NEW YORK and SANTA CLARA, Calif., Jan. 25, 2022 (GLOBE NEWSWIRE) — The Wall Street Journal and Realtor.com® today published the WSJ/Realtor.com® The Winter 2022 Emerging Markets Housing Index, which found Naples-Immokalee-Marco Island, Florida, is now the No. 1 emerging market in America. The index analyzes key housing market data, along with measures of economic vitality and lifestyle, to highlight emerging real estate markets that offer a high quality of life and are expected to experience future price appreciation. houses.
The top 20 emerging housing markets for winter 2022 are:
- Naples-Immokalee-Marco Island, Florida
- North Port-Sarasota-Bradenton, Florida.
- Kahului-Wailuku-Lahaina, Hawaii
- San Luis Obispo-Paso Robles-Arroyo Grande, CA.
- San Jose-Sunnyvale-Santa Clara, CA.
- Cape Coral-Fort Myers, Florida.
- Fort Wayne, Ind.
- Huntsville, Alabama.
- Raleigh, North Carolina
- Burlington, North Carolina
- Yuma, Arizona.
- Elkhart-Goshen, Ind.
- Santa Cruz-Watsonville, California.
- Vallejo-Fairfield, California.
- Punta Gorda, Florida.
- Waco, TX
- Rapid City, SD
- Colorado Springs, Colorado.
- Sebastian-Vero Beach, Florida.
- Oxnard-Thousand Oaks-Ventura, Calif.
Larger markets continue to emerge
Unlike the spring and summerwhile emerging market listings were dominated by smaller markets, this quarter continues the falls tendency of large metros to rise to the top. This quarter, 6 of America’s 100 largest metros made the top 20, the list including last quarter’s repeats: Raleigh and Colorado Springs, plus new additions: North Port, Fla; San Jose, California; Cape Coral-Ft. Myers, Florida; and Oxnard-Thousand Oaks, California.
More international buyers and diverse populations
Another difference in this quarter’s list is that the markets are particularly attractive to international buyers. Among the top 20, the average share of international purchase traffic was 2.2%, compared to 1.2% among the 300 markets studied. They also have above-average shares of different ethnic and racial groups, making this quarter’s list the most diverse yet. In 9 of the top 20 markets, more than one in five residents identify as Hispanic or Latino.
Housing markets in demand and rapidly changing
All of the locations that were on the list have fast-moving housing markets, with homes selling in around 40 days on average, 13 days faster than the 300 markets surveyed (53 days). Tight market conditions have pushed prices higher, although price increases have not dampened housing demand, with properties in the top 20 and 300 markets surveyed registering nearly 50% and 20% growth, respectively. more viewers than last year.
Vacation destinations that reflect the reality of working remotely
Among the top 20, nearly half – 9 markets – have holiday shares above the average of the 300 markets. In our number one market, Naples-Immokalee-Marco Island, Florida and nearby Cape Coral-Fort Myers, Florida and Punta Gorda, Florida, more than 1 in 5 homes are vacation homes These markets have 5.5 to 8.3 times the average vacation home share of the top 300 markets surveyed. Likely a reflection of ongoing remote and hybrid work situations, commuting data among major emerging markets is broadly consistent with the 300 markets surveyed.
Higher wages allow for above average costs and the ability to spend
Despite the high cost of living, high salaries seem to give locals the means to spend in convenience stores. The amenities measure shows 2.8 stores per thousand people on average among the top 20, compared to just 2.1 on average across the 300 markets. These areas also have a slightly higher than average number of small businesses receiving SBA loans, with an average of 67.8 per million residents, compared to 61.2 per million for the 300 metropolitan areas.
Who’s in – Who’s out?
The fall index has 9 recurring markets in the top 20: North Port-Sarasota-Bradenton, Florida; Fort Wayne, Indiana; Huntsville, Alabama; Raleigh, North Carolina; Burlington, North Carolina; Elkhart-Goshen, Indiana; Waco, TX; Quick City, SD; and Colorado Springs, Colorado. While the first fall emerging market, Elkhart-Goshen, Ind., made the winter list, others that previously ranked first did not return this quarter.
To see the full ranking, go to: http://wsj.com/housingindex
Methodology:
The ranking assesses the 300 most populated core statistical domains, as measured by the US Census Bureau and defined by the March 2020 Boundary Standards for eight indicators in two broad categories: housing market (50%) and economic health and quality of life. (50%). Each market is ranked on a scale of 0 to 100 according to category indicators, and the overall index is based on the weighted sum of these rankings. The real estate market category indicators are: real estate demand (16.6%), based on the average number of unique visitors per property; real estate supply (16.6%), based on median days in the market for real estate listings, median listing price trend (16.6%). The economic and quality of life category indicators are: unemployment (6.25%); wages (6.251%); regional tariff parities (6.25%); the share of people born abroad (6.25%); small businesses (6.25%); amenities (6.25%), measured as “everyday splurge” stores per capita in a region; commuting (6.25%); and estimated actual property taxes (6.25%).
About the Wall Street Journal.
The Wall Street Journal is a global news organization that provides leading news, information, commentary and analysis. Published by Dow Jones, The Wall Street Journal engages readers across print, digital, mobile, social and video. Building on its heritage as the preeminent source of global business and financial news, the Journal includes coverage of US and world news, politics, arts, culture, lifestyle, sports and health. He holds 38 Pulitzer Prizes for outstanding journalism.
About Realtor.com®
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contacts:
For the Wall Street Journal
Steve Severinghaus
[email protected]
For Realtor.com®
Lexie PuckettHolbert
[email protected]
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