The Fastest Growing Real Estate Markets In The U.S.
Moving home can make you happier, according to research from the University of Texas and Princeton University. But if you want to buy in one of America’s hottest property markets, you need to be quick as houses are selling in a matter of days. So, which locations have the most flourishing real estate markets right now?
Greenville, South Carolina
South Carolina recently ranked third for the most popular inbound state in America. But it’s the Greenville metro which is one of the biggest property markets right now. Realtor.com has put Greenville as number 7 in their Top Housing Markets of 2022 report. Median house prices across Greenville range from $400,000 to $4499,000, depending on location. Downtown Greenville comes in at the top end, while Southernside is at the lower end of the price scale. Properties are on the market for anywhere between 25 and 55 days, which is considerably less than the 47 to 69 days recorded in 2020.
The average property in Nashville, Tennessee is up for sale for just 12 days. You can also expect to pay an average of just under $400,000 for a property in the city too. Year-on-year, property sales have risen by 7% and buyers are now paying 18% more for a home than they did the previous year. Along with Nashville, Roofstock reports that Davidson, Murfreesboro, and Franklin are all growing rapidly too. Finding a home in Tennessee therefore needs to be done swiftly. You can get ahead of the game by getting approved for a mortgage as soon as you find your dream home. Most buyers rely on home loans to finance a property in Tennessee due to the rising costs.
Tampa Bay, Florida
Zillow has ranked Tampa Bay in Florida as 2022’s hottest housing market. It’s estimated that property prices in Tampa Bay will rocket by almost 25% this year. Median contract times and time to sale are also impressive at 7 days and 47 days. Realtor.com has also passed their judgment and believe that property sales will increase by 11.6% in 2022. This is almost twice the projected growth across the rest of The States.
Phoenix will be the 8th biggest real estate market in 2022, according to Zillow. Az Big Media reports that investors are snapping up properties in Phoenix in bigger numbers than in any of the other top 30 markets. Year-on-year property prices are up by nearly 30% in Phoenix and the median sold price currently sits at $400,000. But it’s not just Phoenix where real estate is growing as Roofstock adds that Mesa and Chandler are also riding high and properties are sitting on the market for a median total of 45 days.
Real estate in America is moving fast. These are predicted to be the biggest growing areas in the coming year, so it’s best to get in there quickly if you want to snap up a property in one of these top locations.