In what shouldn’t come as a surprise, the Boise metro area again finds itself on the top of a “best of” list. This time around, it’s the number one real estate market for 2020, according to a recent report released by WalletHub. At the end of 2019, Realtor.com predicted the Boise area was going to be the top real estate market in the nation, and it seems that prediction is proving accurate.
Even with the COVID-19 pandemic, droves of people are moving to the valley, and area residents are also taking advantage of historically low-interest rates to trade-up into newer homes. With telecommuting becoming a way of life, people are no longer tied to expensive urban areas. Still, they can instead enjoy high-quality living for considerably less in a place like the Treasure Valley.
WalletHub’s study is not surprising, given how hot the market has been. With low housing inventory, huge demand, and home prices that keep ticking skyward, it’s no wonder the area is 2020’s Best Real Estate Market.
The study compared 300 cities across the nation, using 24 key indicators of market attractiveness and economic strength. Some of the metrics they reviewed included median home price appreciation, building permit activity, housing affordability, population growth rate, job growth rate, unemployment rate, and vacancy rates as examples. These indicators were given different weights to arrive at the final rankings.
Not only was Boise number one overall, but it was also number one among mid-size cities. It bested the likes of Seattle, Frisco, TX, Nashville, TN, and Gilbert, AZ, which rounded out the top five. Seattle did rank number one for large cities, however.
Boise ranked second in the nation for the Real Estate Market metric and 38th for Affordability and Economic Rank.
The Treasure Valley is going to continue being a hot housing market. Sellers have the advantage given the lack of inventory, and home prices will continue their ascent.
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