Zillow has ranked their most popular markets of early 2022. The list includes many fast-growing suburbs. This comes as a result of more and more evidence showing that remote work is a driving force behind fast home value growth. Westchase, Florida has cracked the list this year as expensive suburban markets see strong demand across the country.
How Westchase made the list
Zillow analyzed its page-view traffic, home value growth and for-sale inventory for over 1,000 cities to come up with the site’s most popular U.S. markets. Woodinville, located outside of Seattle, topped the list.
“The most popular markets so far this year paint a picture of how remote work has changed the U.S. housing landscape,” said Zillow economist Nicole Bachaud. “Demand for suburban homes found an extra gear last summer, perhaps as buyers gained more clarity in their employers’ return-to-office policies. Research suggests the rise of remote work is responsible for roughly half of home price growth during the pandemic. How many employers continue to allow this flexibility for employees to live where they choose will go a long way toward determining which markets are most in demand in the future.”
Especially strong home buyer interest has caused suburban home values to grow faster than home values in urban areas. This is a reversal of previous norms and from the first 15 months of the pandemic. Remote work is a driving force behind this shift. It’s prompting home buyers to prioritize affordability and space over a short commute. More than half of the gain in U.S. home prices since late 2019 can be attributed to remote work, according to research from the National Bureau of Economic Research.
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The suburbs that beat out all others to top Zillow’s latest list of the most popular markets are seeing home values grow faster quarterly than the city in their metro area. Eight of the top 10 have a typical home value higher than their nearby principal city, usually more than $150,000.
If a buyer has their eye on a home in one of these markets, they can likely expect competition.
Zillow’s Top 10 Most Popular Markets
- Woodinville, Washington (Seattle)
- Burke, Virginia (Washington, D.C.)
- Highlands Ranch, Colorado (Denver)
- Westchase, Florida (Tampa)
- Edmonds, Washington (Seattle)
- Yorba Linda, California (Los Angeles)
- Johns Creek, Georgia (Atlanta)
- Tustin, California (Los Angeles)
- Ballwin, Missouri (St. Louis)
- Golden, Colorado (Denver)
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