The highly competitive Bellevue-Seattle-Tacoma metro is likely to stay that way for at least another year, according to a recent study from Realtor.com that identified the 30 hottest markets for 2022. Our market landed at number 8 on the list. The study ranks metros based on the combined forecast of year-over-year price growth plus increase in unit sales. The Seattle region came in high at 17.1%, reflecting a projected unit sales increase of 9.6% in 2022 and a price increase of 7.5%.
Salt Lake City took the top spot on the list, with a projected combined sales and price growth of 23.7%. Boise City, Idaho, was second, and the Spokane/Spokane Valley metro was third, with a combined growth score of 20.5%.
The rankings found that projected growth could be found in markets all across the country, with a special focus on Midwestern cities. This is because Millennials and other first-time homebuyers have more flexible work options than ever before, and they are likely to put a premium on affordability, settling wherever they can to maximize their buying power.
While the effects of the pandemic are still deeply felt in the housing industry, new options for remote work have opened up the possibility for buyers to decide where and how they really want to live — and in 2022, Bellevue and Seattle will be among the most desired locales in the country.
This article was originally posted on Puget Sound Business Journal by Ashley Fahey.