DENVER -- Denver’s red-hot housing market appears to be cooling down, according to the latest report from real estate website Zillow.
The company predicts Denver will be the 9th-hottest housing market in 2017. The Mile High City took the top spot on last year’s list.
The honor of “hottest” market this year goes to Nashville.
Zillow’s rankings consider factors such as income growth, unemployment rates and forecasted home value appreciation.
Based on those values, Zillow no longer considers Denver to be the most desirable city in the U.S. Other recent reports have also shown a downward trend in Denver’s housing market, with Zumper and Apartment List both showing rent decreases in the last month of 2016.
2017’s top ten markets, according to Zillow are:
- Salt Lake City
Despite the drop in ranking, home values are still on the rise in Denver and Zillow predicts five metro-area neighborhoods will see the steepest increases in 2017: City Center North (Aurora), Centretech (Aurora), Elyria-Swansea (Denver), Globeville (Denver) and Westwood (Denver).