JACKSONVILLE, Fla. — Jacksonville’s housing market has been ranked the second hottest in the nation, according to new predictions announced by Zillow.
Jacksonville came in at number No. 2 just behind Tampa who took the top spot out of the 50 largest U.S. metro areas.
According to analysts, the typical home value in Jacksonville is $314,569, and Zillow forecasts home values will rise 22.0% through November 2022.
Immediately behind the Jacksonville area will be Raleigh, North Carolina; San Antonio, Texas; and Charlotte, North Carolina.
Zillow economists expect the housing market to back off just a bit from a record-breaking pace in 2021, but home buyers looking in the 10 hottest markets are likely to face strong competition, rising prices and limited inventory that will be snatched off the market quickly, according to experts.
Zillow said the Tampa market took the top spot on the list due to "a combination of strong forecasted home value growth, a thriving job market, relatively scarce and fast-moving inventory, and demographics that indicate a good number of potential buyers."
“Home buyers are attracted to markets in the Sun Belt that offer relative affordability, fast-growing economies and weather that allows them to enjoy the outdoors year round,” said Zillow economist Alexandra Lee. “Across the board, sellers will remain in the driver’s seat, but especially so in the hottest markets. Buyers should be ready for strong competition for homes, which means bidding wars and homes flying off the market only days after they are listed.”
Below are Zillow's Top 10 Hottest Real Estate Markets in the U.S. for 2022
- Tampa
- Jacksonville
- Raleigh
- San Antonio
- Charlotte
- Nashville
- Atlanta
- Phoenix
- Orlando
- Austin
If you are looking for a cool real estate market, you might want to head up north or out west. According to Zillow, the coolest markets are expected to be New York, Milwaukee, San Francisco, Chicago and San Jose.
Overall, home values are forecasted to grow by at least 10% over the next 12 months in all metro areas except San Francisco.
Click here to read Zillow's full report.