Forget fast-appreciating Denver and stratospheric San Francisco. Palm Beach County has elbowed its way into the top spot on real estate firm Ten-X‘s list of the nation’s hottest housing markets.
“Palm Beach County’s housing market is scorching. Seasonally adjusted home prices are up 16.8 percent year-over-year, the highest pace in the country, while quarterly gains have exceeded 3 percent in each of the past seven quarters. Prices are at a cyclical high after eclipsing $260,000 this quarter but still 14 percent below their pre-recession peak, suggesting additional room to run. Employment is also at an all-time high, with jobs up 2.4 percent from a year ago thanks to strong performances in key sectors like financial services, education, healthcare, and leisure & hospitality. As rents continue to rise for local apartments amid accelerating population growth (1.7 percent in 2015), the affordability of single-family homes should continue to fuel demand and the local housing market will continue to prosper.”
Florida markets swept the top four spots in Ten-X’s ranking of 50 U.S. metro areas.