MIAMI (CBSMiami) — The predictions are in for the hottest housing markets of 2021 and Miami makes the top ten list, according to a new Zillow survey.
Austin, Texas leads the list of mostly Sun Belt cities expected to heat up faster than the nation’s large coastal markets.READ MORE: Florida Regulators Scale Back Citizens Rate Hikes
The booming Texas destination heads a lineup of sunny and relatively affordable metro areas that are most likely to outperform the nation in home value growth, according to a panel of economists and real estate experts recently surveyed by the online real estate marketplace.
An overwhelming 84% of those surveyed said Austin values would out-perform the national average, compared to just 9% who believe it would fare worse. Phoenix came in second with 69%, followed by Nashville at 67%, Tampa at 60%), and Denver had 56%. Dallas was next with 54%, followed by Atlanta 57%, Washington DC 37%, Riverside, CA 37%, and Miami with 34%.READ MORE: Broward Sheriff Gregory Tony 'Hopeful' Derek Chauvin Trial Will Bring 'Positive Change, Social Justice'
Of the 20 markets considered, expensive coastal areas such as New York, San Francisco and Los Angeles are expected to fare the worst against the national average, signaling a shift from growth patterns in recent years.
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“The pandemic has not upended the housing market so much as accelerated trends we saw coming into 2020,” said Zillow senior economist Jeff Tucker. “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.”MORE NEWS: Florida Republicans Barrel Ahead With Rewriting Voting Rules
An improved economic outlook thanks to COVID-19 vaccine roll-outs and better treatments was pegged as the most likely tailwind for the housing market in 2021, followed by sustained strength in first-time home buying among Millennials.