Forget Seattle, Denver and San Francisco. Boise, Idaho, is poised to be the hottest housing market at the start of the next decade.
A new report from Realtor.com identified the housing markets that are expected to see the most notable home sales and price growth in 2020. Boise ranked No. 1, a marked increase from No. 8 a year ago.
Driving Boise’s climb up the Realtor.com ranking is the massive influx of new residents from pricier parts of the country — in particular, California. Many of these out-of-state buyers are drawn by the city’s mild climate, outdoor lifestyle, strong schools and its major employers, including HP and Micron Technologies.
Boise’s already seen a boom in terms of housing. A recent report from the Federal Housing Finance Agency showed that home prices in the Idaho state capital have risen 11.1% over the last year.
After Boise, McAllen, Texas, and Tucson, Ariz., ranked No. 2 and No. 3 on Realtor.com’s list. McAllen’s affordable home prices, combined with Texas’ favorable tax environment, have made the border city an attractive destination for home buyers looking to move. Tucson, meanwhile, has benefitted from an influx of retirees looking for warm weather and young adults looking to study at the University of Arizona or work for popular companies that have set up shop there like Amazon and Texas Instruments.
Meanwhile, some of the parts of the country that have proven to be among the most popular in recent years are expected to see a bit of a correction in 2020. Las Vegas, which ranked No. 7 last year, has dropped to the bottom of Realtor.com’s list for 2020. Sin City for a long stretch of time saw bumper home price growth, but the housing market there has cooled in recent months.
Similarly, sky-high home prices in places like San Diego, New York and Los Angeles are poised to put a damper on real-estate activity in those areas as most buyers are forced to the sidelines due to a lack of affordability.Link to Article