The surprising cities where average home is set to cost $1m by 2033
A recent study has revealed a range of cities with housing markets set to skyrocket by 2033.
All the cities will supposedly soon see average prices exceed $1million - mostly because of where they are situated.
For instance, Stockton is two hours inland from San Francisco. The no-frills city ranked fifth in the sample-set.
Beating it slightly were cities like Colorado Springs in Colorado, which currently has a median sale price just under half-a-million. The analysis from Realtor.com predicts the price will double within the decade, with the city just an hour south from Denver.
Speaking of Denver, the still-affordable city ranked sixth on the website's list, with its $547,966 median listing expected to more than double - to $1,296,676 - by 2033, Realtor.com found.
The site tracked home prices across the US's 100 largest metros between 2014 and 2019, which specialists conceded had 'anomalies such as the recession and pandemic.'
Rounding out the top ten were cities like Sacramento, Boston, Honolulu, and Seattle - showing how far-flung those expected to meet the million-dollar marker really were.
Representing all but one corner of the continental US, the list was capped by three cities in the Western US - none of which are in California.
Pictured, the city of Boise's skyline. The metro in Western Idaho ranked first in Realtor.com's recent list of cities posed to become million-dollar markets in the next 10 years
Pictured, Salt Lake City, Utah - the runner-up on Realtor.com's list. The site tracked listing prices across the US's 100 largest metros between 2014 and 2019 to come to their conclusions
The first can be found tucked away in the northwestern wilderness, in the form of Boise, Idaho.
Thanks to an assemblage of mountains, trees, and trails, tourism officials bill it as as a place that is both 'urban and wild'.
Also painted as a 'city you'd want to have a beer with', Boise today boasts a median sale price of $464,578.
Realtor.com projects that by 2033, price tags for the same homes could surpass $1.1million - an increase fueled by the highest five-year rate seen in the field between 2014 and 2019.
Using that rate - 58.2 percent - the company further found Boise's median home price would hit $735,026 in 2028, after a full five years.
Give it another five and the number would be $1.16million, Realtor.com economist Hannah Jones wrote, discussing at a point how the city will manage to make it into the million-dollar club.
'Various popular markets such as Boise have seen substantial price growth in recent years as buyer demand put pressure on inventory, leading to climbing prices and competitions,' she explained.
'If these trends continue, prices could exceed $1 million in the next decade in some markets that are currently relatively affordable.'
'Various popular markets such as Boise have seen substantial price growth in recent years as buyer demand put pressure on inventory, leading to climbing prices,' Realtor.com economist Hannah Jones explained. 'If these trends continue, prices could exceed $1 million'
Such demand will see the city - and other affordable ones like runner-up Salt Lake City (skyline seen here) - soon sport a median listing price roughly around the rate seen in San Francisco
Such demand will see the city - and other affordable ones to grace the list - soon sport a median listing price roughly around the rate currently seen in San Francisco.
As of October, the city as sported a median home price of roughly $1.2million, according to Realtor.com. That's almost the highest in the country, eclipsed only by fellow Bay Area hive San Jose ($1.3million).
Runner-up Salt Lake City - found in northern Utah - is expected to see similar price tags within the next 10 years, according to Realtor.com, who put the exact number at $1.06million.
That's up from the $493,414 sale price seen in 2023, slightly more than that of Boise.
Third-place Portland - an isolated stronghold not far from Seattle, a three hours' drive south - put up similar numbers, with its $501,000 price tag expected to, again, more than double by 2033, to $1,051,838.
Similarly, Colorado Springs - one of four Mountain West cities to make it in the top 10 along with Denver, Boise, and Salt Lake City - will see its current sale price of $454,673 rise to $1,019,929 within the next 10 years, according to the Realtor study.
Stockton - 'a great location positioned between the metros of San Francisco and Sacramento', as real estate advisor Nicole Brown put it - still has a median listing price of just $579,292 today.
Third-place Portland - an isolated stronghold not far from Seattle, a three hours' drive south - put up similar numbers, with its $501,000 price tag expected to, again, more than double by 2033, to $1,051,838
Similarly, Colorado Springs - one of four Mountain West cities to make it in the top 10 - will see its current sale price of $454,673 rise to $1,019,929 within the next 10 years, according to the study
Stockton - 'a great location positioned between the metros of San Francisco and Sacramento', as real estate advisor Nicole Brown put it - still has a median listing price of just $579,292 today. By 2033 that number is predicted to climb to $1,446,731
By 2033 that number is predicted to climb to $1,446,731 - thanks, in part, to its convenient location between the bustling cities of the Bay Area and California's capital.
'Folks can commute to either metro for their jobs,' Brown explained - as nearby sister cities Denver and Sacramento snagged the next two spots.
Further down in the final five were Boston, Honolulu, and Seattle, which all boast slightly more expensive median price tags, well into the $600,000s.
By 2033, Boston - the only northeastern city to make the list - will just meet the million-dollar mark, while Honolulu and Seattle, with predicted median listing prices of $1,143,830 and $1,485,885, respectively, will well exceed it.
The predictions, experts warned, are at the mercy of unseen factors like the pandemic that could cause the market to abruptly shift.
As experts previously pointed out, The Great Recession saw a dramatic change in home prices as well, with the median price fluctuating at the time from about $201,000 in 2008 to $167,000 the following year.
In the fourth quarter of 2023, the median price of existing homes in the U.S. was around $387,000 U.S. dollars, set to rise to roughly 400,000 U.S. dollars by 2025.
