Home value growth in the suburbs began to
speed ahead of urban home value growth last summer
- Zillow's most popular market in early 2022 is Woodinville, Washington. Burke, Virginia, and Highlands Ranch, Colorado, round out the top
three.
- Every city on Zillow's latest 10-most-popular-markets list is a
suburban area roughly 30 minutes from the nearest city center. In
each suburban area, home values are growing faster than in the
metro's largest city.
- Remote work is a key reason suburban home values are now
growing faster than those in urban areas, as home buyers are
prioritizing space and affordability over a short commute.
SEATTLE, May 24, 2022
/PRNewswire/ -- Woodinville,
Washington, is Zillow's® most popular market of early
2022, leading a list of fast-growing suburbs as the most in-demand
places to start off the year. As more evidence emerges that remote
work is a driving force behind fast home value growth in the
suburbs, expensive suburban markets are seeing strong
demand.
Zillow analyzed its page-view traffic, home value growth and
for-sale inventory for more than 1,000 cities to come up with the
site's most popular U.S. markets. Woodinville, located outside of Seattle, topped the list. Following close
behind were Burke, Virginia, in
the Washington, D.C., area;
Highlands Ranch, Colorado, outside
of Denver; Westchase, Florida, near Tampa; and Edmonds,
Washington, also in the Seattle metro.
"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, a
reversal of previous norms and from the first 15 months of the
pandemic. Remote work is a driving force behind this shift,
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.
The suburbs that beat out all others to top Zillow's latest list
of the most popular markets are seeing home values grow faster on a
quarterly basis than the principal city in their metro area,
indicating stronger demand. Eight of the top 10 have a typical home
value higher than their nearby principal city, and seven of those
have a typical home value that's more than $150,000 higher.
Regionally, Havertown,
Pennsylvania, outside of Philadelphia, is Zillow's most popular market
in the Northeast, edging out four Boston suburbs: Billerica, Framingham, Waltham and Arlington. In the central region, Ballwin, Missouri, near St. Louis, is joined in the top five by
Grand Rapids, Michigan, and three
pricey Dallas suburbs:
Coppell, Plano and Prosper. Denver suburbs dominated the mountain region,
taking the top eight spots in Zillow's rankings.
If a buyer has their eye on a home in one of Zillow's most
popular markets, they can likely expect competition. Zillow's five
tips for winning a competitive bid can help. Mortgage rates
are also changing quickly and can have a significant impact on a
home buyer's monthly mortgage payment. Zillow's mortgage
calculator is a tool that can help buyers stay on top of their
finances during their home shopping experience.
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)
![Zillow's Most Popular Markets in Early 2022 Zillow's Most Popular Markets in Early 2022](https://mma.prnewswire.com/media/1824303/Most_Popular_Markets_in_Early_2022.jpg)
Metro
Area*
|
Most Popular Market
on Zillow
to Start Off 2022
|
Typical Home
Value
|
Typical Home
Value
Growth: Q1 2022
|
New York, NY
|
Montclair
(NJ)
|
$877,182
|
1.8%
|
Los Angeles,
CA
|
Yorba Linda
|
$1,247,646
|
9.7%
|
Chicago, IL
|
Elk Grove
Village
|
$335,964
|
2.7%
|
Dallas–Fort Worth,
TX
|
Coppell
|
$565,930
|
6.9%
|
Philadelphia,
PA
|
Havertown
|
$458,329
|
4.0%
|
Houston, TX
|
Port Bolivar
|
$450,171
|
9.0%
|
Washington,
DC
|
Burke (VA)
|
$675,890
|
4.7%
|
Miami–Fort Lauderdale,
FL
|
Jupiter
|
$617,720
|
11.2%
|
Atlanta, GA
|
Johns Creek
|
$624,703
|
8.4%
|
Boston, MA
|
Billerica
|
$603,084
|
4.4%
|
San Francisco,
CA
|
Livermore
|
$1,187,850
|
7.9%
|
Detroit, MI
|
Livonia
|
$278,895
|
4.5%
|
Riverside,
CA
|
Temecula
|
$750,760
|
8.6%
|
Phoenix, AZ
|
Gilbert
|
$572,469
|
7.6%
|
Seattle, WA
|
Woodinville
|
$1,357,938
|
11.2%
|
Minneapolis–St. Paul,
MN
|
Richfield
|
$338,006
|
3.8%
|
San Diego,
CA
|
Encinitas
|
$1,830,798
|
10.5%
|
St. Louis,
MO
|
Ballwin
|
$378,157
|
4.9%
|
Tampa, FL
|
Westchase
|
$537,668
|
9.8%
|
Baltimore,
MD
|
Ellicott
City
|
$647,470
|
4.8%
|
Denver, CO
|
Highlands
Ranch
|
$777,744
|
9.9%
|
Pittsburgh,
PA
|
Bethel Park
|
$286,686
|
4.6%
|
Portland, OR
|
Tigard
|
$639,612
|
7.4%
|
Charlotte,
NC
|
Concord
|
$351,500
|
10.1%
|
Sacramento,
CA
|
Rocklin
|
$711,492
|
5.9%
|
San Antonio,
TX
|
Canyon Lake
|
$428,221
|
9.2%
|
Orlando, FL
|
Kissimmee
|
$340,127
|
12.1%
|
Cincinnati,
OH
|
Springboro
|
$373,420
|
3.9%
|
Cleveland,
OH
|
Strongsville
|
$306,312
|
4.2%
|
Kansas City,
MO
|
Prairie Village
(KS)
|
$411,038
|
6.3%
|
Las Vegas,
NV
|
Las Vegas
|
$421,557
|
9.9%
|
Columbus, OH
|
Dublin
|
$526,583
|
5.3%
|
Indianapolis,
IN
|
Franklin
|
$249,026
|
7.5%
|
San Jose, CA
|
Milpitas
|
$1,477,181
|
8.6%
|
Austin, TX
|
Cedar Park
|
$618,479
|
10.0%
|
Virginia Beach,
VA
|
Corolla (NC)
|
$753,674
|
7.7%
|
Nashville,
TN
|
Mount Juliet
|
$514,674
|
12.5%
|
Providence,
RI
|
Warwick
|
$346,785
|
5.2%
|
Milwaukee,
WI
|
Wauwatosa
|
$323,905
|
3.7%
|
Jacksonville,
FL
|
Fruit Cove
|
$528,528
|
9.6%
|
Memphis, TN
|
Olive Branch
(MS)
|
$318,863
|
7.1%
|
Oklahoma City,
OK
|
Edmond
|
$310,261
|
5.8%
|
Louisville,
KY
|
New Albany
(IN)
|
$208,544
|
4.1%
|
Hartford, CT
|
West
Hartford
|
$337,641
|
4.3%
|
Richmond, VA
|
Richmond
|
$315,877
|
7.1%
|
New Orleans,
LA
|
Mandeville
|
$355,150
|
4.7%
|
Buffalo, NY
|
Williamsville
|
$344,924
|
4.9%
|
Raleigh, NC
|
Cary
|
$580,261
|
10.8%
|
Birmingham,
AL
|
Hoover
|
$398,352
|
5.0%
|
Salt Lake City,
UT
|
Salt Lake
City
|
$612,154
|
7.2%
|
About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate
to make it easier to unlock life's next chapter. As the most
visited real estate website in the United
States, Zillow® and its affiliates offer customers an
on-demand experience for selling, buying, renting or financing with
transparency and ease.
Zillow Group's affiliates and subsidiaries include Zillow®,
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SOURCE Zillow