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Sacramento makes Zillow’s list of hottest housing markets for 2017

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The new urban village under construction along the Business 80 freeway in East Sacramento opened to the public in September.
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The new urban village under construction along the Business 80 freeway in East Sacramento opened to the public in September.

Zillow announced its Top 10 hottest housing markets for 2017, and Sacramento has made the cut.

Sacramento, coming in at No. 10 on the list, was pegged as one of the more affordable large metro areas in California. Zillow says home prices are rising quickly, but still 58 percent less expensive than the median home in the Bay Area.

Zillow predicts Sacramento home values will appreciate almost 5 percent this year.

In November 2016, Realtor.com predicted greater Sacramento will be the nation’s fourth-hottest housing market this year, as measured by price appreciation and growth in sales volume. Sacramento trailed Phoenix, Los Angeles and Boston in Realtor.com’s rankings of the 100 largest metro areas.

The news is encouraging for a region that has spent 10 years recovering from the housing market collapse.

Zillow says it selects locations with “quickly rising home values, low unemployment rates and strong income growth.” What other cities made the list for 2017?

1. Nashville, Tenn.

2. Seattle

3. Provo, Utah

4. Orlando, Fla.

5. Salt Lake City, Utah

6. Portland, Ore.

7. Knoxville, Tenn.

8. Ogden, Utah

9. Denver

10. Sacramento, Calif.

Nashville is cited as a major healthcare employment center, in addition to being a country music hub. Provo for its low unemployment rate (2.7 percent according to Zillow). And Portland because it “reported the strongest home value growth in 2016 among the 100 largest U.S. metros, with home values up almost 15 percent over the past year.”

The MAY Building at 11th and K streets in downtown Sacramento opens this week with 21 upscale apartments. Rents will range from about $1,850 to the high $2,000s.

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