The National Association of Realtors correctly predicted, last year, that Boise would be the hottest market for 2021. A recent article from U.S.A. Today listed the markets for which home prices soared by more than 50% since 2017. Spokane had the second highest appreciation after Boise. The article only lists one city per state so doesn’t mention where Coeur d’Alene fits into the list.
The cities with the strongest appreciation in this time frame were, in order:
- Boise, ID up 71.9% since 2017, (median sales price January-February 2021: $385,000);
- Spokane, up 66.3% (median sales price: $320,000);
- Ogden, UT, up 58.2% (median sales price: $365,000);
- Port St. Lucie, FL, up 57.9% (median sales price: $299,000);
- Rocky Mount, NC, up 55.5% (median sales price: $163,000);
- Janesville, WI, up 55% (median sales price: $186,000);
- Lafeyette, IN, up 51.6% (median sales price: $205,000);
- Stockton, CA, up 50.9% (median sales price: $460,000);
- Pueblo, CO, up 50.7% (median sales price: $230,000); and
- Phoenix, up 49.8% (median sales price: $350,000).
What happened in the past doesn’t necessarily affect what will happen in the future. However, it seems plausible that appreciation will continue in low density states such as Idaho and Utah which were less heavy-handed during the pandemic, have a lot of natural beauty, and have low density.