Pandemic-inspired moves from urban settings to suburbs have turned some of those suburban markets into the country’s hottest.
Remote/Hybrid Working Enabled Workers to Choose Where They Wanted to Live
A recent report from Zillow ranked the most popular housing markets of early 2022. All ten of the top slots went to suburbs within close proximity to city centers…a definite reflection of demand shifting from urban to suburban environments. This demand shift was inspired by the pandemic and its ancillary benefit of remote and/or hybrid working options.
These top-ranking suburbs on Zillow’s most popular markets in early 2022 were markets where home values grew at a faster rate than the home values in the main cities of their respective metro areas. Nicole Bachaud, an economist with Zillow, said, “How many employers continue to allow this flexibility for employers to live where they choose will go a long way toward determining which markets are most in-demand in the future.”
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Zillow’s 10 Most Popular Housing Markets in Early 2022
- Woodinville WA
– Market – Seattle
– Home value – $1,357,938
– Growth in Q1 22 – +11.2% y/y
– Near tech jobs in Bellevue and Redmond; proximity to Seattle; countryside feel; new construction; vineyards
- Burke VA
– Market – Washington DC
– Home value – $675,890
– Growth in Q1 22 – +4.7% y/y
– Comparatively less expensive housing than DC and Arlington; single-family houses range from $600K – $800K while condos go from $275K to $300K; shopping centers; limited nightlife; good place to raise a family
- Highlands Ranch CO
– Market – Denver
– Home value – $777,744
– Growth in Q1 22 – +9.9% y/y
– Large master-planned community with parks, rec centers, shopping and restaurants; commuters to Denver Tech Center
- Westchase FL
– Market – Tampa
– Home value – $537,668
– Growth in Q1 22 – +9.8% y/y
– Planned unit development with two parks and two pools; excellent schools; easy access to downtown and airport
- Edmonds WA
– Market – Seattle
– Home Value – $965,774
– Growth in Q1 22 – +6.5% y/y
– Bedroom community on the water on Puget Sound; first stop outside of Seattle that appeals to a lot of people; 90% built out
- Yorba Linda CA
– Market – Los Angeles
– Home Value – $1,247,646
– Growth in Q1 22 – +9.7% y/y
– Safety and excellent schools are big draws; larger lot sizes; many self-employed people while commuters go to LA, Anaheim and Irvine
- Johns Creek GA
– Market – Atlanta
– Home value – $624,703 y/y
– Growth in Q1 22 – +8.4%
– Safe community, beautiful homes and excellent public schools; residents mostly work remotely; tech and commercial areas generating many high-end jobs
- Tustin CA
– Market – Los Angeles
– Home value – $1,028,222, y/y
– Growth in Q1 22 – +7%
– Centrally located in Orange County; explosive demand at all price points; known as multi-generational town
- Ballwin MO
– Market – St. Louis
– Home value – $378,157
– Growth in Q1 22 – +4.9% y/y
– Great for first-time buyers, move-up buyers and family home buyers; excellent schools; community oriented
- Golden CO
– Market – Denver
– Home value – $900,000
– Growth in Q1 22 – +6.7% q/q
– Great small, older town/center; few commuters; high demand
Thanks to Zillow and National Mortgage News.
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