15 Real Estate Markets Expected to Boom This Year

Housing prices and sales soared in 2021, marking a year of ongoing pandemic woes as one that also saw, perhaps, the hottest residential market the country has ever seen.

Online listing giant Zillow (NASDAQ:ZG)(NASDAQ:Z) says home values nationwide rose by nearly 20% in 2021 and expects an 11% jump in 2022. There will be significant market variations, of course, but Zillow analysts expect healthy growth in all 50 of the nation's largest markets.

The same dynamics -- strong local economies, plentiful jobs, and supply lagging demand -- are in play in markets of all sizes across the country. These dynamics pose challenges and opportunities alike for not only real estate investors but also folks just buying a place to live.

Here are 15 markets that stand out, pulled from Zillow's and Realtor.com's 2022 prediction lists (alphabetized).

Atlanta is a major transportation, sports, and corporate hub and has been for years. The appeal of diverse, expansive suburbs, job opportunities, and nice weather are keeping residential growth homing, too.

According to Norada Real Estate Investments, median home values rocketed 26.1% in Georgia's capital city in 2021 and are expected to jump another 21.7% this year. Zillow has Hotlanta as No. 7 on its list of 2022 hot spots.

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Austin has become synonymous with corporate relocation and expansion in the tech space, with giants like Tesla and Oracle -- just for starters -- joining a legion of startups in driving growth in a state capital with a major university and a legendary music and arts scene.

This market saw housing prices soar 30% in 2021 and is expected to be hot enough this year that it earned No. 10 on Zillow’s list.

ALSO READ: 3 Reasons Why Austin is a Homebuyer’s Dream in 2022

The Idaho capital city of Boise is one of those poster children for markets where people moved to flee the pandemic and big-city life in general.

Small-town life in a mountain setting full of job and lifestyle opportunities helped Realtor.com project 12.9% sales growth and 7.9% price growth in 2022, placing this area at No. 2 on its list.

Driven by the presence of big bank headquarters and a diverse and growing manufacturing base, the Queen City finds itself at No. 5 on the Zillow list of 2022 hot spots. Norada says Charlotte's home values have increased 24.2% over the past year and expects a similar jump in 2022 as supply continues to lag demand.

ALSO READ: Today's Buyers Are Paying Over Asking Prices for Their Homes -- and You May Be Shocked at How Much They're Going Over

Columbus is the capital of Ohio and the home of major employers like Nationwide Insurance and Ohio State University. Relative affordability and lots to do for families and young professionals are helping a robust economy drive continued growth.

Realtor.com projects 13.7% sales growth and 6.3% price growth in 2022 in this Midwest market, placing it at No. 5 on that list.

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Upstate South Carolina is anchored by Greenville and the automotive manufacturing industry that has exploded in and around this picturesque, thriving city since BMW built an assembly plant there in the early 90s.

Realtor.com projects 11.4% sales growth and 5.7% price growth in 2022 in this Blue Ridge foothills market, placing this thriving city nestled midway between Atlanta and Charlotte at No. 7 on that list.

ALSO READ: Top 5 Cities for Families in the Southeast

Jacksonville has a diverse economy, nice weather, and a great location on the northern Florida coast from which to keep growing. Zillow says home values here have grown by 21.5% over the past year and sees them jumping 18.7% more this year, placing it at No. 2 on the listing service's list of 2022 hot spots.

Music City is one of the fastest-growing housing markets in the country, with large manufacturers, financial institutions, healthcare providers, and more working to bolster the economy of what’s long been a major center for the music industry.

Zillow has the Tennessee capital at No. 6 on its list for 2022.

Affordability, big-city amenities, and a dry climate have long made Phoenix a destination for retirees and so many others just looking for a new place to work and live -- and that hasn't changed.

Arizona's capital city should see that growth continue with an expanding job market attracting more people to move in and keeping locals at home. Phoenix made No. 8 on Zillow's list for 2022.

ALSO READ: Is Now a Good Time to Buy a Home in Phoenix?

Besides history and culture, Providence benefits from proximity to Boston and New York, providing more affordable options for people who can choose where they work, including at home.

Realtor.com projects sales growth of 8.1% and price growth of 9.5% for the Rhode Island capital city in 2022, placing the market at No. 6 on that list.

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Raleigh is not only the capital of North Carolina but also at the center of Research Triangle Park -- one of the nation’s largest tech centers and a longtime generator of good-paying jobs that, along with an outstanding higher education community, help this area attract a new and growing wave of migrants.

That and relative affordability have helped place Raleigh at No. 3 on Zillow’s list of housing hot spots for 2022.

Salt Lake City has long enjoyed a reputation for being a family-friendly place to live, with a scenic setting, a vibrant downtown, and an abundance of appealing neighborhoods and job opportunities.

Realtor.com projects sales growth of 15.2% and price growth of 8.5% for the Salt Lake City market in 2022, placing this market at No. 1 on that list.

ALSO READ: 4 Reasons Home Prices (Probably) Aren't Dropping Any Time Soon

Growing population and a surging job market are contributing to a housing boom in San Antonio as that local economy and Austin's continue moving toward each other.

Zillow places San Antonio at No. 4 on its list of hottest markets for 2022, citing 20.2% home price appreciation in the past year and 18.1% more this year.

Recreational activities in the great outdoors and sunnier weather (than Seattle, anyway) help add to the allure of this Evergreen State hot spot.

Realtor.com projects sales growth of 12.8% and price growth of 7.7% for the Spokane market in 2022, placing this market at No. 3 on its list.

Last in this list -- but hardly least -- Tampa is ranked by Zillow as the No. 1 hottest market in the country for 2022, projecting house price growth of 24.6% after a nearly 30% leap in 2021.

Migration from more expensive markets is one big reason, especially from big cities where home prices are even higher than this semi-tropical Gulf Coast tourism and retirement hot spot.

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Whether you're in a buyer's or seller's market is often in the eye of the beholder, and each market -- down to the neighborhood and block level -- is different.

But it's safe to say that now is a good time to sell a house in most places, and if you need to do so, now might be the time to act before the combination of rising prices and interest rates further complicates matters.

Marc Rapport has no position in any of the stocks mentioned. The Motley Fool owns and recommends Zillow Group (A shares) and Zillow Group (C shares). The Motley Fool has a disclosure policy.