The Top 10 Emerging US Real Estate Markets
Coeur d'Alene, Idaho. iStockphoto.com/Jennifer_Sharp
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These locations have home prices that are rising, strong economies and a wealth of activities, according to an analysis by Realtor.com and The Wall Street Journal.
Coeur d’Alene, a city in northwest Idaho, is considered the best real estate market in the U.S., according to Realtor.com and the data team at The Wall Street Journal. A popular vacation spot, the median home list price in Coeur d’Alene was $799,000 in March.
Second on the list of top housing markets was Austin, Texas, where the median home list price was $520,000. Cities that rounded out the top five on the list are Springfield, Ohio ($144,900 median list price); Billings, Montana ($428,500); and Spokane, Washington ($434,900). The rest of the list includes Lafayette, Indiana ($297,450); Reno, Nevada ($562,000); Santa Cruz, California ($1,222,000); Concord ($362,450); and Manchester ($419,950), New Hampshire.
Home prices for these areas were an average $519,100, about 42% higher than the $366,100 median price tag across the 300 metros that were analyzed.
The quarterly Emerging Housing Markets index from Realtor.com/WSJ identified the places with large housing demand, rising home prices, robust economies, well-paid jobs and the amenities that make the location desirable. The list references the country’s 300 largest metropolitan areas, which include the main city and surrounding suburbs, towns and smaller urban areas.
The Covid-19 pandemic has led to more remote work and Americans are seeking out larger homes with more space. New U.S. houses are among the largest in the world, and their size-per-resident has nearly doubled in the past 50 years.
According to the index, home prices are increasing and the number of dwellings for sale is at a new low.
“The areas that top our emerging housing markets list are places that have weathered the pandemic relatively well,” said Realtor.com’s Chief Economist Danielle Hale. “Their economies are generally doing better than other markets, and they’re attracting a lot of home shoppers from other areas—likely in part due to the relatively widespread work-from-home flexibility in response to the pandemic.”
But homes in the top 10 markets aren’t cheap. Median list prices are up 27% in the past year compared with 14% nationwide, according to Realtor.com/WSJ.
Meanwhile, a new report from the National Association of Realtors, which operates Realtor.com, suggests that mid-sized cities could be the ticket for millennials looking to purchase homes. And while some Americans want big homes, it has also been reported that other buyers are seeking smaller, more affordable alternatives in more expensive cities.
To see more on the quarterly index click here.
Brent Woodie is an associate editor at Route Fifty.
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