Among the pandemic’s prevailing housing market trends has been a surge in demand in the suburbs, as urban dwellers reevaluate their needs amid a rise in remote work.
New data from Zillow shows that the most popular housing markets of 2022 so far fall right in line with that trend, with the top 10 markets all pricey suburbs just outside a major city.
“The most popular markets so far this year paint a picture of how remote work has changed the U.S. housing landscape,” Zillow economist Nicole Bachaud said in a statement. “Demand for suburban homes found an extra gear last summer, perhaps as buyers gained more clarity in their employers’ return-to-office policies. Research suggests the rise of remote work is responsible for roughly half of home price growth during the pandemic. How many employers continue to allow this flexibility for employees to live where they choose will go a long way toward determining which markets are most in demand in the future.”
The report also found that home prices were increasing in all 10 markets at a faster rate than their nearest major city, underscoring the lasting popularity of suburban markets amid the pandemic.
Zillow analyzed page view metrics, for-sale inventory and home price growth to determine the most popular markets. What follows are the top 10 most popular.
This suburb in the Seattle metropolitan area saw its typical home value increase 11.2 percent to $1,357,938, during the first quarter of 2021, leading Zillow to dub it the most popular market of the year so far.
The suburb is just a 30-minute drive from downtown Seattle and offers a range of recreational activities centered around wineries, distilleries and outdoor recreation in its wooded coastal parks.
This tiny suburb of Washington, D.C. may not seem like a likely contender for second most popular market of the first quarter, but according to Zillow the population 41,055 census designated place, has seen its home price grow 4.7 percent during the first few months of 2022, a rate higher than D.C. or any other suburb in the surrounding area.
Highlands Ranch, Colorado
This suburb of Denver has seen an acceleration in development over the past decades, mostly through the planned development of Highlands Ranch. This year has seen the average home price shoot up 7.7 percent during the first quarter, reaching an average of $777,744, according to Zillow.
Zillow kicked off 2022 by predicting that Tampa, Florida would be the hottest market of the year, but according to its data the suburb of Westchase is having an even hotter year so far, with home prices up 9.8 percent already to an average of $537,668.
Another suburb of Seattle, Edmonds offers a slew of outdoor recreation options with its 5 miles of shoreline and relative convenience to the Olympia Mountains, while still just 15 miles from Seattle. The average home price in Edmonds is up 14 percent compared to April 2021, with the median sale price now at $928,850 according to Redfin.
Yorba Linda, California
This Orange County town outside of Los Angeles known as the birthplace of former President Richard Nixon, has long had a higher-end reputation, and the pandemic hasn’t changed that with home prices in the ritzy suburb shooting up 9.7 percent during the beginning of 2022 to an average of $1,247,646.
John’s Creek, Georgia
This suburb of Atlanta flourished during the late 20th century when many Fortune 500 corporations opened offices in its sprawling office park. That flourishing has continued in the remote work era as home prices have shot up 8.4 percent to an average of $624,703 during the first quarter of 2022.
Known by locals as the “City of Trees,” this Los Angeles suburb in Orange County offers an urban feel with suburban perks. The town has seen home price growth of 16 percent over the past year, with the median home sale price now at 980,500.
Named one of the best places in America to live by Money Magazine on three separate years, the St. Louis suburb of Ballwin has seen price growth of 4.9 percent during the first few months of 2022, according to Zillow, with the average sale price now sitting at $378,157.
This suburban city near Denver started as a gold rush town in the 19th century, but these days the real gold is in property values, which have gone up 25.4 percent over the past year, according to Zillow, to a typical value of $900,611.