Lakeside Idaho City is hottest US real estate market in new WSJ / Realtor.com index
The picturesque lakeside town of Coeur d’Alene, Idaho, tops the list of the country’s hottest emerging real estate markets, according to a new ranking released Tuesday.
The WSJ Housing Index / Realtor.com
After Coeur d’Alene, the main metropolitan areas in the ranking are Austin, Texas, Springfield, Ohio and Billings, Mont. Spokane, Washington, just across the state border from Coeur d’Alene, ranks fifth.
Buyers from other Western states are moving in droves to northern Idaho in search of a more rural and cheaper place to live, said Kristen Johnson, real estate agent at Century 21 Beutler & Associates in Coeur d ‘Awl. Workers able to work remotely also choose to relocate, she said.
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“Even though it’s a town, it definitely has those small town values,” said Erin Evans, who moved in December to Coeur d’Alene from Forest Grove, Oregon, after her husband Will got a job in a nearby hospital. “The people are nice. Right now I’m looking out the window and seeing my neighbor’s children playing outside. You feel it’s a bit safer.
They bought a three-bedroom house in November that includes a ground-floor apartment, which they plan to rent for additional income.
The median selling price in the Coeur d’Alene area increased in March to $ 476,900, up 47% from the previous year, according to the Coeur d’Alene Real Estate Association. Finding a home to buy in the metropolitan area of about 166,000 residents is becoming increasingly difficult: the inventory of homes for sale has shrunk by 71% to just 337 homes. This equates to less than a month’s supply.
“It’s not enough for everyone, therefore each ad gets 30 offers,” Ms. Johnson said. “Since the pandemic, our market has been crazy. “
Coeur d’Alene’s median selling price rose in March to $ 476,900, up 47% from the previous year.
Coeur d’Alene town center. The city is also a tourist destination.
Lac Coeur d’Alene and the nearby mountains attract people who settle in the city.
About 70% of pageviews on Coeur d’Alene’s real estate listings were from out-of-state in the first quarter, up from about 66% a year earlier, according to Realtor.com. The main metropolitan areas of interest for Coeur d’Alene’s announcements were Seattle, Spokane, and Los Angeles.
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Some buyers have been drawn to Coeur d’Alene’s more relaxed Covid-19 restrictions, said Lea Williams, associate broker at Tomlinson Sotheby’s International Realty in Coeur d’Alene. Students at Coeur d’Alene public schools were able to attend school in person at least part-time throughout the year, according to a spokesperson for the school district.
The Panhandle Health District lifted a mask mandate for five counties in northern Idaho last month, and the Coeur d’Alene School Board voted this month to lift its mask requirement for students and staff .
Kootenai County, where Coeur d’Alene is based, had 105.6 Covid-19 cases per 1,000 as of April 19, in the upper half of counties in the United States, according to a Wall Street Journal analysis of data from Johns Hopkins University.
Coeur d’Alene is also a popular second home and luxury market due to the area’s natural beauty and access to outdoor activities, such as skiing and water sports.
This has helped to increase the number of high-end sales. In the first two months of the year, 67 homes in the area sold for $ 1 million and more, compared to 12 sales in that price range in the first two months of 2020, Williams said.
Rising house prices have drawbacks, especially for residents who may find it difficult to compete with out-of-state buyers who have higher budgets. New residents who have recently sold homes in more expensive markets such as Seattle and Los Angeles are often able to buy homes in Coeur d’Alene for cash. This threatens to charge some professionals the city needs.
“It will become increasingly difficult to attract teachers to our school district if they cannot find affordable housing here,” said Scott Maben, spokesperson for Coeur d’Alene Public Schools. . “We are very worried. “
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The Wall Street Journal / Realtor.com Emerging Housing Market Index ranks the 300 largest metropolitan areas in the United States. . Coeur d’Alene had an unemployment rate of 4.3% in February, up from 6% nationally, and an average weekly wage of $ 824 in the third quarter of 2020, up from $ 1,173 nationally.
Home prices in the index’s top 10 markets have risen 27% on average over the past year, surpassing a 14% increase nationwide, said Danielle Hale, chief economist at Realtor. com.
The top 10 areas in the index also had a higher proportion of their home shopping traffic coming from shoppers outside of those metropolitan areas, compared to the market as a whole, Ms. Hale said.
“Homebuyers are broadening their search horizons like they’ve never done before,” she said.
Write to Nicole Friedman at [email protected]
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