2016 was an incredible year for the Denver Real Estate market and, if estimates prove to be correct, it seems like 2017 will be just as great! Zillow released their predictions for 2017 at the beginning of January and once again Denver is projected to be hot! According to their forecast, Denver will be the 9th hottest real estate market in 2017. But what will be Denver’s hottest neighborhoods in 2017?
Location, Location, Location!
According to Zillow’s predictions, Denver’s hottest neighborhoods have been narrowed down to a list of the top five and all are forecasted to appreciate in value rather quickly. The number one hottest neighborhood is City Center North in Aurora, which is estimated to see an 8.8% growth in home value. The number two slot belongs to another Aurora area, Centretech, which is estimated to see an 8.7% growth. The final three spots go to Denver neighborhoods, with Elyria-Swansea at 8.6% for their predicted growth, Globeville at 8%, and Westwood at 7.6%.
Zillow took into account three variables when they made their predictions: their home value forecast, recent income growth, and current unemployment rates. Denver scored well in all of these fields and landed the 9th spot in the nation for Zillow’s 2017 projections.
Nationally, Zillow estimates that homes will appreciate on average 3% in 2017. Denver area homes, on the other hand, are expected to appreciate 3.6% this year. Not bad, Denver!