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Low Inventory Drives Home Buyers to Explore Big City Alternatives

By admin / Published on Friday, 13 Dec 2019 10:18 AM / Comments Off on Low Inventory Drives Home Buyers to Explore Big City Alternatives / 230 views

Boise, Idaho, McAllen, Texas and Tucson, Ariz. top realtor.com®’s list of markets set to sizzle in 2020. Low Inventory Drives Home Buyers to Explore Big City Alternatives

While the U.S. housing market is expected to cool in 2020, certain markets will remain steadfast, fueled by strong local economies, job creation, and available inventory, especially at the entry-level price point. Low Inventory Drives Home Buyers to Explore Big City Alternatives. Topping next year’s housing markets list are Boise, IdahoMcAllen, Texas, and Tucson, Ariz., according to realtor.com®‘s analysis of the 100 largest metros released today.

Based on realtor.com®‘s analysis of projected home sales and price data, this year’s list highlights the trend of people moving from expensive coastal cities to more affordable areas inland. Low Inventory Drives Home Buyers to Explore Big City Alternatives. In fact, nine out of 10 of 2020’s hottest markets are not on the coast — a significant change from last year when four out of 10 markets were on or near the water. This trend is particularly noticeable in Boise, which jumped from the No. 8 position last year to the top spot for 2020. Boise is seeing an influx of out-of-state buyers looking to enjoy the city’s amenities at a lower price point compared with places such as California.

In the top 10 markets, home sales are expected to increase by 2.4 percent and prices by 3.1 percent on average year-over-year. This is in contrast to a 1.8 percent decrease in home sales and a 0.8 percent increase in sales prices nationwide, according the realtor.com® 2020 housing forecast.