Phoenix ranks No. 2 among hottest housing markets in U.S.

Phoenix ranks No. 2 among hottest housing markets in U.S.

Article Originally Posted By AZBigMedia On June 24, 2022
Whether you are interested in selling your home for a large profit or researching the most friendly market for first time home buying, House Method conducted a study to rank the hottest (and some of the cooler) housing markets in the U.S. — and Phoenix ranks No. 2 among the hottest housing markets in the U.S.

he housing market has exploded in recent years due to fluctuating mortgage rates, high demand accompanied by low inventory, as well as remote working opportunities allowing millions to rethink their home base. Americans have begun to rethink their priorities in a living space, many prioritizing space and comfort while others have flocked to bustling metropolises, leading to an exponential increase in home ownership.

We analyzed data on the 100 largest MSA’s (Metropolitan Statistical Areas) and ranked them according to seven factors, such as affordability, inventory and population growth. Read on for the complete rankings and explanation of the methodology behind this study.

Some of the most interesting findings:

• Home prices increased by an average of 21% since 2021

• The top 10 markets rarely have listings sit on the market for more than 15 days, 40% less than the national average (25 days).

• Many of the hottest housing markets are also some of the least affordable as demand increases and inventory decreases

• Home equity has skyrocketed, allowing sellers to make huge profits

• Home prices are projected to increase another 14.9% before 2023, even with steep mortgage rate increases

Main findings about hottest housing markets

Below you’ll find the cities where homes are flying off the market fastest in ranked order. The table below shows the rank, total score, and specific factor-category rank. It’s searchable and sortable so take a look and see how your city stacked up!