the tech sector and of commercial aerospace manufacturing in Seattle will attract even more investors in the year to come.
No. 3: Tulsa, Oklahoma
Job growth: 2%
Construction activity (permits relative to the area’s average since 1990): 100%
Home sales in Tulsa went up 10% in 2013 compared to 2012. This amounted to over 11,000 homes sold. In addition, construction activity in Tulsa was one of the strongest in the country, a trend which is very likely to continue in the new year, making Tulsa one of the 7 biggest US housing markets in 2014.
No. 2: Nashville, Tennessee
Job growth: 2.8%
Construction activity (permits relative to the area’s average since 1990): 103%
Construction in Nashville has been booming, with 3% more permits awarded than what is normal for the area. It appears that the music scene and educational facilities are a big draw to this city.
No. 1: Oklahoma City, Oklahoma
Job growth: 2.3%
Construction activity (permits relative to the area’s average since 1990): 142%
Oklahoma City scored the highest construction activity in 2013, making it a perfect market for both buyers and consumers. With 2014 just around the corner, there is no sign that the real estate market is going to slow down anytime soon. All these things together make Oklahoma City the top entry in our list of the 7 biggest US housing markets in 2014.
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