Bob Evans SVP, Industry Relations | realtors.com
Home prices in certain areas of the United States are increasing, with some regions poised to reach million-dollar valuations. These markets, primarily located in the West and Midwest, are close to larger, more expensive metropolitan areas.
Realtor.com economists analyzed sales price growth in America's 100 largest metros from 2014 to 2019 and projected this growth trajectory from 2023 to 2028 and then to 2033. For example, a home bought in Boise City, ID, for a median price of $464,578 in 2023 is expected to be worth $735,026 by 2028 and $1,162,910 by 2033.
Nicole Brown from Corcoran Icon Properties notes that Stockton's proximity to San Francisco could drive its housing market upward: “As the prices increase and price folks out of the immediate San Francisco Bay Area, people will venture further out into the Valley.” Yancy Forsythe of Missouri Valley Homes explains that while the Sun Belt is growing fast due to available land keeping prices lower for now.
High buyer demand also influences these trends. Realtor.com economist Hannah Jones says: “Various popular markets such as Boise have seen substantial price growth in recent years as buyer demand put pressure on inventory.”
However, there are uncertainties. Jones adds: “If the local economy shifts...home construction could pick up,” potentially slowing price increases.
Below are ten cities approaching million-dollar market status:
- Boise City, ID
- Salt Lake City, UT
- Portland, OR
- Colorado Springs, CO
- Stockton, CA
- Denver, CO
- Sacramento, CA
- Boston, MA
- Honolulu, HI
- Seattle, WA
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