Hottest Housing Markets in 2022
During the post pandemic years, especially 2021 and 2022, first-time home buyers, seasoned house hunters, and even veteran investors were awed by the meteoric rise of the real estate prices across the US. Do you know that median housing prices in few areas in USA were reached over $3M in 2022? Bariscope analysts looked at the sold prices across US in 2022, and found that the clusters of those highly priced housing areas are located mostly in West Coast- (California and Washington) and in east coast (Massachusetts, New Jersey, New York,Pennsylvania, Virginia, and Maryland states, South Carolina, Florida). Few sporadic areas have also been identified in upper-midwestern USA (Michigan) and in central USA (Colorado, Utah, Nevada).
Table: Areas where Median housing price > $3M in 2022
Among all these areas– four (4) had median housing price more than $5M.
Beverly Hills, CA 90210
Atherton, CA 94027
Ross, CA 94957
Chilmark, MA 02535
These three areas in California and one area in Massachusetts, home prices are not only among the most expensive - but also consistently rank among the most expensive in America.
While all these areas - Beverly Hills, Atherton and Ross in California - are predominantly white-collar towns, with more than 95% of the workforce employed in white-collar jobs, Chilmark in Massachusetts West Tisbury workforce is mixed type consisting of both blue-collar and white-collar jobs.
Another important thing to note is that all these three areas in California there are more artists, designers and people working in media compared to about 90% of the rest of the other areas across US. On the contrary, Chilmark - West Tisbury is an extremely popular destination for tourists and seasonal residents.
Bariscope’s thoughts:
West coast locations are traditionally HCOL areas, especially some of the Zip codes in California. however, it is interesting to see that people have spread across the fringe areas and were ready to shell out big chunks, more than $>3M in fact, to buy more expensive homes. Being a lot of white-collar job holders, perhaps it was possible to work remotely while enjoying a much larger space, with no daily commute in need? Possibly. It is also possible that a large number of investors found the opportunity to flip at the high-point, seizing the demand.
Bariscope analysts will keep an eye on sold home prices throughout this year and keep the stats updated. Feel free to contact us for real-estate investing consultation, personal home-buying advice, or advice on market trends. Please also go to the download section to download a comprehensive housing summary for each county in the US.
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Yes, we do.
If you want a consultation, please email us at info@bariscope.com to schedule a time.
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Nice post.
Do you have discount on bulk download if I want to download 4-years of housing sales price data?
The bulk download price depends on a case-by-case basis. Please email us at info@bariscope.com for details of your order.