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Zillow Report: Trends Favor Growth in Home Prices in Midwest by Harold Willig

Market trends in migration to the Midwest could lead to a stronger market for single-family homes in the Heartland, so says a new survey from Zillow and Pulsenomics.

Zillow sponsors Pulsenomics’ quarterly Zillow Home Price Expectations Survey. The survey (click above for PDF) annually asks more than 100 economists, real estate experts and investment and market strategists to predict real estate housing trends in next five years.

Zillow sees a tale of two markets. “Since the housing boom and bust gave way to recovery, the U.S. housing market has seemingly split into two unequal parts: Middle America, and coastal America. Home values are growing rapidly in markets on both coasts as hot job markets help keep demand for housing high, and more slowly in the Midwest and Heartland, where negative equity is still pervasive and job growth scant.”

The report notes that Millennial’s are on the move, often from the coast to the Midwest. “Americans - especially younger Millennials - are moving away from Middle America and to the coasts in large numbers, whether for jobs, lifestyle preferences or both.” Lower housing costs in Middle America have also made an impact on migration to the Midwest.

The survey respondents also expect:

  • Home values to increase by 4.5% total for 2016

  • Annual appreciation to moderate to about 2.9% by 2020

  • Lower home value gains in 2017.

According to Lance Ramella of John Burns Real Estate Consulting, "Positive market trends are already occurring in Chicago. Most large tech companies have set up shop here and are growing significantly. They are growing in this area because it is more affordable than the coasts and there is a large, well-educated, young labor pool in Chicago. The rental and resale market is strong. The only laggard is the new home market, which has begun to increase a little lately also."

As an investment manager to more than 100 single-family home properties in Chicago, we at SpringView are heartened to hear of the long-term growth potential of homes in the heartland.

For more information, please contact Harold Willig at 917-209-4452.

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