Tampa is expected to rise from fourth-fastest home value growth in 2021 to fastest in 2022.
Raleigh will rise from third to second place.
Jacksonville will jump from seventh to third.
Austin, the fastest-growing market in 2021, is expected to fall to seventh place.
Phoenix, another fast-growing market last year, should drop to eighth place.

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Zillow can also see where buyers had the hardest time finding a home in 2021, and so where there may be the most pent up demand in 2022. The fewest (standardized) listing days per home were in New Orleans, Cleveland and Kansas City.
In 2022, the market with the most demographic lift is Austin, with a trend suggesting the formation of 3.4% more owning households. Orlando follows at 2.8%, and then Tampa at 2.7%.
The markets with the least demographic pressure for growth are Pittsburgh, Hartford and Buffalo.
Home value appreciation has strong negative correlation with interest rates in the following markets—meaning if interest rates go up, these markets are likely to slow the most: San Diego, New Orleans, Washington DC, Los Angeles, San Jose and San Francisco.
In the following markets, growth has strong positive correlation with stock market returns—so if the stock market falters next year, expect home value growth in these places to slow disproportionately: Phoenix, Las Vegas, Cincinnati, Hartford, St. Louis, Miami, Cleveland, Los Angeles and San Jose.

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It is clear that 2022 will be another strong housing market, with prices continuing to rise. Interest rates could dampen activity, however the demand drivers for home sales are expected to continue for the next several years.

But 2022 won’t be a carbon copy of last year. There will be different winners and losers, according to a recent analysis by Zillow. For instance, it predicts that Tampa will become the fastest growing market in terms of home value this year, up from fourth place in 2021. It also points out that some cities’ home values are closely correlated with stock market gains and losses. So if this week’s rout is any indication of how 2022 will play out, we can expect to see such cities as Phoenix and Las Vegas disproportionately affected. For more of Zillow’s analysis, see our slideshow above.