A new forecast says the Tri-Cities real estate market will be one of the strongest in the country over the next year.
The latest forecast from Veros Real Estate Solutions lists the 10 U.S. cities with the highest expected price appreciation, and 10 with the lowest expected appreciation.
The Tri-Cities comes in at No. 8 on the first list with a 7.2 percent anticipated price appreciation between now and June 2020. It’s a tie for the 8th spot — Yakima and Pocatello, ID, also have a 7.2 percent expected appreciation. Washington and Idaho dominate the top 10, taking up 8 spots overall. Texas has the other two. Here’s the complete Top 10:
- Odessa, TX (+9.7%)
- Coeur D’Alene, ID (+9.5%)
- Idaho Falls, ID (+9.4%)
- Boise City-Nampa, ID (+9.1%)
- Midland, TX (+8.0%)
- Bellingham, WA (+7.8%)
- Spokane, WA (+7.4%)
- Kennewick-Pasco-Richland, WA (+7.2%)
- Pocatello, ID (+7.2%)
- Yakima, WA (+7.2%)
In its announcement, Veros explains that housing inventory and population trends are two primary factors in predicting which markets will appreciate and which won’t:
Housing supply is a key discriminator between the markets in this forecast’s top and bottom rankings. A very low housing supply is a feature of the markets where prices are expected to increase significantly. Population trends are another consistent characteristic, with slow or declining population growth contributing to low demand in markets at the lowest ranks of the forecast.
On the flip side, Grand Forks, ND/MN is expected to have the lowest appreciation at -1.9 percent — prices there are expected to decline over the next year. The state of Louisiana has four markets in the top 10 with the lowest expected appreciation.
We’re always keeping an close eye on the Tri-Cities real estate market, so if you ever have questions about your home’s value or what the market means for finding and buying a home, please reach out anytime. We love to answer real estate questions!