Rankings/Anchorage, AK

Anchorage, AK

NeutralTier 1CBSA 11260Compare

Risk Rank: #91 of 274Month: 2026-05Score change (12m):↑ +18

54score

Composite risk percentile vs 274 metros (higher = higher risk)

Executive Summary

Anchorage's housing market shows average risk, ranking 91st of 274 metros. The market recently entered Expansion. Current conditions are balanced with stable liquidity. Broad-based growth with healthy fundamentals.

Anchorage experienced a market correction from early 2025 through early 2025. The market has since normalized and entered Expansion.

Inventory is declining (-9% YoY), indicating a tight market with limited supply.

Rent growth is roughly keeping pace with price appreciation, suggesting valuations are not stretched.

Cycle Phase

RecoveryExpansionHypersupplyRecession

1 month in current phase

Normal growth conditions with balanced fundamentals

Key Dynamics

Risk is primarily driven by price momentum and employment, while affordability provides the most support.

Top Drivers

Price Momentump86

12-month HPI change

Employmentp84

12-month employment change (risk inverted)

Migrationp78

Net AGI migration (risk inverted)

Market Signals

Inventory is declining (-9% YoY), indicating a tight market with limited supply.

Liquidity

Stable↑

Active Listings YoY

-8.6%p39

Days on Market YoY

-9.8%p29

Months in status1

Data through May 2026

Valuation

Balanced—

Rent vs. Price Growth

+0.5%p72

Months in status1

Data through May 2026Rent growth vs price growth (rent support). Note: Affordability and Valuation measure different structural dimensions and can diverge.

Factor Details

Lower riskHigher risk

Low RiskBelow AvgNeutralElevatedHigh Risk

Price MomentumHigh Risk

+3.1%p86

12-month HPI change — higher = overheating

Permit GrowthElevated

+8.2%p68

YoY permit change — higher = supply pressure

Permits per CapitaLow Risk

0.98p4

Permits per 1,000 residents — higher = overbuilding risk

AffordabilityLow Risk

0.20p3

Mortgage payment / income — higher = more burdened

EmploymentHigh Risk

-0.9%p84

12-month employment change (risk inverted)

MigrationElevated

-$32Kp78

Net AGI migration (risk inverted)

National Context

Credit Conditions

Credit Regime

Stable—

Normal expansion. Credit is available, transactions are healthy — no constraints on current growth momentum.

Bank Lending Standards

-3.7Normal

Rate Change (YoY)

-38 bpsNormal

Mortgage Risk Premium

+199 bpsElevated

Stable for 9 quartersData through 2026-Q2

Supply Pipeline

Supply Regime

Accumulating—

Supply pipeline is building up while credit remains available. New units are accumulating in the system — watch for delivery pressure in coming quarters.

Pipeline Ratio

0.90Elevated

Completion-Permit Divergence

-5.9 ppNormal

Accumulating for 5 quartersData through 2026-Q2

Local Signals

Metro Permit Activity

Permit Activity

Normal

YoY Permit Growth

+8.2%Within norm

Raw signal — not the composite percentile

Relative to 2016–2019 norms for this metro

Supply and demand are in equilibrium. No unusual activity on either side of the market.

Employment Concentration

Employment

Moderate

Largest SectorGovernment 18%

QCEW 2024 annual averages

Internal Structure

County-level structural analysis.

County-level structural analysis is not available for this metro due to fewer than 3 qualifying counties.

Score History

Month	Phase	Score	Price	Permits	Afford	Employ	Migr
2025-12	Rec	58	95	73	3	97	78
2025-11	Exp	50	89	34	3	91	81
2025-09	Exp	48	82	34	3	84	81
2025-08	Rec	42	73	34	3	56	81
2025-06	Rec	39	69	34	3	43	81
2025-03	Ress	25	10	34	2	17	81
2025-01	Hyp	28	36	34	2	12	81
2024-12	Rec	30	44	34	2	12	81
2024-10	Hyp	29	44	34	2	8	81
2024-08	Hyp	36	74	34	2	18	81
2024-06	Ress	41	78	34	3	47	81
2024-04	Ress	37	67	34	3	31	81
2024-03	Exp	29	26	34	3	23	81
2024-01	Exp	29	19	34	3	31	81
2023-10	Exp	33	45	34	3	32	81
2023-07	Exp	32	53	34	4	15	81
2023-06	Rec	34	57	34	4	21	81
2023-04	Rec	35	39	34	4	47	81
2023-03	Ress	41	55	34	5	64	81
2023-01	Hyp	40	44	34	5	70	81
2022-12	Exp	38	24	34	3	81	81
2022-10	Rec	38	28	34	3	77	81
2022-08	Rec	33	6	34	4	68	81
2022-07	Exp	35	5	34	4	79	81
2022-05	Exp	32	8	34	4	60	81
2022-02	Rec	35	8	34	4	77	81
2021-12	Rec	30	4	34	5	55	80
2021-10	Exp	32	4	34	5	62	80
2021-08	Exp	26	7	34	5	28	80
2021-05	Exp	34	9	34	7	66	80
2021-02	Rec	32	7	34	7	58	80
2020-12	Rec	36	11	34	8	67	89
2020-09	Rec	40	16	34	9	84	89
2020-07	Exp	39	11	34	9	86	89
2020-05	Exp	35	7	34	9	68	89
2020-04	Rec	36	6	34	9	71	89
2020-02	Rec	39	9	34	9	86	89
2020-01	Exp	37	10	34	9	75	89
2019-11	Exp	36	3	34	10	78	88
2019-08	Rec	36	10	34	10	66	88
2019-06	Rec	40	19	34	10	81	88
2019-03	Exp	39	14	34	10	82	88
2019-01	Exp	40	13	34	10	89	88

Data Vintages

Price (HPI)2026-Q1

Permits2026-05

Income2024

Employment2026-05

Migration2023