Out-of-State Interest Still Fueling Housing Demand in the Treasure Valley
Several months ago, we took a look at the Realtor.com Cross-Market Demand report, which looks at where people who are looking to buy homes in a particular area reside as they’re conducting their house hunt.
Using the most recent data available, which is from April 2020, eight out of the top ten counties were in California, with Los Angeles Country topping the list in terms of property views. Second on the list was Salt Lake County in Utah, followed by Orange County, California, and King County in Washington.
Property views from California accounted for more than 25% of homes viewed. And this is for Ada County specifically. People in Canyon County looking at homes in Ada County accounted for just under 52% of the demand. Nearly 64% of the views were from out of state. Only 5% were from within the state. 30% of the views were from people already residing in the county.
Interestingly, Canyon County has seen the most interest from Salt Lake County, Utah, with nearly 10% of the viewers residing in that county. Los Angeles County was second, and King County was third. Only six out of the top ten viewing counties for Canyon County were from California. Essex County in New Jersey and Multnomah County in Oregon also registered on the report. 63% of the views for Canyon County were from out of state. Only 10% of the properties looked at in Canyon County were by other 2C residents, with 26% viewing from elsewhere in the state.
For the Boise Metro area, which includes both Ada and Canyon Counties, the top viewing metros from other states include:
- Los Angeles, Long Beach, and Anaheim, CA
- Salt Lake City, UT
- San Francisco, Oakland, and Hayward, CA
- Sacramento, Roseville, Arden, Arcade, CA
- New York, Newark, Jersey City, NY, NJ, PA
- Riverside and San Bernardino, CA
- Seattle, Tacoma, Bellevue, WA
- Phoenix, Mesa, Scottsdale, AZ
- San Diego and Carlsbad, CA
- San Jose, Sunnyvale, and Santa Clara, CA
The cities indicated above are in order of most views. The L.A. area accounted for just over 11% of the Treasure Valley area’s views.
The report shows continued interest by out-of-state buyers, and we’re starting to see new interest from other states beyond just the usual suspects of California, Utah, and Washington. Denver, Atlanta, New York, and Chicago also found their way onto the report.
Experts have said that the pandemic is going to cause people to flee larger metropolitan areas like Los Angeles for smaller areas like Boise. The report seems to indicate some truth given the number of people looking at the area from out of state. Demand is going to continue to be high for housing as states start opening back up for business.