Tech Hubs, Greener Locales Top U.S. Housing Markets
Increasingly pricey tech hubs will lead the U.S. housing market in 2021, as well-paid, white-collar workers continue to drive home sales, according to a forecast from realtor.com released Monday. Tech-industry workers are expected to keep competition stiff from burgeoning Boise, Idaho, to San Jose, at the heart of California’s Silicon Valley, with demand even spilling over into nearby cities, such as Sacramento, which led realtor.com’s 2021 Top 10 Markets report. A movement of value-seekers leaving the San Francisco Bay Area for Sacramento got supercharged during the coronavirus pandemic, when many were allowed to work remotely. That influx is expected to continue into 2021. Prices in greater Sacramento average about $550,000 and are forecast to increase another 7.4% next year on the back of 17% more home sales, predicted according to forecast. San Jose ranked second in 2021’s top housing markets and is the most expensive among the top 10, with a median home price of roughly $1.2 million. The luxury market, whose top-rated public schools attract tech talent from all over the U.S., has maintained its appeal during the pandemic. It suffers from a housing shortage that’s going to fuel competition and a striking 10.8% rise in home prices in 2021. Two lower-cost burgeoning cities, Charlotte, North Carolina, and Boise, follow San Jose on the list, while Seattle rounds out the top five. Prices in greater Seattle, home to major companies like Amazon, Microsoft and Starbucks, are looking at a near 10% increase next year that could drive the median price to around $700,000. Sellers will remain in a position of power, but will find themselves on the other side of the bargaining table when buying their next home,” Ms. Hale said in the report.
Tags : INTERNATIONAL U.S. housing market Home Sales Tech Hubs