Published by More & More Network | April 26, 2022
On the back of high demand and supply shortages, this information is more critical than ever for future buyers.
REALTOR.com® releases an annual housing market forecast that includes vital information on markets in metro areas across the country. On the back of high demand and supply shortages, this information is more critical than ever for future buyers.
According to REALTOR.com®’s 2022 predictions, this year will bring its own brand of hurdles for hopeful homeowners. Housing challenges waiting for you include increased interest rates, buyer competition, home affordability and home prices.
Much of this growth depends on the influences of the pandemic. As a result of quarantining restrictions, many workers had to adapt to working from home. Many employees still work this way or rely on hybrid schedules. Because of this, suburbs are experiencing a higher demand for housing than other areas.
From waterfront properties to nightlife hubs, these metro areas are some of the hottest markets in the U.S. this year:
- Tampa, Florida
- Combined Market Growth: 16.4%
- Median Home Value: $360,000
- Population Growth (from 2010 – 2020): 21.27%
The Tampa Bay area includes several gems along Florida’s gulf coast, namely St. Petersburg and Clearwater. Because of factors like the area’s sunshine, it’s one of the best places to retire. It also appeals to younger prospective owners looking for warm weather year-round.
REALTOR.com® expects to see a 9.6% growth in sales and a 6.8% growth in prices.
- Jacksonville, Florida
- Combined Market Growth: 12.7%
- Median Home Value: $280,990
- Population Growth (from 2010 – 2020): 14.23%
A Florida city to rival Tampa, Jacksonville offers wide beaches, a thriving nightlife, and the nation’s largest urban park system. But despite its luxury-like attractions, the city has a relatively affordable cost of living.
Jacksonville should see approximately the same sales price growth as Tampa at 6.5%, but only 6.2% sales growth.
- Raleigh, North Carolina
- Combined Market Growth: 13.9%
- Median Home Value: $385,500
- Population Growth (from 2010 – 2020):20.91%
Raleigh is a growing hub for younger professionals. Their unemployment rate is lower than the national average, and there are plenty of job opportunities. Along with that, the city remains relatively affordable, once again making it a draw for recent graduates.
According to REALTOR.com®’s forecast, Raleigh should only experience a 4.3% price growth but a 9.6% sales growth.
Continue reading to see the full list.