Remote working has unleashed a flood of demand to live in smaller metro areas that are more affordable and less congested.
Pandemic & Remote Working Created Seismic Shifts in Residential Real Estate
Now that people have discovered they can work remotely from anywhere, they’ve chosen to live more affordably and farther away from the “Madding Crowds” in smaller metros.
The newly released PwC (Price Waterhouse Cooper) 2022 Emerging Trends in Real Estate report indicates that flexibility and convenience will drive all real estate sectors into this next decade.
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US Markets to Watch in 2022
Almost all of the new top-rated markets are in faster-growing southern and western regions away for the coasts. Nearly all of these metro areas are generally smaller than metros that used to dominate top rankings of this annual survey just years ago. This “smaller is better” trend took off pre-pandemic and will, according to PwC, continue into 2022 and, likely, the decade of 2020.
Top 15 Overall Real Estate Prospects in 2021
- Nashville
- Raleigh/Durham
- Phoenix
- Austin
- Tampa/St. Petersburg
- Charlotte
- Dallas/Fort Worth
- Atlanta
- Seattle
- Boston
- Salt Lake City
- Denver
- San Diego
- Washington DC – Northern VA
- Miami
Top Markets for New Home Building in 2022
- Raleigh/Durham
- Tampa/St. Petersburg
- Phoenix
- Dallas/Fort Worth
- Austin
- Denver
- Charlotte
- San Antonio
- Atlanta
- Washington DC – Northern VA
- Houston
- Seattle
- Tacoma
- Salt Lake City
- Sacramento
- Inland Empire
- Las Vegas
- Washington DC District
Most Expensive Coastal Markets
The eight most expensive coastal market, according to PwC, include, in alphabetical order):
- Boston
- Los Angeles
- New York – Manhattan
- Oakland
- San Francisco
- San Jose
- Seattle
- Washington DC
Magnet Markets
PwC defines magnet markets by the following subgroups:
- Super Sun Belt – Atlanta, Dallas/Fort Worth, Phoenix, Tampa/St. Petersburg Houston, Miami and San Antonio
- 18-Hour Cities – Charlotte, Denver, Fort Lauderdale Minneapolis, Portland OR, Salt Lake City, San Diego
- Supernovas – Austin, Nashville, Raleigh/Durham, Boise, Jacksonville
The Establishment Cities:
- Multitalented Producers – Chicago, Los Angeles, San Jose, Seattle
- Knowledge and Innovation Centers – Boston, New York-Manhattan, San Francisco, Washington DC-District
The Backbone Cities, according to PwC:
- The Affordable West – Albuquerque, Sacramento, Spokane WA/Coeur d’Alene ID, Tacoma, Tucson
- Determined Competitors – Birmingham, Indianapolis, Kansas City MO, Louisville, Oklahoma City
- Reinventing Cities – Buffalo, Cincinnati, Cleveland, Detroit, Hartford, Milwaukee, Providence, St. Louis
Thanks to Price Waterhouse Cooper.
