According to recent research, U.S. housing markets are cooling with more than 25% of sellers cutting their prices this year. Wondering why? Rising interest rates are the answer. Although there is a cut in prices, there are some housing markets that remain as hot as ever. Here is a list of of the hottest housing markets in the USA right now and the best places for purchasing a home in 2022.
1. Austin Metro Area, Texas
The capital of Texas, Austin is the 11th most populated city in the United States. It is home to several high-tech companies such as Amazon, Apple, and PayPal. The average home price increased by 13% in June 2022 making this one of the fastest-growing housing markets in the country. Average tenants in Austin pay $2,285 per month but it depends on where you choose to live.
2. Raleigh, North Carolina
Raleigh also offers many work opportunities and is a hub of life science and technology institutions. The city has a very low unemployment rate at 3%. The average rental in Raleigh is $1,290 and has average of $218 per square foot.
3. Nashville Metro Tennessee
Nashville has plenty jobs available in manufacturing, transportation, education, healthcare, and finance sectors. Nashville is an affordable city with relatively low housing costs. Houses here usually sell for an average price of $271 per square foot.
4. Jacksonville, Florida
Jacksonville lies on the banks of the St. John's River with convenient access to the state's beautiful beaches. If you want to enjoy a suburban lifestyle, pleasant weather, and an affordable cost of living, this is your place to be. The city is a globally recognized banking and finance hub. Homes here sell for an average of $188 per square foot.
5. Durham, North Carolina
Durham is a city full of outdoor adventurers and culture buffs. The city has a lower employment rate and is home to various industries. The average price for a single-family home in Durham is around $426,000. Rent average is around $1,650.
6. San Antonio, Texas
San Antonio has an average price of $388,000 for a single-family home and the NAR believes that San Antonio is one of the most undervalued housing markets in the country. The city is a popular choice among millennial first-time homebuyers and renters. Rents in this area average between $975 and $1,545.
7. Phoenix, Arizona
Arizona is a gorgeous state with scenery and a lot of outdoor activities. Phoenix has the fastest growing home prices in the USA with prices at a current average of $439,225 and rentals for $2,175 for a three-bedroom home.
8. Atlanta, Georgia
Most households in Atlanta prefer to rent instead of own a home and it is one of the hottest markets for property investors in the USA. Homes usually sell for an average of $410,000 and rental costs range between $875 and $5,000 per month. The unemployment rate in Atlanta is just 2.4%.
9. Orlanda, Florida
You might think of Orland as just a place that is home to theme parks and sunny weather but it is also home to a booming population. Houses in the city have a current median of about $375,000 and you can expect to pay about $3,829 for rent per month in the upmarket neighborhoods.
10. Charlotte, North Carolina
Charlotte is a major recreational center and has a plenty of job opportunities available. You can expect to pay $401,700 for a single-family home and between $3,900 and $5,290 for rent in upmarket neighborhoods.
11. Tampa, Florida
The Tampa-St. Petersburg- Clearwater area is among the country's hottest property markets for 2022. There has been a tremendous amount of job growth in the last year in the area. Homes in Tampa sell for an average of $405,300 and rents are about $2,300 per month.