New ranking shows Coeur d’Alene has the hottest housing market in the country
FILE - In this April 1, 2020 photo, a "For Sale" sign stands in front of a home that is in the process of being sold in Monroe, Wash., outside of Seattle. It’s an exciting time to be a home seller, and 17% of homeowners plan on selling in the next 18 months. But we’re in a unique market, and now is not the time to dive in without proper preparation.
COEUR D’ALENE, Idaho — Two Inland Northwest cities were listed within the country’s top five hottest housing markets in a new ranking from the Wall Street Journal and Realtor.com.
Coeur d’Alene was listed as the hottest housing market in the country, drawing people from Los Angeles, Seattle and just across the border in Spokane. Spokane, though, has also seen a boom and was ranked fifth in the housing market index.
An article from the Wall Street Journal showed the median sales price for a home in Coeur d’Alene rose to $476,900, up 47 percent from a year earlier. At the same time, inventory of homes shrank by 71 percent, which is considered less than a month’s supply.
READ: Lots of people moved out of New York and California in 2020. Most of them went to Idaho
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So, why are people moving to North Idaho? Realtors in the area pointed to the fact the state has been mostly open during the pandemic and students have been able to attend school in-person. It was also noted that Coeur d’Alene is a popular place for people to own a second home and pointed to the area’s nearness to nature and access to outdoor activities.
A separate study from Atlas, released earlier this year, found Idaho topped the list for states with the most inbound moves.
Spokane has also been dealing with a wild housing market. In the Lilac City, a similar issue is happening: there are too many buyers and not enough homes. A report released earlier this year by the Spokane Association of Realtors showed there was about a 10-day supply of homes in January 2021. In January 2020, it was a one-month supply and anything under a three-month supply is considered a “sellers’ market.”
The average price of a home in Spokane went up 21.5 percent this January compared to the last. The average closing price was about $347,500 compared to $289,000 the prior year.
So, what should people who are looking to buy do? Realtors suggest getting your finances figured out before you start looking, working with a local realtor who knows the market and taking a break if you are getting overwhelmed.
RELATED: How to manage Spokane’s hot housing market
READ: Spokane’s housing market: Too many buyers and not enough homes
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