Adios coast: Nearly all the top markets are inland
Migration away from expensive coastal cities is set to continue in 2020. Strong economies, more jobs and available inventory are expected to drive more people to inland cities in 2020, realtor.com says.
More specifically, there are 10 markets that realtor.com predicts will be the top housing markets for 2020, and nearly all of them are inland.
This year’s trend list proved that homebuyers relocated from expensive coastal cities to more affordable inland areas.
According to this year’s report, nine out of 10 cities on the list are located away from the coast, whereas last year there were four coastal cities on the list. Throughout this year, homeowners fled coastal cities for multiple reasons.
The cities that made the list retain sufficient inventory, more specifically at an entry-level price point. What attracts buyers – young ones especially – is affordable homes.
The median asking price for the top 10 cities combined was $292,000. Beyond that, seven cities on the list were priced below the U.S. median of $312,000.
Realtor.com said that the price gains in these markets outpaced the similar-sized markets, which saw a 4.3% year over year increase. The median closing price in the top 10 combined sits at $213,000, with seven of the 10 markets also below the U.S. median of $259,000.
Active listings in the following cities decreased 11% year over year.
Add all that up and you have 10 markets that look to be very desirable over the next 12 months.
Here are the top 10 markets to move to in 2020:
Boise, IdahoMcAllen-Edinburg-Mission, TexasTucson, ArizonaChattanooga, TennesseeColumbia, South CarolinaRochester, New YorkColorado Springs, ColoradoWinston-Salem, North CarolinaCharleston-North Charleston, South CarolinaMemphis, Tennessee
Boise notably leaped from the No. 8 spot last year to No. 1 this year.
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