Below is an article from the Wall Street Journal with their 2022 rankings of how metro areas across America stack up. You can read the original article here.
It is refreshing to see our metro areas North Port-Sarasota-Bradenton rank #4 and Tampa-St. Petersburg-Clearwater rank #11.
Home-buying demand remained robust in low-cost cities but rising mortgage rates have made most home purchases less affordable, pushing many buyers out of the market. Homes are sitting on the market longer, and more sellers are cutting prices.
The WSJ/Realtor.com Emerging Housing Markets Index Fall 2022
Metro areas are ranked according to real-estate market data and economic health. Ranking is as of October 2022.
RANK
CHANGE
AREA
STATE
1
▲
Johnson City
TN
2
▲
Visalia-Porterville
CA
3
▼
Elkhart-Goshen
IN
4
▲
North Port-Sarasota-Bradenton
FL
5
▼
Fort Wayne
IN
6
▲
Lafayette-West Lafayette
IN
7
▲
Columbia
SC
8
▲
Columbia
MO
9
▼
Raleigh
NC
10
▲
Yuma
AZ
11
▲
Tampa-St. Petersburg-Clearwater
FL
12
▲
Cape Coral-Fort Myers
FL
13
▲
Nashville-Davidson–Murfreesboro–Franklin
TN
14
▲
Colorado Springs
CO
15
▼
Burlington
NC
16
▲
Naples-Immokalee-Marco Island
FL
17
▲
Fayetteville-Springdale-Rogers
AR-MO
18
▲
Orlando-Kissimmee-Sanford
FL
19
▼
Topeka
KS
20
▲
Columbus
OH
21
▲
Savannah
GA
22
▲
Boston-Cambridge-Newton
MA-NH
23
▲
Coeur D’Alene
ID
24
▲
Hickory-Lenoir-Morganton
NC
25
▲
Knoxville
TN
26
▲
Port St. Lucie
FL
27
▼
Portland-South Portland
ME
28
▼
Huntsville
AL
29
▼
Manchester-Nashua
NH
30
▲
Fresno
CA
31
▼
Santa Maria-Santa Barbara
CA
32
▼
San Jose-Sunnyvale-Santa Clara
CA
33
▼
Boulder
CO
34
▲
Springfield
MO
35
▲
Bakersfield
CA
36
▼
Kingsport-Bristol-Bristol
TN-VA
37
▲
Amarillo
TX
38
▲
Denver-Aurora-Lakewood
CO
39
▼
Billings
MT
40
▼
Durham-Chapel Hill
NC
41
▼
Santa Cruz-Watsonville
CA
42
▲
Sacramento–Roseville–Arden-Arcade
CA
43
▲
Grand Junction
CO
44
▼
Jefferson City
MO
45
▼
Pensacola-Ferry Pass-Brent
FL
46
▼
Charlotte-Concord-Gastonia
NC-SC
47
▼
Fort Collins
CO
48
▼
San Luis Obispo-Paso Robles-Arroyo Grande
CA
49
▲
Wichita Falls
TX
50
▲
Las Vegas-Henderson-Paradise
NV
51
▼
Oxnard-Thousand Oaks-Ventura
CA
52
▲
Louisville/Jefferson County
KY-IN
53
▲
Sebastian-Vero Beach
FL
54
▲
Charleston-North Charleston
SC
55
▲
Chattanooga
TN-GA
56
▼
Worcester
MA-CT
57
▲
Joplin
MO
58
▼
Elizabethtown-Fort Knox
KY
59
▲
Providence-Warwick
RI-MA
60
▼
Vallejo-Fairfield
CA
61
▼
Yuba City
CA
62
▲
The Villages
FL
63
▼
Salinas
CA
64
▼
Wilmington
NC
65
▼
Punta Gorda
FL
66
▼
Rapid City
SD
67
▲
Myrtle Beach-Conway-North Myrtle Beach
SC-NC
68
▼
Concord
NH
69
▲
Springfield
MA
70
▼
Janesville-Beloit
WI
71
▼
Waco
TX
72
▲
Kahului-Wailuku-Lahaina
HI
73
▼
Spokane-Spokane Valley
WA
74
▼
Modesto
CA
75
▲
Sioux City
IA-NE-SD
76
▼
Stockton-Lodi
CA
77
▲
Deltona-Daytona Beach-Ormond Beach
FL
78
▼
Tyler
TX
79
▲
Dallas-Fort Worth-Arlington
TX
80
▼
Reno
NV
81
▲
South Bend-Mishawaka
IN-MI
82
▲
Lubbock
TX
83
▲
Phoenix-Mesa-Scottsdale
AZ
84
▲
College Station-Bryan
TX
85
▲
Yakima
WA
86
▼
La Crosse-Onalaska
WI-MN
87
▼
Lakeland-Winter Haven
FL
88
▼
Austin-Round Rock
TX
89
▲
Evansville
IN-KY
90
▲
Norwich-New London
CT
91
▲
San Diego-Carlsbad
CA
92
▼
Bellingham
WA
93
▼
Hilton Head Island-Bluffton-Beaufort
SC
94
▲
Asheville
NC
95
▼
Dayton
OH
96
▼
Eureka-Arcata-Fortuna
CA
97
▼
Appleton
WI
98
▼
Pueblo
CO
99
▲
Hartford-West Hartford-East Hartford
CT
100
▼
Longview
TX
101
▲
Jacksonville
FL
102
▲
San Francisco-Oakland-Hayward
CA
103
▼
Rochester
NY
104
▼
Ogden-Clearfield
UT
105
▼
Homosassa Springs
FL
106
▲
Memphis
TN-MS-AR
107
▲
Spartanburg
SC
108
▲
Boise City
ID
109
▼
Gainesville
GA
110
▼
Ocala
FL
111
▲
Seattle-Tacoma-Bellevue
WA
112
▲
Roanoke
VA
113
▲
Oshkosh-Neenah
WI
114
▲
Little Rock-North Little Rock-Conway
AR
115
▲
Clarksville
TN-KY
116
▲
Tucson
AZ
117
▲
Lancaster
PA
118
▼
Salt Lake City
UT
119
▲
Omaha-Council Bluffs
NE-IA
120
▲
Wichita
KS
121
▼
Burlington-South Burlington
VT
122
▼
Killeen-Temple
TX
123
▲
Lebanon
PA
124
▲
Allentown-Bethlehem-Easton
PA-NJ
125
▼
Greenville
NC
126
▲
Albuquerque
NM
127
▲
Los Angeles-Long Beach-Anaheim
CA
128
▼
New Haven-Milford
CT
129
▼
Kennewick-Richland
WA
130
▲
Grand Rapids-Wyoming
MI
131
▲
Rochester
MN
132
▲
Fayetteville
NC
133
▲
Milwaukee-Waukesha-West Allis
WI
134
▲
Panama City
FL
135
▲
Lynchburg
VA
136
▼
Palm Bay-Melbourne-Titusville
FL
137
▼
Athens-Clarke County
GA
138
▲
Indianapolis-Carmel-Anderson
IN
139
▼
Santa Fe
NM
140
▲
Redding
CA
141
▲
Fort Smith
AR-OK
142
▲
Green Bay
WI
143
Greenville-Anderson-Mauldin
SC
144
▼
Prescott
AZ
145
▼
Wausau
WI
146
▼
Olympia-Tumwater
WA
147
▼
Jacksonville
NC
148
▲
Portland-Vancouver-Hillsboro
OR-WA
149
▼
Blacksburg-Christiansburg-Radford
VA
150
▼
Eugene
OR
151
▼
Santa Rosa
CA
152
▼
Decatur
AL
153
▲
Eau Claire
WI
154
▲
Cincinnati
OH-KY-IN
155
▲
Jackson
MS
156
▼
Provo-Orem
UT
157
▼
Winston-Salem
NC
158
▼
Bremerton-Silverdale
WA
159
▲
Tallahassee
FL
160
▼
Crestview-Fort Walton Beach-Destin
FL
161
▼
Madison
WI
162
▼
Racine
WI
163
▼
Canton-Massillon
OH
164
▲
Lake Havasu City-Kingman
AZ
165
▲
Mobile
AL
166
▼
Riverside-San Bernardino-Ontario
CA
167
▼
Chico
CA
168
▼
Greeley
CO
169
▼
Salem
OR
170
▲
Gainesville
FL
171
▲
Rockford
IL
172
▼
Greensboro-High Point
NC
173
▲
Springfield
IL
174
▼
Barnstable Town
MA
175
▲
Virginia Beach-Norfolk-Newport News
VA-NC
176
▲
Scranton–Wilkes-Barre–Hazleton
PA
177
▼
Akron
OH
178
▲
Bridgeport-Stamford-Norwalk
CT
179
▲
Huntington-Ashland
WV-KY-OH
180
▲
Columbus
GA-AL
181
▲
Laredo
TX
182
▲
Duluth
MN-WI
183
▲
Minneapolis-St. Paul-Bloomington
MN-WI
184
▲
Richmond
VA
185
▼
Merced
CA
186
▼
Claremont-Lebanon
NH-VT
187
▼
Anchorage
AK
188
▼
Kalamazoo-Portage
MI
189
▲
Cedar Rapids
IA
190
▼
Auburn-Opelika
AL
191
▼
Harrisburg-Carlisle
PA
192
▲
Washington-Arlington-Alexandria
DC-VA-MD-WV
193
▲
Birmingham-Hoover
AL
194
▲
Gulfport-Biloxi-Pascagoula
MS
195
▼
Bowling Green
KY
196
▼
Atlanta-Sandy Springs-Roswell
GA
197
▲
Detroit-Warren-Dearborn
MI
198
▲
Lansing-East Lansing
MI
199
▼
State College
PA
200
▼
Abilene
TX
201
▼
Sioux Falls
SD
202
▲
Texarkana
TX-AR
203
▼
Toledo
OH
204
▲
Miami-Fort Lauderdale-West Palm Beach
FL
205
▼
Springfield
OH
206
▼
Traverse City
MI
207
▲
El Paso
TX
208
▲
Tulsa
OK
209
▲
Hilo
HI
210
▼
Dothan
AL
211
▲
Oklahoma City
OK
212
▼
Bloomington
IN
213
▼
Monroe
MI
214
▼
Bend-Redmond
OR
215
▲
Salisbury
MD-DE
216
▲
Bismarck
ND
217
▲
San Antonio-New Braunfels
TX
218
▼
Hagerstown-Martinsburg
MD-WV
219
▲
York-Hanover
PA
220
▼
Rocky Mount
NC
221
▲
Waterloo-Cedar Falls
IA
222
▲
St. Louis
MO-IL
223
▼
Saginaw
MI
224
▼
St. Cloud
MN
225
▼
Warner Robins
GA
226
▼
Chambersburg-Waynesboro
PA
227
▲
Florence-Muscle Shoals
AL
228
▲
Monroe
LA
229
▲
Medford
OR
230
▲
Florence
SC
231
▲
Las Cruces
NM
232
▼
Ann Arbor
MI
233
▼
Erie
PA
234
▲
Macon
GA
235
▲
Brownsville-Harlingen
TX
236
▼
Terre Haute
IN
237
▼
Reading
PA
238
▲
Trenton
NJ
239
▼
Niles-Benton Harbor
MI
240
▼
Morgantown
WV
241
▼
Augusta-Richmond County
GA-SC
242
▲
Lexington-Fayette
KY
243
▲
Cleveland-Elyria
OH
244
▲
Kansas City
MO-KS
245
▼
Youngstown-Warren-Boardman
OH-PA
246
▼
Dover
DE
247
▼
Daphne-Fairhope-Foley
AL
248
▼
Hattiesburg
MS
249
▼
Montgomery
AL
250
▲
Houston-The Woodlands-Sugar Land
TX
251
▲
Charleston
WV
252
▲
Tupelo
MS
253
▼
Albany
GA
254
▲
Urban Honolulu
HI
255
▼
Muskegon
MI
256
▲
New Orleans-Metairie
LA
257
▲
Binghamton
NY
258
▼
Battle Creek
MI
259
▲
Des Moines-West Des Moines
IA
260
▼
Lincoln
NE
261
▼
Charlottesville
VA
262
▼
Bloomington
IL
263
▼
Bangor
ME
264
▼
Buffalo-Cheektowaga-Niagara Falls
NY
265
▲
Alexandria
LA
266
▼
East Stroudsburg
PA
267
▼
Wheeling
WV-OH
268
▼
Pottsville
PA
269
▼
Torrington
CT
270
▲
Midland
TX
271
▼
Peoria
IL
272
▼
Fargo
ND-MN
273
▲
Corpus Christi
TX
274
Beaumont-Port Arthur
TX
275
▼
Baltimore-Columbia-Towson
MD
276
▲
Iowa City
IA
277
▲
Philadelphia-Camden-Wilmington
PA-NJ-DE-MD
278
▼
Johnstown
PA
279
Chicago-Naperville-Elgin
IL-IN-WI
280
▲
Davenport-Moline-Rock Island
IA-IL
281
▲
Syracuse
NY
282
▼
Houma-Thibodaux
LA
283
▼
Baton Rouge
LA
284
▲
Pittsburgh
PA
285
▼
Atlantic City-Hammonton
NJ
286
▼
Lafayette
LA
287
▼
Flint
MI
288
▲
McAllen-Edinburg-Mission
TX
289
▲
Lake Charles
LA
290
▼
Tuscaloosa
AL
291
▼
Pittsfield
MA
292
▼
Ottawa-Peru
IL
293
▲
Albany-Schenectady-Troy
NY
294
▼
Champaign-Urbana
IL
295
Kingston
NY
296
▲
Odessa
TX
297
▲
Shreveport-Bossier City
LA
298
▼
Utica-Rome
NY
299
▼
Jackson
MI
300
New York-Newark-Jersey City
NY-NJ-PA
Methodology
To identify the top emerging housing markets, the Journal and Realtor.com reviewed data for the 300 most populous core-based statistical areas, as measured by the U.S. Census Bureau. (Note: The Journal and Realtor.com are both owned by parent company News Corp.)
The overall methodology explores two main areas: real-estate markets (50%) and economic health (50%). Those two areas comprise the following key indicators:
Real-Estate Supply (16.6%)
Measures the relative scarcity of real estate for sale in a market compared with others based on real-estate listings’ median number of days on the market. Markets with a high supply score have relatively few days on the market compared with other areas. That relatively limited supply is likely to lead to home-price growth. In contrast, markets with a low supply score have more days on the market compared with other areas, indicating that relatively abundant supply will help alleviate pressure on home prices. (Source: Realtor.com)
Real-Estate Demand (16.6%)
Measures the relative abundance of real-estate demand in a market compared with other markets based on the average number of unique viewers per real-estate listing. Markets with a high demand score have a relatively large number of unique viewers per home. That abundant buyer demand is likely to lead to home-price growth. In contrast, markets with a low demand score have a smaller number of unique viewers per real-estate listing, indicating that more-limited buyer demand will help curb upward pressure on home prices. (Source: Realtor.com)
Median Home Listing Price Trend (16.6%)
Measures recent home-price performance compared with other markets based on typical asking prices for real-estate listings that are active on Realtor.com.
Unemployment (6.25%)
Measures the relative health of the local job market. Data consists of the estimated percentage of the civilian noninstitutional population 16 years of age and older who weren’t employed during the reference period. The seasonally adjusted series is used in the index. (Source: U.S. Bureau of Labor Statistics)
Wages (6.25%)
Measures the relative quality of employment in the area in terms of total wages. Data consists of the median usual weekly earnings of full-time wage and salary workers, before taxes and other deductions, including any overtime pay, commissions or tips. Doesn’t include self-employed workers. (Source: U.S. Bureau of Labor Statistics)
Regional Price Parities (6.25%)
Measures how expensive it is to live and work in a metro area. RPP consists of differences in price levels across metropolitan areas for a given year, expressed as a percentage of the overall national price level. RPP covers all consumer goods and services, including housing rents. (Source: U.S. Bureau of Economic Analysis)
Amenities (6.25%)
Measures livability of an area in terms of available amenities, as represented by chain stores known for “everyday splurge” purchases, a signal of discretionary consumer income. Data consists of the number of Starbucks, Whole Foods and Trader Joe’s locations within the area, per capita. (Source: WSJ analysis of publicly available store locations)
Commute (6.25%)
Measures quality of life in terms of how long residents have to spend every day getting to and from work. Data consists of average one-way travel time among workers ages 16 years and older who didn’t work from home. (Source: U.S. Census Bureau)
Foreign-Born Residents (6.25%)
Measures the economic health and diversity of an area as represented by the portion of the populace that was born outside the U.S. Studies indicate a strong correlation between the economic vitality of a region and the number of foreign-born residents. (Source: U.S. Census Bureau)
Small Businesses (6.25%)
Measures the economic health and diversity of an area as represented by small-business activity. Data consists of the number of granted SBA 7(a) loans per capita. (Source: U.S. Small Business Administration)
Property Taxes (6.25%)
Measures real-estate taxes based on median home price. Areas with higher effective real-estate taxes are ranked lower while areas with lower effective real-estate taxes are ranked higher. (Source: U.S. Census Bureau)
Final Score
Each indicator is indexed to normalize the data, and a composite score is produced by adding those values for each geography. The sums are sorted to produce the final ranking. If two or more U.S. metropolitan areas tie in their final score, then the Real-Estate Demand indicator is used to break the tie.
Write to Inti Pacheco at [email protected]