Expensive suburbs lead Zillow’s hottest markets of the year so far

New data from Zillow shows that the most popular housing markets of 2022 so far are following exactly this trend, with the top 10 markets all being expensive suburbs just outside a big city.

The dominant housing market trends of the pandemic include a surge in demand in the suburbs as city dwellers reassess their needs amid increases in remote work.

New data from Zillow shows that the most popular housing markets of 2022 so far are following exactly this trend, with the top 10 markets all being expensive suburbs just outside a big city.

“The most popular markets so far this year paint a picture of how remote work has transformed the US housing landscape,” Zillow economist Nicole Bachaud said in a statement. “Demand for suburban homes picked up an extra gear last summer, perhaps as buyers gained more clarity about their employers’ return-to-office policies. Research suggests that the rise in remote working is responsible for about half of the surge in home prices during the pandemic. How many employers continue to allow workers this flexibility to live where they choose will go a long way in determining which markets will be most in demand going forward.”

The report also found that home prices in all 10 markets rose faster than the nearest major city, underscoring the continued popularity of suburban markets amid the pandemic.

Zillow analyzed pageview metrics, inventory for sale, and home price growth to determine the most popular markets. What follows are the top 10 most popular.

Woodinville, Washington

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In this Greater Seattle suburb, typical home values ​​rose 11.2 percent to $1,357,938 in the first quarter of 2021, prompting Zillow to call it the most popular market of the year so far.

The suburb is just a 30-minute drive from downtown Seattle and offers an array of recreational activities centered around wineries, distilleries and outdoor recreation in its wooded coastal parks.

Burke, Va

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This tiny Washington, DC suburb might not seem like a likely contender for Q1’s second most popular market, but according to Zillow, the census-designated town of 41,055 saw house prices rise 4, 7 percent recorded , a higher rate than DC or any other suburb in the area.

Highland Ranch, Colorado

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This Denver suburb has seen an acceleration in development over the past few decades, primarily due to the proposed development of Highlands Ranch. According to Zillow, the average home price this year rose 7.7 percent in the first quarter to an average of $777,744.

Westchase, Florida

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Zillow kicked off 2022 by predicting that Tampa, Fla., would be the hottest market of the year, but according to its data, the Westchase suburb is having an even hotter year so far, with home prices already up 9.8 percent to average US$537,668 -dollars have gone up.

Edmonds, Washington

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Edmonds, another Seattle suburb, with its 5 miles of shoreline and relative proximity to the Olympia Mountains, offers plenty of outdoor recreation while still only 15 miles from Seattle. The median home price in Edmonds is up 14 percent compared to April 2021, with the median selling price now standing at $928,850, according to Redfin.

Yorba Linda, California

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Known as the birthplace of former President Richard Nixon, this Orange County city outside of Los Angeles has had a long-standing reputation, and the pandemic hasn’t changed that, with house prices in the posh suburb plunging 9.7% earlier in the year percent have skyrocketed in 2022 to an average of $1,247,646.

Johns Creek, Georgia

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This Atlanta suburb thrived in the late 20th century when many Fortune 500 companies opened offices in its sprawling office park. That surge has continued into the remote work era, as house prices rose 8.4 percent in the first quarter of 2022 to average $624,703.

Tustin, California

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Dubbed the “City of Trees” by locals, this Orange County suburb of Los Angeles offers an urban vibe with suburban amenities. The city has seen home price growth of 16 percent over the past year, with the median home selling price now standing at $980,500.

Ballwin, Missouri

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The St. Louis suburb of Ballwin, named one of the best places in America to live by Money Magazine in three separate years, reported price growth of 4.9 percent for the first few months of 2022, according to Zillow, with the average selling price now sits at $378,157.

Gold, Colorado

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This suburb near Denver began as a gold rush town in the 1800s, but today the real gold is in real estate values, which Zillow says are up 25.4 percent over the past year to a typical $900,611.

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