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Buying a house? Here’s where you’ll see the most appreciation

Aly J. YaleThe Mortgage Reports Contributor

Biggest ROI buys

Buying a house and want to see serious returns when you sell? Then head west. According to a new forecast, homes in Washington and Nevada will appreciate the most in the next year.

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Wise investing out west

According to the latest VeroForecast, Seattle is set to see the biggest growth, with home values expected to jump 11.1 percent by this time next year.

“There are several factors driving up home prices in the Seattle area, including a thriving economy and a lack of buildable land,” said Matthew Gardner, economist at Windermere Real Estate. “There is also growing demand for housing thanks to the substantial in-migration of technology workers from the Bay Area who are relocating to Seattle because of the robust job market and relatively inexpensive home prices when compared to those in San Francisco.” 

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In terms of expected year-over-year growth, Western cities rounded out the remaining top five. Olympia, Washington, and Bremerton, Washington, tied with a predicted increase of 9.8 percent. San Jose, California, and Carson City, Nevada, followed at 9.5 percent.

“Washington State and Nevada occupy six of the 10 highest-appreciating MSAs in the U.S.,” said Eric Fox, vice president of statistical and economic modeling at Veros. “The  remaining four are in California, Oregon and Idaho.”

Overall, the forecast predicts national housing to grow by 4.4 percent in the next year.

Verify your new rate (Aug 21st, 2018)

Depreciation in the East and South

Buyers looking to cash in might want to avoid the Northeast, where many of the country’s depreciating markets are located.

In Cumberland, Maryland, homes are expected to depreciate 1.6 percent by next year, while those in nearby Gettysburg, Pennsylvania, and Atlantic City, New Jersey, are predicted to drop 1 percent.

Farmington, New Mexico, and Peoria, Illinois, round out the bottom five markets in terms of appreciation.

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Get today’s mortgage rates

Buying a house and want to ensure a high ROI? Then try one of these improving markets. Shop around and see what mortgage rates you qualify for today.

Verify your new rate (Aug 21st, 2018)