San Jose homeowners have something to cheer about.
A new Forbes list predicts that the most-populous Bay Area city will be among the 10 cities where home values are expected to rise the most in 2011. In fact it is listed as No. 1.
The top ten list also included two other Golden State burgs: Santa Ana (No.2) and San Diego (No. 5). Local Market Monitor partnered with the magazine to track 315 American real estate markets, Forbes reported:
The result is a Top 10 list made up of cities boasting an outlook for job growth and rebounding economies in 2011. Not surprisingly then, Washington D.C. (No. 7), and its nearby hubs make this list, thanks to a steady supply of government jobs.
Currently, the average home price in San Jose is $511,186, and a 3 percent increase is expected during the next 12 months, according to Forbes. The list also predicts a 2 percent increase during the next three years.
Top 10 Cities Where Home Values Will Rise in 2011
- No. 1 - San Jose, Calif.
- No. 2 - Santa Ana, Calif.
- No. 3 - Bethesda, Md.
- No. 4 - Pittsburgh
- No. 5 - San Diego
- No. 6 - Oklahoma City
- No. 7 - Washington, D.C.
- No. 8 - Austin, Texas
- No. 9 - Chattanooga, Tenn.
- No. 10 - Boston