Last Updated on December 17, 2021 by Maggie Looker
The global pandemic triggered home buying fever in the United States. In many housing markets, high demand squeezed some homebuyers out of the running for getting a home. Although all signs point to more of the same in 2022, hero home buyers should be aware of the home buying assistance programs available to help them successfully buy a home in the 2022 top housing markets.
The good news is that if you already own a home in these cities, you likely saw your home equity appreciate in the last two years. And hopefully, with low interest rates, you can seize some more savings through refinancing, which you can do with a Homes for Heroes loan specialist. The bad news is that if you are trying to get on the housing ladder, especially in 2022’s top housing markets, higher home prices and increased competition could complicate your search for a new home.
The Top Housing Markets in 2022
According to a new forecast from Realtor.com, these are the top 10 hottest home markets in 2022 by combined sales growth and price growth: Salt Lake City, Utah; Boise, Idaho; Spokane, Washington; Indianapolis, Indiana; Columbus, Ohio; Providence, Rhode Island; Greenville, South Carolina; Seattle-Tacoma, Washington; Worcester, Massachusetts; and Tampa-St. Petersburg, Florida.
Average home prices in the top 10 real estate markets are expected to jump 7.4% next year, or more than twice the national pace of 2.9%, per the forecast. The cities that are likely to see the strongest price increases and home sales in 2022 are described as second-tier cities that offer better affordability and more space compared with the nation’s largest cities. Realtor.com based its forecasts on recent home sales as well as economic trends, such as unemployment and household growth.
Coastal Moves Inland
The rise of remote work since the COVID-19 pandemic meant that some white-collar workers, fed up with the expensive housing markets of major cities like San Francisco, New York, and Boston, decided to move to cheaper locations. That trend is expected to continue in 2022 as people who can work from anywhere expand their home searches—and try to get maximum bang for minimal bucks.
For example, Boise, Idaho, is again likely to be near the forefront in 2022, Realtor.com predicted. That comes after local property prices surged more than 30% in the third quarter in 2021. However, Boise was also named the least affordable housing market in the U.S. The city’s median home price jumped to almost $535,000, or 10 times the city’s median income.
Homes for Heroes Can Help
The competition is fierce – but it shouldn’t deter you from entering the market. Finding an affordable place to live in the cities where heroes work is an ever-increasing struggle. Heroes like law enforcement, firefighters, EMS, healthcare workers, and teachers have strong connections and influence in the cities and communities they live in. Heroes looking to tap into these housing markets, or any housing market in the U.S., should know that resources are available.
Homes for Heroes, the nation’s largest hero savings program of its kind, offers savings to heroes when they buy, sell or refinance a home. When you work with a Homes for Heroes affiliate agent, you’ll get a Hero Rewards check after your closing. We can help heroes anywhere in the nation, even in the tough 2022 top markets. Homes for Heroes will connect you with an agent local to your area, so they are familiar with your community. This can be a huge advantage in tough markets.
If you’re in law enforcement, healthcare, education, active or retired military, firefighting, or EMS, you’re qualified to get on average $2,400 back after you buy your home. It’s just our way of saying thank you for your service to your community! Sign up to talk to a Homes for Heroes real estate agent today.