Top 10 Housing Markets for 2020

By
Education & Training with SH RE

While most of the country has transitioned into a slower cycle of declining home sales; some markets continue to stay hot. Recently, Realtor.com released a list of the top markets for the coming year. Here are the cities poised for big growth in 2020.

 

Boise City, Idaho

  • Sales change: plus-0.3%
  • Home price change: plus-8.1%
  • Median home price: $295,000

Although Idaho's economy virtually collapsed during the Great Recession, it now enjoys one of the nation's highest rates of job growth. In response, out-of-staters have begun flocking to the quiet little haven nestled amid a beautiful mountain landscape. According to Realtor.com, nearly two-thirds of people viewing real estate listings in Boise are from out of state. Attracted by employment opportunities in the tech sector, prospective buyers are intrigued by the metro area's attractive inventory and relative affordability.

 

McAllen, Texas

  • Sales change: plus-4.4%
  • Home price change: plus-4%
  • Median home price: $152,000

Situated near the Mexican border, McAllen has seen a recent real estate boom as it has evolved into a retail center for both Northern Mexico and South Texas. The retail sector employs more than one-fourth of the population, with medicine and education also providing numerous employment options. North McAllen and nearby Edinburg rate high with younger families thanks to a top-rated primary school (Gonzalez Elementary).

 

Tucson, Arizona

  • Sales change: plus-3.4%
  • Home price change: plus-3.3%
  • Median home price: $230,000

One of the nation's most lucrative seller's markets, Tucson's tight inventory means homes don't stay on the market very long. At a time when luxury home sales are slowing throughout the country, homes priced $800,000 and up continue to sell fast in Tucson. With a business-friendly climate, the city has revitalized the economy and attracted big employers. Combined with affordability and weather, employment is one of the major factors driving home sales in this area.

 

Chattanooga, Tennessee

  • Sales change: plus-2%
  • Home price change: plus-3.6%
  • Median home price: $189,000

Located between Atlanta and Nashville, Chattanooga provides a convenient, less expensive alternative to each. After investing $120 million on a riverfront redevelopment project, the area offers modern apartment buildings, museums, parks, a growing arts district, family-friendly restaurants and an amphitheater. As a result, prices have exploded, and homes don't stay on the market very long.

 

Columbia, South Carolina

  • Sales change: plus-5.5%
  • Home price change: Minus-0.2%
  • Median home price: $178,000

Nowhere is South Carolina's runaway growth more apparent than its state capital. Traditionally buoyed by Fort Jackson Army Base, Columbia's real estate market is now boosted by ultra-affordable homes and contemporary job opportunities, such as Amazon's fulfillment center. Although home prices have been on the rise of late, they are still reasonable; several new homes are available in the $200,000 price range.

 

Rochester, New York

  • Sales change: plus-4.7%
  • Home price change: plus-0.4%
  • Median home price: $149,000

Edging the banks of Lake Ontario, this growing real estate market plays host to a pair of "near Ivy" universities, which employ much of the community. The revitalized downtown area is beginning to attract younger buyers in search of nightlife, dining and new luxe housing. Park Avenue and Neighborhood of the Arts are also desirable neighborhoods where single-family homes are available for $200,000 to $300,000.

 

Colorado Springs, Colorado

  • Sales change: Minus-1.4%
  • Home price change: plus-6.3%
  • Median home price: $312,000

For years, Colorado Springs has been a common sight in real estate reports profiling the most appealing communities. Topping U.S. News & World Report's 2018 list of best places to live, Colorado Springs has attracted substantial interest from home buyers. With sunny weather, stunning views, fantastic recreational opportunities and a relatively low cost of living, the city has some very obvious appeal. It also has a strong job market in the defense, aerospace, technology and cybersecurity sectors. The presence of five nearby military bases and a top-rated school system also have a big influence on the value of Colorado Springs real estate.

 

Winston-Salem, North Carolina

  • Sales change: plus-3.6%
  • Home price change: plus-0.5%
  • Median home price: $169,000

Winston-Salem made a substantial investment in a downtown revitalization project that really paid off. The city is famous for its exceptionally livable downtown area. It also plays host to new hotels, apartment complexes, shops, restaurants and a nice variety of new condos and remodeled single-family homes. As buzz about Winston-Salem continues to spread, the city is poised to be one of the top housing markets in 2020.

 

Charleston, SC

  • Sales change: plus-1.2%
  • Home price change: plus-1.9%
  • Median home price: $270,000

A traditional tourist favorite, historic Charleston has joined the ranks of the most appealing housing markets. Many transplants come for employment opportunities in the aerospace, defense and military at Charleston Air Force Base and the South Carolina Port Authority. Boeing and Volvo also employ thousands, and there is a considerable retiree population migrating from colder, more pricey Northeast cities.

 

Memphis, TN

  • Sales change: plus-0.1%
  • Home price change: plus-3%
  • Median home price: $188,000

Over the past five years, Memphis has had a booming investment real estate market. That said, it has also attracted a good amount of relocations, thanks to employers such as AutoZone, Hilton Hotels and International Paper. The city has invested in bike lanes, green spaces, and walking trails. It also has a nice diversity of housing options, including single-family homes and condos converted from older warehouses. Many newcomers look to the suburbs for good schools, and Collierville and Germantown have responded with a lot of new construction.

Comments (2)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sean, I know Denver was in the top 3 for several years, and thankfully it has slowed down and now Colorado Springs is hopping! 

Jan 27, 2020 01:58 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope 2020 is a great year for you.

Jan 28, 2020 02:18 AM