Even with all-time price highs, there still are some places in the country where people can find bargains.
Housing Markets Considered to be “Hidden Gems”
What are “hidden gems” in today’s highest priced housing market ever? “Hidden gems” have relatively affordable homes given each area’s market fundamentals AND are projected to see stronger home price appreciation in 2022 than the rest of the country.
Who decided which housing markets qualified as “hidden gems”? The National Association of REALTORS® (NAR.)
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NAR identified 10 metro areas among the country’s 379 metros based on the following:
- Wage growth
- Job growth
- Ratio of the change in population to the sum of housing permits
- Population growth
- Net domestic migration
- Percentage of the population ages 25 – 44
- Percentage of households with broadband service.
10 Most Undervalued Markets Going in to 2022, in alphabetical order
Lawrence Yun, Chief Economist and Senior Vice President of Research with NAR, said, “The housing sector performed spectacularly in 2021 in many markets, with huge gains achieved in places like Austin, Boise and Naples. Several markets did reasonably well in 2021, but not as strong as the underlying fundamentals suggested. Therefore, in 2022, these “hidden gem” markets have more room for growth.”
- Dallas-Fort Worth TX
- Daphne-Fairhope-Farley AL
- Fayetteville-Springdale-Rogers ARK/MO
- Huntsville AL
- Knoxville TN
- Palm Bay-Melbourne-Titusville FL
- Pensacola-Ferry Pass-Brent FL
- San Antonio-New Braunfels TX
- Spartanburg SC
- Tucson AZ
Yes, you are correctly noticing that all of these “hidden gems” are located in the southern half of the country.
Thanks to the National Association of REALTORS® and Fortune.