Knoxville, Tennessee ranks in the Top 10 Housing Market “Hidden Gems” in 2022
The National Association of REALTORS identified 10 housing markets as “hidden gems” that are expected to experience stronger price appreciation relative to other markets in 2022. In alphabetical order, the markets are as follows:
| – Dallas-Fort Worth, Texas – Daphne-Fairhope-Farley, Alabama – Fayetteville-Springdale-Rogers, Arkansas-Missouri – Huntsville, Alabama – Knoxville, Tennessee – Palm Bay-Melbourne-Titusville, Florida – Pensacola-Ferry Pass-Brent, Florida – San Antonio-New Braunfels, Texas – Spartanburg, South Carolina – Tucson, Arizona “The housing sector performed spectacularly in 2021 in many markets, with huge gains achieved in places like Austin, Boise and Naples,” Yun said. “Several markets did reasonably well in 2021, but not as strong as the underlying fundamentals suggested. Therefore, in 2022, these ‘hidden gem’ markets have more room for growth.” NAR considered a market a hidden gem based on two categories: 1) If the market’s ratio of median home price to median family income is in the lower half of the 379 metro areas analyzed. 2) If the following seven indicators reflecting the strength of housing demand for that market are in the upper half of metro areas: 1. Wage growth 2. Job growth 3. Ratio of the change in population to the sum of housing permits 4. Population growth 5. Net domestic migration 6. Percentage of the population ages 25 to 44 7. Percentage of households with broadband service NAR’s top 10 list only includes metro areas with populations of at least 200,000. |