VeroFORECAST reveals six out of eight markets exceed the national average home price forecast for 2020
SANTA ANA, Calif., December 10, 2019—Today Veros Real Estate Solutions, an industry leader in enterprise risk management and collateral valuation services, reviewed home price appreciation in eight markets across the United States where holiday light displays are among the finest in the nation. According to the Q3 2019 VeroFORECASTSM home prices in the largest 100 markets should increase an average of 3.7% by Q3 2020. As the country prepares for the holidays, weekend do-it-yourselfers hang hundreds of strings of lights and create beautiful displays to celebrate the season. Veros compared those cities where the holiday-light displays are most appealing to their projected home price appreciation for 2020.
A CNN Travel article identified nine of the best places to see Christmas lights, but home price data was unavailable for North Pole, Alaska. Therefore, it was omitted from the list that Veros researched this year.
It appears that elaborate seasonal light displays have paid-off for home prices in six of the eight cities with prices exceeding or meeting the VeroFORECAST between Q3 2019 – Q3 2020. Denver fell short of the national average with a 3.6% projected increase and Los Angeles missed the mark by half a percentage point where homes are expected to increase a modest 3.2%.
Two metropolitan areas that are known for their dazzling light displays have prices that are forecasted to rise by more than 5% next year, several percentage points above the national average of 3.7%. Jacksonville, Florida should see prices rise by 5.3% and Austin, Texas is in a very favorable position with home prices there projected to increase by 5.8%.
The VeroFORECAST for 8 Metropolitan Areas with the Best Christmas Lights
| Rank | Metros with Exceptional Christmas Light Displays | Home Price Increase Q3 2019 Q3 2020 |
|---|---|---|
| 1 | Las Vegas, NV | 3.9% |
| 2 | Jacksonville, FL (St. Augustine, FL) | 5.3% |
| 3 | Washington, DC | 3.7% |
| 4 | Los Angeles, CA | 3.2% |
| 5 | Springfield, MO (Branson, MO) | 4.8% |
| 6 | Denver, CO | 3.6% |
| 7 | Philadelphia, PA | 3.7% |
| 8 | Austin, TX | 5.8% |
For more information about the VeroFORECAST, visit VeroFORECAST.
Download the infographic as a PDF, “Where Holiday Light Displays Dazzle, Home Prices Rise“
VeroFORECAST Methodology
The quarterly VeroFORECAST reports to clients by subscription and to industry media in a summary overview. The report is a projected increase 12-months forward. The current report is based on data from 344 Metropolitan Statistical Areas (MSAs) that include 13,801 zip codes, 1,002 counties, and represent 82% of U.S. residents.
Source: Veros Real Estate Solutions
This information is intended for use by the media for economic reporting and should only be used for physical or digital publication or broadcast, in whole or in part, must be sourced as coming from Veros Real Estate Solutions. The company name should appear with the first reference of the data. If the data are illustrated with maps, charts, graphs or other visual elements, the company name must be visible on screen or website. For questions, analysis, interpretation of the data or permission to reproduce, contact Brian Fluhr at BFluhr@veros.com.
About Veros Real Estate Solutions
A mortgage technology innovator since 2001, Veros is a proven leader in enterprise risk management and collateral valuation services. The firm combines the power of predictive technology, data analytics, and industry expertise to deliver advanced automated solutions that control risk and increase profits throughout the mortgage industry, from loan origination to servicing and securitization. Veros’ services include automated valuation, fraud and risk detection; portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is the primary architect and technology provider of the GSEs’ Uniform Collateral Data Portal® (UCDP®). Veros also works closely with the FHA to support its Electronic Appraisal Delivery (EAD) portal. For more information, visit www.veros.com or call 866-458-3767.
Media Contact
Brian Fluhr
Vice President of Marketing
bfluhr@veros.com or communications@veros.com
