Top 5 Real Estate Markets for 2020
Published on January 24, 2020 by Sara
Surprisingly, the cities expected to have the most growth in 2020 are nowhere near the large coastal cities you may expect. Instead, home buyers are flocking to areas where they can get more for less. Growing cities in the midwest and southwest dominate growth. Here are the cities that are expected to show continued growth throughout the year.
Median Sale Price $295,000
Home Price Change: +8.1%
Sales Change: +0.3%
Idaho currently has one of the highest rates of job growth in the nation, many of which are in technology which can only mean one thing. Housing is flying off the market and the prices are increasing. Buyers who can spend between $300,000 and $400,000 have the most options.
Median Sale Price $152,000
Home price change: +4%
Sales change: +4.4%
McAllen is the retail center of South Texas and Northern Mexico with 27% of the city’s workforce employed in the retail sector. Edinburg is a separate city within metro McAllen that is also seeing a housing boom. A four bedroom house runs under $200,000 so it is popular among many residents that work in McAllen.
Median Sale Price $230,000
Home price change: +3.3%
Sales change: +3.4%
Luxury home sales are slowing or stagnat across the country – except in Tucson. Homes priced from $800,000 to several million dollars are moving as soon as they hit market. Large companies such as Caterpillar recently moved downtown, bringing jobs to the area. The military base also generates about $2.5 billion dollars annually for the Tucson economy.
This growth in economic activity coupled with the climate are bringing people in from all over the country – 45.2% of listings are viewed by people who live out of state.
Median Sale Price $189,000
Home price change: +3.6%
Sales change: +2%
Chattanooga is conveniently located between Nashville, Tennessee and Atlanta, Georgia but cheaper than both. The city recently completed a $120 million redevelopment of its riverfront. The area now has apartment buildings, family-friendly restaurants, museums, an amphitheater, and parks. As a result, prices are going up. A two-bedroom condo with river views will run about $300,000, on the other hand, a single family home in the suburbs is going for $200,000.
Columbia, South Carolina
Median Sale Price $178,000
Home price change: -0.2%
Sales change: +5.5%
Columbia is known for its ultra-affordable homes – making it attractive to buyers from all over the country. The Fort Jackson Army Base, Amazon fulfillment center, and University of South Carolina also draw home buyers from all over the country. The city is so popular, bidding wars often drive up low list prices.
Neighborhoods near the University have homes from $100,000-$200,000, while areas closer to downtown are generally higher priced.