The Sun Belt is in for another heated year of real estate, according to the latest report from Zillow, which ranks the top markets for 2022. All ranked states will likely face tight inventory, rising prices and strong competition, according to the company.
Tampa topped the list due to its predicted home value growth, a thriving job market, scarce and fast-moving inventory, and a solid supply of potential buyers.
The top 10 markets:
1. Tampa
2. Jacksonville
3. Raleigh
4. San Antonio
5. Charlotte
6. Nashville
7. Atlanta
8. Phoenix
9. Orlando
10. Austin
The takeaway:
Zillow economists expect strong price appreciation and sales volume to continue into 2022—predicting 14.3% home value growth through November 2022 in the U.S. According to Zillow, each of the top 10 hottest metros will likely exceed that, with Tampa home values predicted to grow 24.6% during that time.
The coolest markets are predicted to be New York, Milwaukee, San Francisco, Chicago and San Jose.
“Homebuyers are attracted to markets in the Sun Belt that offer relative affordability, fast-growing economies and weather that allows them to enjoy the outdoors year-round,” said Zillow Economist Alexandra Lee in a statement. “Across the board, sellers will remain in the driver’s seat, but especially so in the hottest markets. Buyers should be ready for strong competition for homes, which means bidding wars and homes flying off the market only days after they are listed.”
