Idaho is About to Have the Nation’s Hottest Housing Markets
Forget California. The state where housing is about to be the hottest is Idaho. Seriously.
That’s because half of the 10 housing markets expected to be hottest over the next year are all located in Idaho.
According to a new report from Veros Real Estate Solutions, five of the housing markets where house prices are expected to increase by the most in the next 12 months are in the Gem State.
Overall, national house prices are expected to increase 7% in the next year, in line with Veros’ last forecast. But there are quite a few markets where house prices are going to rise by much more than the national average of 7%.
As with Veros’ previous forecast, each of the 10 markets where house prices are expected to increase by the largest amount are located in the Western part of the U.S. However, unlike last time, Idaho now dominates the list.
According to Veros’ list, here are the 10 housing markets that will see the largest price increases in the next 12 months:
- Boise City, ID; house prices expected to rise by 18%
- Pocatello, ID; house prices expected to rise by 15.2%
- Phoenix-Mesa-Chandler, AZ; house prices expected to rise by 15.1%
- Coeur D’Alene, ID; house prices expected to rise by 15%
- Salt Lake City, UT; house prices expected to rise by 14.8%
- Idaho Falls, ID; house prices expected to rise by 14.4%
- Colorado Springs, CO; house prices expected to rise by 13.7%
- Spokane-Spokane Valley, WA; house prices expected to rise by 13%
- Olympia-Lacey-Tumwater, WA; house prices expected to rise by 12.9%
- Logan, UT-ID; house prices expected to rise by 12.6%
According to Veros, many of these markets are “benefiting from population in-migration as consumers move around the country,” which is driving up demand and prices along with it.
“Right now, buyers are acting on pent-up demand and sellers are seeking top dollar for their homes,” said Eric Fox, Veros Real Estate Solutions Chief Economist. “The tight inventory of for-sale homes, coupled with low interest rates are keeping prices strong across the country.”