Job growth in 2015 certainly helped spur the housing market forward. Most experts believe 2016 will follow the pattern, with job creation leading to increased activity in the United States Housing Market. Most believe the two sectors are linked and that as people find new, higher paying jobs, home values and activity will both rise with it.
The job market created 2.6 million new jobs in 2015. Unemployment hit 5% in 2015, down from 5.8% in 2014. Urban centers and high tech hubs experienced the most growth in both job creation and housing activity. Places like San Francisco, Denver and Seatlle all had huge employment gains. Low and behold, they are also some of the nation’s busiest and most expensive housing markets.
The relationship between job growth and housing market growth seems pretty apparent. As great jobs come onto the market, new workers will need to find places to live. The influx of workers leads to increased activity as well as increased price in these hot markets.
Bozeman, though certainly not a city, has experienced huge real estate growth recently. Guess what? The Gallatin County remains one of the top counties in the state for high wages and low unemployment. Montana had its lowest unemployment rate since 2007. And, it seems like no coincidence that Bozeman is also considered the tech capital of Montana and that it also has the fastest growing economy in Montana.
The improved economy has fueled a rise in real estate transaction across the nation. Bozeman’s housing market activity has increased consistently year over year, showing that Bozeman is also falling in line with patterns established by the national housing market.
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