Sioux City Ranked Number 5 On Summer 2023 Emerging Housing Markets Index

Submitted on Mon, 07/31/2023 - 11:04
Sioux City, one of the real estate market areas served by members of the Northwest Iowa Regional Board of Realtors® was recently ranked No. 5 on the Summer 2023 Emerging Housing Markets Index issued jointly by The Wall Street Journal and Realtor.com®. This is the second time Sioux City has been included in the index in 2023, and an increase in ranking. The city was previously No. 7 in the Spring 2023 Emerging Housing Markets Index.
 
According to information published by The Wall St. Journal and Realtor.com®, “the Index analyzes key housing market data, as well as economic vitality and lifestyle metrics, to surface emerging housing markets that offer a high quality of life and are expected to see future home price appreciation.”
 
“I am thrilled to see Siouxland recognized for the second time this year,” said Tonya Vakulskas, President of the Northwest Iowa Regional Board of Realtors® and agent with Keller Williams
Okoboji. “Sioux City is an incredibly vibrant community with a robust economy and amenities that offer something for everyone. The housing market in Sioux City, and across all of Northwest
Iowa, continues to be very active and offer exciting opportunities for both buyers and sellers.”
 
Joining Sioux City on The Top 10 Emerging Housing Markets for summer 2023 are:
1. Lafayette-West Lafayette, Ind.
2. Fort Wayne, Ind.
3. Elkhart-Goshen, Ind.
4. Bloomington, Ill.
5. Sioux City, Iowa-Neb.-S.D.
6. Columbus, Ohio
7. Topeka, Kan.
8. Johnson City, Tenn.
9. South Bend-Mishawaka, Ind.
10. Kingsport-Bristol-Bristol, Tenn.-Va.
 
The analysis highlighted the following key trends shared among markets on the list.
- Emerging markets offer lower cost of living
- Sustained demand drives high price growth, quick market pace
- Mid-sized markets with strong employment and convenient commutes
- Affordability attracts out-of-market shoppers
 
According to the jointly issued report, the index methodology looks at:
The ranking evaluates the 300 most populous core-based statistical areas, as measured by the U.S. Census Bureau, and defined by March 2020 delineation standards for eight indicators across two broad categories: real estate market (50%) and economic health and quality of life (50%). Each market is ranked on a scale of 0 to 100 according to the category indicators, and the overall index is based on the weighted sum of these rankings.
The real estate market category indicators are: real estate demand (16.6%), based on average pageviews per property; real estate supply (16.6%), based on median days on market for real estate listings, median listing price trend (16.6%). The economic and quality of life category indicators are: unemployment (6.25%); wages (6.251%); regional price parities (6.25%); the share of foreign born (6.25%); small businesses (6.25%); amenities (6.25%), measured as the average number of stores per specific “everyday splurge” category (coffee, upscale/specialty grocery, home improvement, fitness) per capita in an area; commute (6.25%); and estimated effective real estate taxes (6.25%).
 
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