Head South for home values
Want to make sure your home grows in value? Then buy a house in the South. According to new analysis, that’s where home values will appreciate the most in 2020.
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According to the Home Price Expectations Survey from Zillow, which takes into account expert analysis from 100 economists and real estate experts, housing will be hottest in the South this year.
At the city level, experts say Austin, Texas, will see the most home value appreciation in 2020. A whopping 83% of those surveyed expect the city to outperform national averages this year.
Other cities where home values are expected to outperform include Atlanta (63%); Charlotte, N.C. (59%); Nashville, Tenn. (59%); and Denver (55%).
“A collection of relatively affordable, Sun Belt markets are among those in which home value growth in 2020 is most expected to outperform the national average,” explains Skylar Olsen, Zillow’s director of economic research. “Of the 14 markets that received a positive score — a higher share of panelists said they expected the market to outperform than underperform, 11 were in Texas or elsewhere in the Southwest or Southeast. Portland, Minneapolis, and Denver were the only non-Southern markets to make the list of those expected to outperform.”
Where home values won’t do so great
If you’re looking for high home value appreciation, California probably isn’t your best bet. Three Cali cities topped experts’ “most likely to underperform” lists, including San Francisco, San Jose, and Los Angeles.
“Panelists didn’t just expect those large California markets to underperform, but maybe still grow slightly. In many cases, they said they expected the typical home values in those places to outright fall, ending 2020 lower than where they began the year,” Olsen says. “Panelists — 42 total — who thought at least one major metro would see falling home values in 2020 generally agreed that California markets would make that list.”
Cincinnati also ranked among the top, with 46% of experts saying its home value appreciation rate would come in under national averages. Seattle came in with 40%.
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