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Another day, another data chart of the leading housing markets: On today’s schedule, Realtor.com has proclaimed Gilbert, Ariz., as the leading market atop its new list of the nation’s “Boom Towns.”
In defining a “Boom Town” as possessing a rich mix of new home construction, job creation and an increasing number of households, the Gilbert, Arz. market—a section of the Phoenix metropolitan area—was cited for its combination of major employers (including GoDaddy and PetSmart), a high quality school district and a weather-friendly environment that is perfect for the golf course and country club crowds.
Rounding out the top 10 list of Realtor.com “Boom Towns” were Los Angeles, Dallas, Miami, Las Vegas, Seattle, the North Carolina city of Rolesville (a suburb of Charlotte), Brooklyn, Chicago and Atlanta.
“The strength of the residential real estate market is closely correlated to growth in jobs and households,” said Jonathan Smoke, chief economist for Realtor.com. “The good news for these markets is that these growth factors have already started to translate into new construction. At the same time, it may be a year or so before some markets on our list start see an increase in inventory. If anything, this is a road map for where builders should be thinking about where to break ground next.”