5 Real Estate Markets Where Economic Growth is Heating Up
Now that 2022 is officially here, it’s time to look towards strengthening your investment portfolio. To accomplish this, it’s essential to examine the growing real estate markets throughout the United States to determine which ones are right for you.
But, before you begin, you must also take into consideration that the real estate market in 2022 is expected to continue being a sellers’ market with buyer competition remaining strong. This is because many individuals are still working remotely, which gives them the freedom to move across the country. It also means other individuals are choosing to escape high-taxed states and move to ones where economies are robust with job growth and affordable housing prices.
If you’re ready to find out what real estate markets are heating up for 2022, here are five top markets to keep a close eye on.
Tampa/St. Petersburg, FL
In 2022, Tampa and St. Petersburg, FL, are projected to be one of the strongest real estate markets in the United States. According to realtor.com, their markets are positioned for tremendous growth with a combined anticipated sales and price growth of 16.4%.
Due to their diverse economic bases, strong market growth, and inviting atmosphere, both areas are great destination spots for businesses and individuals to relocate. They’re also ranked among the top destinations in the country for development and redevelopment projects.
Austin, TX, is the live music capital of the world and has a desirable real estate market that’s continuing to grow. Many technology companies and individuals seeking affordable housing prices are relocating here. As a result, this is increasing the demand for development and redevelopment opportunities. If you’re an investor, now is the time to take advantage of this growing market.
Located on Florida’s east coast, Clearwater is an excellent real estate market for investors. The economy is strong with growth and tourism. This results in rental properties remaining in high demand. Investors who seek out rental properties will experience an immediate return on investment. And just like Tampa/St. Petersburg, realtor.com projects the housing market in 2022 will experience a combined sales and price growth of 16.4%.
With the housing demand remaining robust in Spokane, WA, it’s anticipated to be a top real estate market for 2022. Here, buyers and investors will find the best of the pacific northwest in a vibrant urban city. With an accessible downtown, a growing job market, and a plethora of outdoor activities, Spokane will be a great city for investors to seek out real estate investment opportunities.
Salt Lake City, UT
Set amongst the Wasatch Mountains, Salt Lake City, UT, stands out as a thriving real estate market for 2022. With a growing business sector and a plethora of fun activities to take part in, buyers across the United States are eager to move here. According to realtor.com, the metropolitan city is anticipated to experience a combined sales and price growth of 23.7%.
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