Under a million people live in Alaska, but that doesn’t mean there aren’t plenty of opportunities for investing in real estate.
But, what’s happening in the real estate market right now? And what’s going to become more popular in the near future? Let’s go through the Anchorage real estate trends you need to know.
1. The Price is Rising
Like with most other areas, the cost of real estate in Anchorage is rising. The median home cost is $349,895, which is an increase of about five percent since 2020.
The more bedrooms in a home, the higher the cost tends to be. Anchorage is also one of the most expensive places to buy a home in Alaska, so if you’re set on choosing this state, it might be best to get in on the ground floor.
And, there are fewer homes available in Alaska than in most other states, so it’s better to start looking around sooner than later. If you’re looking for a home or just to invest in residential Anchorage Alaska real estate, contact RMG Real Estate Network to get started with great real estate agents in Anchorage Alaska.
2. It’s Not Just Homes
Anchorage real estate is strong in areas other than residential property. Industrial real estate has remained in high demand, despite the struggles of the COVID-19 pandemic.
Big box retailers have closed in Anchorage on a regular basis. This means that there is more room for smaller businesses to rent properties. Huge commercial spaces aren’t in as high demand, except for when used for warehouses or distribution centers.
Warehouse space is in particularly high demand in Anchorage. Building suitable new buildings or developing land to create more space is a huge hassle, so many businesses fight for what’s already available. This makes warehouses one of the hottest aspects of the Anchorage real estate market.
3. Office Space is Changing
Due to the COVID-19 pandemic, the ways we view workplaces are shifting. More and more people are working from home, and more and more businesses are shifting to remote or hybrid models. This has an effect on the real estate market. Fewer people are in need of office space, or they need smaller spaces.
But, that means that there is more demand for co-working spaces, studios, or other smaller worker areas. So, there are still ways to invest in commercial property during these changes in the real estate market.
Mixed-use buildings that combine residential and commercial spaces are also becoming more popular, even in Anchorage. These properties are usually new builds, but they can also be converted from existing properties.
Stay On Top of These Anchorage Real Estate Trends
Hopefully, you’ve got the knowledge you need to decide if investing in Anchorage real estate is right for you. So, meet with a real estate agent and a financial advisor, and get on your path.
Do you need more advice on related topics? check out a few of our other posts for more.
