Monday Market Update: Emerging Million Dollar Markets

Guess which California city in the Central Valley is on the list!?

Happy Monday & Happy November! 2024 is truly flying by and the end of year trends are often telling of what’s going to come in 2025. If you live in the Bay Area, you know that a million-dollar median home price has been your reality for quite some time – but there are some cities poised to hit the mark, who never saw it coming! Yahoo! Finance recently published an articled titled “Millionaire In 10 Years? These Real Estate Markets Might Take You There”, which revealed some major housing markets in the West & Midwest which are projected to join the “million-dollar club” in the next 10 years.

The analysis, conducted by Realtor.com®, looked at price trajectories in America’s 100 largest metros from 2014 to 2019, and then created growth trajectories in the next decade based off median home prices today. In general, the up and coming “million-dollar markets” are cities located near existing high-cost areas, in which residents are venturing outward. Prices are also impacted by land constraints; thus, homes being built where there is a lot of land (i.e. the Sun Belt) are not experiencing the price surges of areas with less room for growth.

Here are a few million-dollar club projections:

- Boise, Idaho

o  Current Median Home Price: $464,578

o  Projected 2033 Median Home Price: $1.2 million

- Stockton, CA

o  Current Median Home Price: $579,292

o  Projected 2033 Median Home Price: $1.4 million

- Sacramento, CA

o  Current Median Home Price: $557,522

o  Projected 2033 Median Home Price: $1,103,325

- Seattle, WA

o  Current Median Home Price: $694,351

o  Projected 2033 Median Home Price: $1,485,885

Other cities on the list include: Salt Lake City, Utah; Portland, Oregon; Colorado Springs, Colorado; Denver, Colorado; Boston, Massachusetts and Honolulu, Hawaii.

Note that Stockton holds the projection for the highest median growth rate of 58% in the next decade, a level only expected to be matched by Boise. Most of the cities are poised for growth rates of 40-50%, while Honolulu and Boston hover in the 26-29% price growth projection.

This may be valuable information for those looking to invest, make a purchase in a market with a potentially high ROI and for those deciding where to move before affordability becomes out of reach.

Have a great first week of November,

Bobbi