NEW YORK and SANTA CLARA, Calif., Jan. 25, 2022 (GLOBE NEWSWIRE) -- The Wall Street Journal and Realtor.com® today released the WSJ/Realtor.com® Winter 2022 Emerging Housing Markets Index, which revealed Naples-Immokalee-Marco Island, Fla. is now the No.1 emerging market in America. The index analyzes key housing market data, as well as economic vitality and lifestyle metrics, to surface emerging housing markets that offer a high quality of life and are expected to see future home price appreciation.
The Top-20 Emerging Housing Markets for Winter 2022 are:
- Naples-Immokalee-Marco Island, Fla.
- North Port-Sarasota-Bradenton, Fla.
- Kahului-Wailuku-Lahaina, Hawaii
- San Luis Obispo-Paso Robles-Arroyo Grande, Calif.
- San Jose-Sunnyvale-Santa Clara, Calif.
- Cape Coral-Fort Myers, Fla.
- Fort Wayne, Ind.
- Huntsville, Ala.
- Raleigh, N.C.
- Burlington, N.C.
- Yuma, Ariz.
- Elkhart-Goshen, Ind.
- Santa Cruz-Watsonville, Calif.
- Vallejo-Fairfield, Calif.
- Punta Gorda, Fla.
- Waco, Texas
- Rapid City, S.D.
- Colorado Springs, Colo.
- Sebastian-Vero Beach, Fla.
- Oxnard-Thousand Oaks-Ventura, Calif.
Larger Markets Continue to Emerge
Unlike the spring and summer, when the emerging-markets lists were dominated by smaller markets, this quarter continues the fall trend of larger metros making their way to the top. This quarter, 6 of the 100 largest U.S. metros made the top-20, list including last quarter’s repeats: Raleigh and Colorado Springs, as well as new additions: North Port, Fla; San Jose, Calif.; Cape Coral-Ft. Myers, Fla; and Oxnard-Thousand Oaks, Calif.
More International Buyers and Diverse Populations
Another difference in this quarter’s list is the markets are particularly attractive to international shoppers. Among the top-20, the average share of international shopping traffic was 2.2%, compared with 1.2% among the total 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 1 in 5 residents identify as Hispanic or Latinx.
Fast-Moving, In-Demand Housing Markets
All the locales that made the list have fast-moving housing markets with homes selling in roughly 40 days on average, 13 days faster than the total 300 markets studied (53 days). Tight market conditions have pushed prices higher, though price gains haven’t dampened housing demand, with properties in the top-20 markets and 300 markets studied seeing nearly 50% and 20% more viewers on average relative to last year, respectively.
Vacation Destinations that Reflect the Remote-Work Reality
Among the top-20, nearly half – 9 markets – have vacation shares greater than the 300 market average. In our number one market, Naples-Immokalee-Marco Island, Fla. and nearby Cape Coral-Fort Myers, Fla. and Punta Gorda, Fla. more than 1 in 5 homes is a vacation home These markets have 5.5 to 8.3 times the average share of vacation homes than the top 300 markets studied. Likely a reflection of ongoing remote and hybrid work situations, commute data among top emerging markets is largely in line with the 300 markets studied.
Higher Wages Enable Higher-than-Average Costs and Ability to Spend
Despite high costs of living, high wages appear to give locals the means to spend at splurge amenity stores. The amenities metric shows 2.8 stores per thousand people on average among the top-20 compared with just 2.1 on average across all 300 markets. These areas also have a slightly above-average number of small businesses with SBA loans, averaging 67.8 per million people, compared to 61.2 per million for all 300 metro areas.
Who’s in – Who’s out?
The fall index has 9 repeat markets among the top-20: North Port-Sarasota-Bradenton, Fla.;Fort Wayne, Ind.; Huntsville, Ala.; Raleigh, N.C.; Burlington, N.C.; Elkhart-Goshen, Ind.; Waco, Texas; Rapid City, S.D.; and Colorado Springs, Colo. While the No. 1 fall emerging market, Elkhart-Goshen, Ind., is on the winter list, others that ranked first previously did not return this quarter.
To view the complete ranking, please visit: http://wsj.com/housingindex
Methodology:
The ranking evaluates the 300 most populous core-based statistical areas, as measured by the U.S. Census Bureau, and defined by March 2020 delineation standards for eight indicators across two broad categories: real estate market (50%) and economic health and quality of life (50%). Each market is ranked on a scale of 0 to 100 according to the 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 average unique viewers per property; real estate supply (16.6%), based on median days on 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 price parities (6.25%); the share of foreign born (6.25%); small businesses (6.25%); amenities (6.25%), measured as per capita “everyday splurge” stores in an area; commute (6.25%); and estimated effective real estate 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 U.S. & world news, politics, arts, culture, lifestyle, sports, and health. It holds 38 Pulitzer Prizes for outstanding journalism.
About Realtor.com®
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
Contacts:
For The Wall Street Journal
Steve Severinghaus
steve.severinghaus@dowjones.com
For Realtor.com®
Lexie Puckett Holbert
lexie.puckettholbert@move.com
