MARKETS & TRENDS
RENTAL MARKETS
What Recession? MARKETS WHERE HOME VALUES ARE UP THE MOST
by Ingo Winzer
ou might think that a reces - sion would crimp home sales
Y
2020 Home Price Increase
3-Year Population Growth
and damage home values as every - one’s financial situation becomes more precarious; the 2008 reces - sion, for example, devastated real estate markets. Not this time. In 2020, the number of owner-occupied homes increased by six million. And the average home price was up five percent. This was partly due to record-low mortgage rates but also to the fact that the recession has not touched everyone equally; it’s mainly lower-paid peo - ple—in other words, renters—who have lost their jobs. Here’s a list of 10 markets where home prices went up the most and for good reason: people have been moving there. Although home prices can rise for other reasons, population growth is the strongest supporter of prices and in most of these markets we can expect a good real estate market for the next few years. • Our Investors Metro Analysis shows you the risks and opportunities in 200 local real estate markets at www. LocalMarketMonitor.com. Now with zip code rent data.
10% 5%
Boise, ID
9% 5%
Tacoma, WA (pictured)
8% 6%
Phoenix, AZ
7% 4%
Salt Lake City, UT
7% 5%
Tampa-St. Petersburg, FL
7% 5%
Colorado Springs, CO
6% 2%
Kansas City, MO
6% 3%
Indianapolis, IN
6% 3%
Knoxville, TN
6% 3%
Columbus, OH
LOCAL MARKET MONITOR, CARY NC
Ingo Winzer is president of Local Market Monitor, which analyzes conditions in 300 U.S. markets, using such economic data as home values and growth in employment and population. Winzer, who has analyzed real estate markets for
more than 20 years, was a founder and executive vice president of First Research, an industry research company that was acquired by Dun & Bradstreet in March 2007. He is a graduate of MIT and holds an MBA in finance from Boston University. Winzer resides in Cambridge, Mass. www. localmarketmonitor.com
76 | think realty magazine :: february 2021
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