Published by REALTOR Magazine | December 8, 2021
Expect a lot of competition in these emerging markets next year.
Expect the nation’s hottest markets next year to be centered largely in tech hubs in the Midwest and Mountain states, which offer affordable alternatives to pricier coastal regions. Realtor.com® recently released its forecast of the top-performing markets for 2022. “Our top housing markets are attracting remote-minded workers, possibly interested in snagging a big-city salary while still enjoying the quality of life that these generally smaller areas afford,” says Danielle Hale, Realtor.com®’s chief economist.
With the rise in remote work, many people can better prioritize affordability when moving to new locations. But realtor.com® researchers also note that not all the places on their list of hottest markets for 2022 are affordable. The average listing price in the top 10 cities was $431,000 in November, which was higher than the national median price of $379,000. However, these markets may offer more housing options.
Nevertheless, expect a lot of competition in these emerging markets in 2022, Hale says. “Buyers in these areas can look forward to a competitive market that will require a focused approach,” she notes. “Don’t get carried away in a bidding war.”
Realtor.com®’s research team analyzed data on expected growth of home sales and prices in 2022 compared to the year prior in the 100 largest metro areas. They factored in past sales prices, the number of sales and amount of new construction, and economic, household, and income growth. Here are the 3 markets on their hot list for 2022:
1. Salt Lake City
- Median home price: $564,062
- Anticipated price growth: 8.5%
- Anticipated sales growth: 15.2%
2. Boise, Idaho
- Median home price: $503,959
- Anticipated price growth: 7.9%
- Anticipated sales growth: 12.9%
3. Spokane, Wash.
- Median home price: $419,803
- Anticipated price growth: 7.7%
- Anticipated sales growth: 12.8%
Click here to see the other seven markets in the Top 10 List for 2022.
