Hottest housing markets: Palm Beach County ranks in top 5

(Getty Images)

(Getty Images)

South Florida features prominently in a ranking of the nation’s hottest residential markets. According to online real estate marketplace Ten-X, the Broward and Palm Beach counties rank in the top three best markets for housing appreciation.

Ten-X’s analysis:

“After seeing an acute fallout from the housing crisis, Palm Beach County continues to make strides in its recovery efforts. Existing home prices are a robust 10.5 percent higher than a year ago and sales are making upward progress toward prior peaks, up 4.1 percent year-over-year. Home buying remains affordable in light of significant price gains in recent years, especially in comparison to local apartment rentals. Employment is up 2.3 percent bolstered by its two largest sectors, professional/business services and education/healthcare. The metro’s population grew 1.7 percent in 2015, more than double the US average. With permit activity yet to signal a threat for overbuilding, Palm Beach is poised to enjoy more growth ahead.”

Palm Beach County ranks third in one-year price appreciation, but strong job growth and a lack of new construction push us ahead of Tampa in Ten-X’s overall ranking.

Once-hot markets such as Denver, Portland, Ore., and Oakland fell out of the top 10 but remain in the top 20. Baltimore ranks last in the ranking of 50 cities.

Ten-X’s top 5 by appreciation:

Metro area: One-year price increase

  1. Fort Lauderdale: 11.9%
  2. Tampa: 11.2%
  3. Palm Beach County: 10.5%
  4. Las Vegas: 10.4%
  5. Orlando: 9.0%

 

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