Zillow, U-Haul and United Van Lines ranked Florida as a top destination state. A Chief Economist at the National Association of Realtors® (NAR) credits this to affordability, lower taxes, and jobs.
Sun Belt states are more affordable and generally have a lower tax burden and more job creation.Lawrence Yun, Chief Economist for the National Association of Realtors®
Zillow reports that the Sun Belt will dominate it’s list of hottest housing markets again this year. Tampa and Jacksonville are high on the list.
Lawrence Yun is also predicting a more moderate home price growth this year, estimating 5.7%, rather than Zillow’s prediction of 14%. With stronger price appreciation in markets such as Palm Bay, Melbourne, Titusville, and Pensacola.
U-Haul reported in their Annual Growth Index that Texas just edged out Florida for the largest gain of one-way trucks in 2021. United Van Lines reported in their 45th Annual National Movers Study that Florida is near the top of it’s list for inbound migration in 2021.
When people move, they tell friends and family, some of whom follow… When companies move, they bring employees and families with them and motivate other companies to do the same.Peter C. Earle, Economist for the American Institute for Economic Research
According to research at Florida Atlantic University (FAU) and Florida International University (FIU), the housing market appears to be slowing in the western U.S. while the eastern U.S. is seeing price increases.
The study indicates that 98 of the top 100 housing market are seeing high home values, and Florida markets like Lakeland and Tampa are seeing overvaluations on homes.
These latest results suggest that the long-anticipated housing downturn is already beginning in the Western half of the U.S… This is not totally surprising because it is in the West where the greatest separation between actual housing prices and projected housing prices has occurred to this point.Ken H. Johnson, Florida Atlantic University
Why varying results are developing between housing markets in the West and East is unclear at this time.Eli Beracha, Florida International University
An report of “competitive” markets in 2021 projects 3 Florida cities will be the hottest in the U.S. this year!
Zillow studied home value appreciation and made estimations based on demographic trends, as well as housing market and new job creation data.
Economists predict strong competition in the market this year.
“Homebuyers 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… Across the board, sellers will remain in the driver’s seat, but especially so in the hottest 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.”
Alexandra Lee, Zillow Economist
Tampa tops the list at #1, Jacksonville at #2, and Orlando at #9.
10 hottest housing markets of 2022:
- San Antonio
Overall, Austin saw the biggest drop – from #1 to #10. Denver fell off the list (#15) from #5 last year.
Some of the hottest markets in 2022 fall in the Midwest.
13. Salt Lake City
14. Kansas City
16. Oklahoma City
17. Columbus, Ohio