Cities in the Southeast and Sun Belt, including Raleigh and Charlotte, are among the Top 5 hottest real estate markets in the United States, according to Zillow.
The hottest housing market in 2022 will be Tampa, followed by Jacksonville, Fla., Raleigh, San Antonio and Charlotte.
According to Zillow, Charlotte home values will rise 21 percent through November. The average home in Charlotte is valued at about $330,000.
Zillow predicted Tampa home values will grow 24.6 percent through November of 2022.
More of the same but not as much
Zillow economists expect the housing market to back off slightly from record-breaking levels in 2021, but home shoppers will continue to face strong competition, rising prices and limited inventory.
“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,” says Zillow economist Alexandra Lee.
Sellers remain in drivers’ seat
Sellers remain in the driver’s seat, especially in hot 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,” Lee said.
Low mortgage rates
Prices have been fueled by low mortgage interest rates mega-trends including the millennial generation’s pent-up desire to own.
This combined with wave of baby boomers entering retirement amid the “Great Resignation,” Zillow economists expect ”incredibly strong” price appreciation and sales volume.
Zillow’s 10 hottest housing markets of 2022:
Tampa
Jacksonville
Raleigh
San Antonio
Charlotte
Nashville
Atlanta
Phoenix
Orlando
Austin
Zillow says New York, Milwaukee and San Francisco should be the coolest housing markets in 2022, but sellers will have the upper hand even in cooler markets.
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