As more professionals switch to remote work, less visible local housing markets are becoming more popular among those searching for a new home, National Mortgage News reports. Longstanding market trends are shifting as more buyers relocate from metro areas which previously topped the list for the nation’s hottest housing markets.
Buyers are settling in areas with strong economic growth, good homebuilding outlook, better affordability, and more job prospects, and their preferences are taking them away from major U.S. cities to smaller metro areas coast to coast.
With permanent work-from-home arrangements gaining popularity dynamics shifting, longstanding assumptions about the most popular metropolitan areas for homebuyers have been upended, with less visible markets gaining interest among those searching for a new home, according to the Emerging Trends in Real Estate 2022 report from PricewaterhouseCoopers and the Urban Land Institute.
“There is clearly an optimism within the real estate industry for its prospects in 2022 and there is undeniably a weight of capital available for investment,” Anita Kramer, senior vice president of ULI’s Center for Real Estate Economics and Capital Markets, said in the report.
The report included analysis from 1,700 real estate experts, investors, fund managers, developers, property companies, lenders, brokers, advisers and consultants. The list of what are expected to be the top markets in 2022 was based on strong growth, homebuilding outlook, affordability and job prospects. From Appalachia to the Rockies, local lenders detail what's causing substantial growth in their metro areas.
For the full list of the top 12 housing markets in 2022 …