If one was looking for the hottest housing markets over the next year, one simply needs to follow the old adage: Go west, young man.
That’s because each of the 10 housing markets that are projected to be the hottest over the next 12 months are all located in the Western part of the U.S.
The prediction comes courtesy of a new forecast from Veros Real Estate Solutions. According to Veros’ forecast, house prices are expected to rise nationwide by 7% from the first quarter of 2021 to the first quarter of 2022.
“The VeroFORECAST data indicates upward price pressure in nearly all markets during 2021,” said Darius Bozorgi, CEO of Veros Real Estate Solutions. “Buyer demand remains strong with almost no major metro area showing notable home price depreciation over the next 12 months.”
However, there are a number of markets where house prices will exceed 7% growth by a significant margin, all of which are in the West.
According to Veros’ report, cities in Idaho, Washington, Arizona, Utah, Colorado, and California make up the top 10 hottest housing markets for the next year.
Leading the way is Boise, Idaho, where home prices are projected to rise by an “astonishing” 17.1% over the next year, according to Veros.
As for the full list, here, are the 10 housing markets where house prices will rise by the most over the next year, courtesy of Veros’ housing forecast:
- BOISE CITY, ID; house prices expected to rise by 17.1%
- COEUR D’ALENE, ID; house prices expected to rise by 15.3%
- PHOENIX-MESA-CHANDLER, AZ; house prices expected to rise by 13.2%
- SPOKANE-SPOKANE VALLEY, WA; house prices expected to rise by 13.1%
- SALT LAKE CITY, UT; house prices expected to rise by 13.1%
- COLORADO SPRINGS, CO; house prices expected to rise by 12.4%
- PROVO-OREM, UT; house prices expected to rise by 12.0%
- IDAHO FALLS, ID; house prices expected to rise by 11.8%
- SAN DIEGO-CHULA VISTA-CARLSBAD, CA; house prices expected to rise by 11.6%
- BREMERTON-SILVERDALE-PORT ORCHARD, WA; house prices expected to rise by 11.3%
Interestingly, nearly all of these same markets appeared on an earlier list of the hottest housing markets from Veros back in November, indicating that there is sustained strength in these areas.