For the second straight year, Sun Belt markets dominate Zillow’s top ten hot spots.
Combination of Factors Determined Zillow’s Hottest Markets
Zillow analysts looked at the combined factors of home value growth, job market potentials, fast-moving inventory and demographics to determine its ten hottest markets for 2022.
Millennials, now the country’s largest demographic, will likely fulfill its generation’s pent-up desire to become homeowners as they age into peak home-buying years. Boomers, now the nation’s second largest demographic, are increasingly retiring and moving to warm weather and tax-friendly states.
Despite Zillow economists expecting housing markets across the nation to back off a bit in 2022 from the record-setting pace of 2021, Zillow anticipates +14.3% national home value growth through November 2022.
Zillow also anticipates that buyers looking to purchase a home in its 10 hottest markets may face home value growth exceeding +14.3% and ought to therefore expect strong competition/bidding wars and limited inventories on top of rising home prices.
According to Zillow, work (both remote and on-site) will play an out-sized role in moving decisions in 2022. Labor market potential is a key element in Zillow’s analysis of these top ten choices…six of the 10 markets on Zillow’s top 10 list have added more jobs than new houses over the past two years.
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Housing Markets in Sun Belt Dominate for Second Consecutive Year
“Home buyers are attracted to markets in the Sun Belt that offer relative affordability, fast-growing economies and weather that allows them to enjoy the outdoors year-round,” said Alexandra Lee, an economist with Zillow.
Lee added, “Across the board, sellers will remain in the driver’s seat, but especially in the hottest markets. Buyers should be ready for strong competition for homes, which means bidding wars and homes flying off the market only days after they are listed.”
Zillow’s 10 Hottest Markets for 2022
- San Antonio
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Markets just missing this top 10 list include Salt Lake City (13th), Kansas City (14th), Oklahoma City (16th), Columbus (17th) and Indianapolis (18th.)
Cooler markets (as defined by Zillow as having +10% home value growth in 2022) are expected to include New York, Milwaukee, San Francisco, Chicago and San Jose.
Zillow’s bottom line for the housing market nationwide in 2022? No screaming deals for home buyers anywhere.
Thanks to Zillow.