Each month, HVF’s Housing Market Report uses a number of leading real estate market-based indicators to report on activity in the single-family home markets in the top 200 metropolitan areas (CBSAs) in the U.S., and reports on the Top Ten.
Happy New Year! In our first Housing Market Report of 2019, we take a look at the Boise, ID, metro – consistently one of the hottest CBSA on our Top 10 list. Throughout 2018, Boise reported strong numbers across many categories we analyze, but this month Boise had the:
- Lowest Months Remaining Inventory (1.61)
- Fewest Active Days on Market (54)
- Fewest Sold Days on Market (50)
What does this mean? And why is it happening? There are a few factors directly influencing this red-hot market, and markets in the western United States as a whole. First and foremost, it’s population growth. Idaho is expected to hit a population of 2 million people by 2025, making it the third-fastest growing state in the country. Employment has also been on the upswing, and has a high correlation with home sale price.
This growth is directly and quickly impacting this housing market, with both positive and negative results. MRI is at just 1.61, an unsustainable figure that makes it tough for buyers but positive for sellers. Houses that do hit the market are “flying off the shelves” and selling in an average of just 50 days.
Large portions of the Northwest U.S. (Portland, Oregon; Seattle, Washington; California) are part of our Top 10 list. However, these metros are largely unaffordable, overpopulated and driving people out. The result: Many are turning to Idaho for its economy, quality of life and affordable taxes. Homeowners in the aforementioned areas can sell their homes for upwards of $500K and move to Idaho where they can get much more for their money.
Interested in learning more about the top metros featured in this month’s market report? Contact Pro Teck for more in-depth information on each CBSA listed in this month’s report.
About Pro Teck’s Monthly Housing Market Report
The Home Value Forecast uses a ranking system that is purely objective and is based on directional trends of nine market indicators. Each indicator is given a score based on whether the trend is positive, negative or neutral for that series. For example, a declining trend in active listings would be positive, as would an increasing trend in average price. A composite score for each CBSA is calculated by summing the directional scores of each of its indicators. From the universe of the top 200 CBSAs, each month we highlight topics and trends in the real estate market.