10 cities where housing prices are expected to rise over 20% in 2022
1. Austin, Texas
Forecast home price change by May 2022: 37.1%
Austin is known for its warm weather, affordable housing, and bustling cultural activities. Aside from being the actual capital of Texas (which many forget), Austin is also known as the cultural capital of the state. Music, art, and cuisine are commonly touted as Austin’s biggest attractions. From city life to quiet suburbs, Austin has enough to offer to keep housing prices rising at a ridiculous pace through 2022.
2. Provo, Utah
Forecast home price change by May 2022: 28.2%
According to The Wire, “Provo, Utah, has the highest level of well-being of any city in the United States as communities in the West continue to be some of the best places in the country to live.” USA Today reported in a survey that Provo was recognized as having the “most optimistic” and “nicest” people in the country. Homeowners should expect a hefty increase in home values in 2022 as demand to live there is strong and residents don’t want to leave.
3. Phoenix, Arizona
Forecast home price change by May 2022: 26.2%
With low property taxes and a cost of living lower than the national average, Phoenix is a popular place to buy a home. Particularly for retirees and those on fixed incomes. Phoenix also has beautiful landscapes, warm weather, and a strong economy. Like many coveted cities today, Phoenix has a higher demand for homes than what’s available. Builders haven’t been able to catch up, and low inventory is creating a multiple-bid situation on existing homes, pushing up housing prices significantly into 2022.
4. Ogden, Utah
Forecast home price change by May 2022: 25.2%
North of Salt Lake City (also on this list) is Ogden, Utah. In Ogden you get all the lifestyle and economic benefits of the state’s capital at a bit lower price. The majestic mountains, fresh water lakes, and abundant outdoor life, combined with a strong economy and incoming businesses, make Odgen a coveted place to live. Another benefit of Ogden is the room to build. New housing developments and new businesses are creating a high level of growth.
5. San Diego, California
Forecast home price change by May 2022: 24.7%
Combine beautiful weather, the Pacific ocean, and post card sunsets and it’s no wonder housing prices keep rising. As some retirees cash out of their San Diego homes and move to more affordable places, just as many newcomers and renters are happy to take their place, keeping the housing market strong in this Southern California paradise. If you can afford to live in San Diego and you want to see your expensive home keep rising in value, you may want to buy soon.
6. San Jose, California
Forecast home price change by May 2022: 24.5%
Three of the top 10 cities expected to have the highest growth in home prices are in California. That’s hard to believe considering its current high cost of living, with San Jose already way up there. Yet, when your city hosts the headquarters for giants like Google, Netflix, and Apple, the demand for good housing never lets up. If you are ready to join the rich and famous in San Jose, you might want to buy your home soon as prices continue to rise at a record pace. Or perhaps investing in San Jose real estate is the way to become rich.
7. Salt Lake City, Utah
Forecast home price change by May 2022: 23.5%
Salt Lake is one of three Utah cities reaching our top 10 list for home appreciation in 2022. No doubt, the majestic mountains and access to the outdoors is a big reason to move here. Not to mention strong business growth looking for talent in technology and other high-skilled jobs. One of Salt Lake’s real estate struggles is there are more people moving in than moving out, causing a deficit in available properties to buy or rent.
8. Boise, Idaho
Forecast home price change by May 2022: 23.3%
Capital of the Gem state and known for its abundant trees and outdoor lifestyle, Boise is attracting millennials to retirees for its comparatively low cost of living, influx of new businesses (especially tech), and easy access to the outdoors. Rivers, mountains, lakes, and trees with all the accompanying outdoor seasonal activities makes Boise a coveted place to live, pushing up home prices at a record pace.
9. Las Vegas, Nevada
Forecast home price change by May 2022: 23.3%
A city we all know, and we’re afraid would never recover from the Covid pandemic. On the contrary, it’s recovering with a vengeance, and hits our top 10 list for appreciated home values in 2022. The biggest real estate problem Las Vegas faces right now is a lack of homes to buy or rent. Inventory is so low that demand continues to push up prices at a record rate. Betting on the Vegas housing market in 2022 appears to have favorable odds of strong appreciation.
10. Riverside, California
Forecast home price change by May 2022: 21.8%
Riverside, California is known for its orange groves, rolling hills, and year-round warm weather. It’s also more affordable than Los Angeles and surrounding big cities. This is causing many LA homebuyers to consider a commute from Riverside or find their new home office in this growing suburban city. If you are considering more affordable housing in Riverside, you might not want to wait too long.
Estimated appreciation growth pulled from https://www.nationalmortgagenews.com/list/12-housing-markets-expected-to-boom-into-2022