The Top Housing Markets of 2022 Will Be Found in Mountain West, Midwest, Northeast
Realtor.com forecasts Salt Lake City, Boise, and Spokane to see highest home price appreciation and sales growth.
Driven by strong local economies, tech sector job growth and relative affordability, Realtor.com forecasted its Top Housing Markets of 2022 will lead the nation in listing price appreciation and home sales growth next year.
Concentrated in the Mountain West, Midwest and New England, this year’s top 10 in rank order is: Salt Lake City, Utah, Boise, Idaho, Spokane, Wash., Indianapolis; Columbus, Ohio, Providence, R.I., Greenville, S.C., Seattle; Worcester, Mass.; and Tampa, Fla.
“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,” Realtor.com Chief Economist Danielle Hale said in prepared remarks.
“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,”
“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.
Top 10 Markets Could 11.6% Sales Growth YoY
Based on the 2022 Realtor.com local housing forecast, the areas on this list are expected to see the strongest combined growth in home sales and listing prices among the 100 largest US metros.
In fact, home sales across the top 10 markets are forecasted to grow by 11.6% year-over-year in 2022, which is nearly two-times the national home sales growth projection (6.6%). Additionally, average home prices in the top 10 are expected to increase 7.4%—more than double the national pace (+2.9%).
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, Hale said. “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.”
Key Trends from the Rankings
Tech jobs without the crowds: Homebuyers can find more breathing room in this year’s top housing markets at an average 60 fewer people per square mile, without having to sacrifice big city job opportunities. A common trend among the top 10 markets is a strong job market, with a lower average unemployment rate (4.1%) than the top 100 overall (5.1%) and higher average job growth (3.4% vs. 2.5%).
Additionally, half of the top 10 have a higher share of STEM jobs than the 100-metro average (6.5%), at over 7% each in emerging hubs like Salt Lake City, Boise and Columbus, as well as in more traditional tech cities, such as Seattle.
Magnets for big city remote workers: The top 10 markets are attracting remote workers. LinkedIn data shows the share of job seekers applying for remote work roles in metros like Boise and Spokane is at least 6.8% higher than the national average.