Over the past year, the real estate market has surged upward, with home prices increasing by up to 50%. Year after year, the rise in housing prices has been tenacious in many cities, with some cities showing great performance and being reported as the hottest markets. This article highlights a list of cities that are regarded as having the best real estate markets in 2022.
What makes a locality a prime real estate market?
Several factors affect the real estate market. A good real estate market offers four main things; job opportunities, affordability, great weather, amazing views, and tons of fun activities to do. The cities listed below provide all these things. They also made headlines because their home value increase surpassed the expectations of real estate market analysts as well as the national average in the past year. According to the statistics from ofirio, the pandemic’s impact affected real estate market trends in most cities. However, these areas are still the best markets for real estate investors and buyers because of their solid economies and steady population growth.
Top real estate markets
Here is a list of the top real estate markets. This information is useful whether you are looking to sell your house quickly for a high profit or are trying to find the market that is most welcoming to first-time homebuyers.
1. Austin, Texas
Austin, Texas, is one of the fastest-growing cities in the United States. Its cultural scene, nightlife, and lively music are some of the major attractions in the area. The city is also home to some of the major tech companies, such as Google, Oracle, and Tesla, which have expanded employment opportunities in the area, making Austin one of the best job markets in the United States. Based on population growth over the past few years, experts predict that the city’s market will continue to grow even in the coming years.
Median house price: $573,000
Home value increase: 4.1%
Days on the market: 54
2. Salt Lake City, UT
Since the pandemic hit, people living in California and Colorado have relocated to Salt Lake City, Utah, because they are looking for areas with cheap housing and reasonable living standards. The Utah housing market has been ranked as one of the hottest real estate markets due to its steady economy, high employment, low rates of mortgages, and low tax rates. The hot market is also firmly attributed to rapid population growth. According to real estate agents in the area, the housing demand is high, and there are not enough family homes to cover this demand.
Median house price: $529.900
Home value increase: 1.9% year over year
Days on the market: 43
3. Mesa, Arizona
Mesa has shown tremendous population growth over the past few years. This is because of its thriving economy and attractive sunny climate. Some of the factors that contribute to an area having one of the best housing markets are captivating views and fun activities. Mesa has amazing parks, lakes, and forests that provide just these elements for outdoor lovers. With its quick access route to Phoenix, the area offers its residents a chance to experience life in a small city and a large city. With all these factors at play, it is no surprise that Mesa ranks as one of the top real estate markets.
Median house price: $430,000
Home value increase: 6.2%
Days on the market: 47
4. Boise, Idaho
Boise is another city with the hottest real estate market in the year 2022. Many Californians relocate to this city due to job opportunities and tons of outdoor activities such as snowshoeing, skiing, and hiking. This city has experienced a hot housing market due to several reasons, but the main reason is its low supply of family housing. The Boise City area is home to almost a million people, with a good percentage being students due to learning institutions such as the University of Idaho, Boise Bible College, and Idaho State University. The large student market is promising for investors who would wish to invest in this city.
Median house price: $497,877
Home value increase: 5.1%
Days on the market: 27
5. Tampa, Florida
Most cities in Florida are experiencing a hot housing market, but Tampa makes our list as the main one due to the rapid job growth in the area in the past year. The area has created over 83,000 job opportunities since 2021, which has led to a high demand for homes. Tampa is also a great place for beach lovers because of its quick access route to the beach and its warm, sunny weather. The area attracts many visitors because it is also home to alluring destinations such as Busch Gardens, Aquariums, Zoos, and the Tampa Riverwalk
Median house price: $410,000
Home value increase: 17.1%
Days on the market: 61
These strong housing markets have several things in common; high housing demands, high job markets, tech companies, and rising populations, with young adults making up the highest percentage. Many cities will continue to grow and add to the list in the upcoming years. However, if you are looking at hot markets to invest in now, the ones listed above would be a good place to start.