From small metropolitan centers of the U.S. to suburban communities, the hottest housing markets of 2022 are defined by the most appealing sales-to-list price ratios, median sale prices, and for-sale inventory over a 5-year period. Forbes’ housing predictions suggest increased market activity in predominantly suburban areas across the country, where homes are selling far above list prices and competition is tight. Average sale-to-list price ratios are reaching new highs in some regions with large shares of investors and house hunters flooding the market. As more homes are sold, inventory is declining, but buyers are seemingly undeterred.
Bellevue, Washington
Bellevue is a large suburb of Seattle and frequently voted as one of the best places to live. And Bellevue’s housing numbers support this claim. Over the last five years, the median sale price in Bellevue has risen by nearly 80%, from $735,000 in October 2016, to $1.32 million in October 2021. Meanwhile, homes are getting sold for more than their listing price: Bellevue’s average sale to list price ratio was 107.8% in October 2021, up 6.1% from October 2020 when it was 101.5%. Not surprisingly, the number of available homes is dwindling, with for-sale inventory down 77.5% from last year: From 267 available homes for sale in October 2020, down to just 60 in October 2021.
Cary, North Carolina
Many metropolitan centers across the U.S. South have come into their own over the last decade. Cary is particularly hot these days, with its median sale price up 26.7% since last year, from $405,000 in October 2020, to $513,250 in October 2021. Available inventory has fallen in Cary year over year, declining from 711 homes for sale in October 2016, down to 234 homes for sale in October 2021, a 67.1% decrease in five years. From 2020 to 2021 alone, Cary’s available inventory was cut in half, from 476 in October 2020 to 234 in October 2021. At the same time, the average sale to list price ratio has reached a new high of 105.6% in October 2021, where in October 2020 and 2019 the ratio never exceeded 100%.
For Forbes’ full list of the hottest housing markets in 2022 …
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