Boom May Be Spilling Over To More Affordable Housing Markets
Estacada, an isolated community of 2,500 residents, 25 miles southeast of the booming Portland real estate market, is on tap to build 450 homes this year with another 1,000 lots likely to be approved in the next few years.
In West Virginia, home sales soared 21.7 percent in mid year, in part, because home prices in some West Virginian cities were nearly half the national average and that attracted spill over demand from the Washington, D.C. area, one of the nation’s hottest housing markets.
Old housing market bubbles don’t die, they just spill over into adjacent markets. As home prices and sales in many large booming real estate markets flatten, there’s growing evidence that much of the housing market boom is alive and well. Only the locations are changing.