The nation’s top housing markets are driven by strong local economies, tech sector job growth and affordability, according to realtor.com®’s latest forecast. The Top Housing Markets of 2022 were primarily located in the Mountain West, Midwest and New England. They will likely experience the strongest combined growth in home sales and listing prices among the 100 largest U.S. metros, said the company.
Across these 10 markets, home sales are expected to grow by 11.6% year-over-year in 2022—almost double the national home sales growth projection (6.6%). Average home prices in these markets are expected to increase 7.4%—more than double the national average (+2.9%).
Here are realtor.com®’s top housing markets for 2022:
1. Salt Lake City, Utah
2021 median home price: $564,062
Forecasted 2022 home sales change: +15.2%
Forecasted 2022 home price change: +8.5%
Forecasted 2022 combined sales and price change: +23.7%
2. Boise, Idaho
2021 median home price: $503,959
Forecasted 2022 home price change: +17.9%
Forecasted 2022 home sales change: +7.9%
Forecasted 2022 combined sales and price change: +20.8%
3. Spokane, Washington
2021 median home price: $419,803
Forecasted 2022 home sales change: +12.8%
Forecasted 2022 home price change: +7.7%
Forecasted 2022 combined sales and price change: +20.5%
4. Indianapolis, Indiana
2021 median home price: $272,401
Forecasted 2022 home sales change: +14.8%
Forecasted 2022 home price change: +5.5%
Forecasted 2022 combined sales and price change: +20.4%
5. Columbus, Ohio
2021 median home price: $298,523
Forecasted 2022 home sales change: +13.7%
Forecasted 2022 home price change: +6.3%
Forecasted 2022 combined sales and price change: +20.0%
6. Providence, Rhode Island
2021 median home price: $419,813
Forecasted 2022 home sales change: +8.1%
Forecasted 2022 home price change: +9.5%
Forecasted 2022 combined sales and price change: +17.7%
7. Greenville, South Carolina
2021 median home price: $305,078
Forecasted 2022 home sales change: +11.4%
Forecasted 2022 home price change: +5.7%
Forecasted 2022 combined sales and price change: +17.1%
8. Seattle, Washington
2021 median home price: $666,754
Forecasted 2022 home sales change: +9.6%
Forecasted 2022 home price change: +7.5%
Forecasted 2022 combined sales and price change: +17.1%
9. Worcester, Massachusetts
2021 median home price: $397,188
Forecasted 2022 home sales change: +8.4%
Forecasted 2022 home price change: +8.2%
Forecasted 2022 combined sales and price change: +16.6%
10. Tampa, Florida
2021 median home price: $335,814
Forecasted 2022 home sales change: +9.6%
Forecasted 2022 home price change: +6.8%
Report trends:
- Remote Work: The share of workers applying to jobs with “remote work” keywords, is above average in Boise (32%), Spokane (33%) and in the Salt Lake City area (26.3%), according to LinkedIn.
- Young Demographics: Many of these top markets have a higher share of people between the ages of 25-34, particularly in Seattle, Salt Lake City and Columbus.
- External Attraction: Due to healthy market indicators, many flock to these areas from out of state. Greenville, Boise, Spokane, and Worcester had the highest shares of non-local viewers, according to realtor.com®.
- Premium Pricing: Living in one of these top markets comes at a premium when compared to nearby markets. The average listing price was $431,000 in November for the top ten compared with just $397,000 for all 100 markets analyzed, on average.
The takeaway:
“This year’s list spans a variety of geographic hotspots, reflecting how pandemic trends like the rise in remote work are enabling many homebuyers to explore new areas where their budgets stretch further. The top 10 markets share a number of commonalities that are driving demand from millennial remote workers to retirees alike, including those from major coastal metros,” said realtor.com® Chief Economist Danielle Hale in a statement. “With thriving local economies, low unemployment rates, convenient access to the outdoors and relatively affordable housing, many of the top markets offer the best of both small town quality of life and big city job security. Home shoppers in these areas may still be able to find good value even as listing prices are expected to climb in 2022, but getting a leg up on the competition will be key. For buyers with more flexible timelines—such as those making a move from a big city—offering a couple extra months on the closing date could sweeten the deal for sellers who also need to buy their next home.”
To read the full report, click here.
