Riverside, Nashville, and Denver Rise
While Local Leaders Nos. 21 through 30 remained fairly stable year over year, there was a lot of movement in Nos. 11 through 20. The following markets all moved up the chart in 2016 compared with the year prior: Nashville (seven spots), Riverside (four spots), Denver (three spots), and Seattle (two spots).
In Riverside, the story was partially the return of entry-level housing—particularly in the form of D.R. Horton’s Express in the eastern section of the region, according to Real Estate Economics vice president of consulting John Mulville.
“The Western edge of the Inland Empire really subsists on employment from either Los Angeles or into San Diego county,” Mulville says. “Most of those people are commuters. They tend to pay a little more than your basic Inland Empire buyer who works in the Inland Empire. That’s where Express thrives.”
Denver also saw a nice jump with its 2015 numbers—gaining more than 500 closings as it vaulted from No. 15 to No. 12 on this year’s list.
“There is low unemployment, wages are going up, and in-migration is super strong,” says John Covert, Metrostudy’s Denver regional director. “There is demand to buy a new house. Resale supply is at two months or less.”
In Seattle, the story is jobs. “There are 10,000 people a month on average coming to the Puget Sound over the last two years,” says Todd Britsch, Metrostudy’s regional director in Seattle. “There has been lots of tech sector job growth.”
On the other end, there also were a few dramatic drops in Nos. 11 through 20. While Raleigh (five spots) and Los Angeles (four spots) fell down the list compared with a year ago, the biggest decline was Miami. The Magic City lost roughly 2,500 closings from 2014 to 2015—plummeting from No. 7 on last year’s list to No. 18 this year.
20. Chicago/Naperville/Elgin, Ill./Ind./Wis.
19. Raleigh, N.C.
18. Miami/Fort Lauderdale/West Palm Beach, Fla.
17. Tampa/St. Petersburg/Clearwater, Fla.
16. Los Angeles/Long Beach/Anaheim, Calif.
15. Las Vegas/Henderson/Paradise, Nev.
14. Riverside/San Bernardino/Ontario, Calif.
13. Nashville/Davidson/Murfreesboro/Franklin, Tenn.
12. Denver/Aurora/Lakewood, Colo.
11. Seattle/Tacoma/Bellevue, Wash.
