Below are the markets with the most value appreciation over the last 12 months. Data is sourced from Zillow and covers the "metro area" for each market.
-Boise is in another stratosphere. It's metro average home price of $370k is now higher than markets like Austin and Phoenix.
-San Jose and Seattle are top performers even though their respective rental markets have taken a large hit. Is this sustainable?
-Phoenix and Tucson are experiencing accelerating growth. Arizona definitely has a history of boom/bust. However, the state-wide economy has matured a lot in the last 15 years.
-Provo and Ogden are the metros directly South/North of Salt Lake. That whole area is seeing massive growth, buoyed by inward migration and its very young and growing population.
-The last four are interesting. New Haven, Dayton, Milwaukee, and Worcester. All "rusty" type cities that have struggled to grow over the last decade. Yet they're tops in real estate growth in 2020.
What is everyone's thoughts? Are you invested in these markets? I would love to hear on the ground feedback.
There is a lot more going on in Boise than rising home prices though. Take a bit of a deeper dive and you will not only find great real estate returns you will find an amazing place to
Raise a family
if you don't belive me just Google it...because you can always believe what you see on the internet!!
I am guessing none of the Texas cities is on the list since Zillow does not have sold data for Texas as it is a non-disclosure state
Thanks @Neil Narayan ... i was scratching my head, why Austin was not there in the list. 2019-2020 has been a crazy appreciation year in Austin, TX.
I agree with Shannon on this of Idaho being a retirement location especially for Californian's looking for a conservative gun friendly state to move to.
I believe that has alot to do with the stats going up in Idaho.
People looking for places with more conservative politics.
@Neil Narayan I don't know if that is totally accurate as Idaho is also a non disclosure state. Remember these are probably by % so in the case of Boise, with a population of of 228,000 people another 25,000 people would really stick out but Austin would have to move in over 90,000 new residents to have the same growth rate....That's the funny thing about stats!
I'm surprised that Vermont is not on this list. We have seen property value appreciation up over 20% in the last year
Ah sorry I just saw the "metro" area caveat. Another reason to look at rural areas - there are exploding markets and lots of investment opportunities in my region right now. We are nowhere near the top of the market yet either.
I'm really surprised that Denver is not on that list as well. RE has been insane for the past several years now. So many folks from CA moving here.
@Nick Gerli You don't see any Texas cities on this list because we are a non-disclosure state and they don't have the data. However, Texas is exploding and Austin's median price in November was up 19.8% over November 2019, matching the highest city on this chart. We've got the lowest inventory in our history and demand is through the roof.