The COVID-19 pandemic brought a shift to the real estate market, where prices toppled the charts to all-time high records. While people were looking forward to a stable market this year, the prices aren’t coming down anytime soon. Realtor.com recently published a list of the hottest cities to buy a home in the US this year, backed up by ongoing trends in the market. Meanwhile, Zillow forecasts that there will be a 14.3% increase in home values up till November 2022.
Surprisingly, people are no longer interested in spending millions of bucks on coastal cities, which were otherwise the center of attention for anyone looking to buy a new home. Instead, the real estate market of southern and western areas is booming off the charts. Experts suggest that the increasing work-from-home culture allows people to move to such areas without putting their current jobs at stake. Furthermore, another factor is that these popular cities offer an escape from the overpopulated city lifestyle and indicate a better employment rate and economy for the upcoming years.
Whether you’re looking to move into a new place for peace and quiet or a vacation home by the beach, the following cities are the top choices for this year:
1. Tampa, Florida
Tampa tops the list as the hottest real estate market this year, with a significant 9.6% increase in home sales from last year. Numerous factors make Tampa the most sought-after destination for homebuyers, including reasonable rates compared to Palm Beach and Miami, a fast-growing economy, and a thriving job market. Besides these benefits, Tampa attracts many because of its year-round pleasant weather, outdoor activities, and glorious beach life.
2. Raleigh, North Carolina
Raleigh is the city whose real estate market will never fall off the charts. Home to several state universities, this city has many open job positions for those looking to settle in. Additionally, the 4.3% median home value increase makes investment in this area worth your while. Even if you’re not planning to move here, Raleigh homes are always in demand by students studying in its universities.
3. Jacksonville, Florida
The most populous city of Florida also found its way to this list. From outdoor activities and world-class restaurants to safety and an up-and-coming job market, this suburban city has everything you can dream of. As for real estate, homes in Jacksonville are comparatively more affordable than the national average. But, don’t worry, sellers aren’t at a loss either and often receive great value when putting their property on the market.
4. Nashville, Tennesse
With a number of options for homebuyers, in Nashville you have a world of real estate property types that wont break the bank. Home prices are increasing in this area by 5.6% but it’s still an ideal city for first-time buyers. Besides making it to the list of one of the most desirable cities of the US this past year, Nashville is rising to the top as a fast-growing metropolitan area.
5. Austin, Texas
Another addition to the hot in the real estate category, Austin is the city where you don’t need to decide between a traditional-styled home or a modernistic multi-storey place: You’ll find a vast range of variety on the market. Austin is bustling with rich, cultural experiences along with a futuristic tech industry. The home sales volume (4.7%) and the average home value (3%) are significantly increasing in Austin each passing year as well.
6. Phoenix, Arizona
As of the end of 2021, Phoenix was nirvana for real estate sellers listing homes on the market due to more demand than supply. However, market trends predict that this year the scales will balance, bringing the prices a bit down for those who have their eyes on buying a property there. People of every age group make this city their home due to the many benefits it brings- from perfect weather the whole year round to a flourishing economy.
