Though the world is nearly shut down and public events, in-person learning, and the ability to go outside at all seem to be a relic of 2021, the heat being generated in the housing market shows no signs of cooling off in 2022.
According to new predictions, the real estate market is looking bright and expected to continue thriving given low inventory and high demand. Locally, Boston continues to be a hot market with record numbers and prolonged momentum as a result of the pandemic. Boston’s sale prices were up 11.1% in November 2021 compared to the year before, according to Redfin. The real estate giant also claims homes were reported to have closed after 23 days on the market versus 27 the year before. The number of homes sold rose from 462 to 502, showing that things are still trending upward in the area.
As one year ends and a new one begins, many organizations have attempted to predict what the hottest markets are for the new year. One prominent list is Fortune’s Best Places to Make Real Estate Investments in 2022 and the lists generally focus on places where housing prices are expected to continue rising.
This year’s list is a far cry from places that once were top picks in the past, excluding many bustling cities and tech hubs like New York City, Silicon Valley, and their well-heeled suburbs. Shying away from traditionally booming locations seems to be another side effect of the pandemic for new homeowners. With the realization that remote working is a way of life, and in many cases business can thrive under this arrangement, many people with the means to relocate are fanning out in favor of slower living and lower prices. Fortune’s predictions for 2022 include a town in Central Massachusetts, helping to put more of the state on the map.
Fortune’s top list of places to purchase include:
Portland, Maine
Providence, Rhode Island
Salt Lake City, Utah
Worcester, Massachusetts
Boise, Idaho
Less than 50 miles east of Boston, Worcester is nestled in Central Massachusetts and major driver of the regional economy. It provides smaller scale living while remaining close to everything. In an autonomous, thriving city like this, it’s no wonder home prices in Worcester are expected to grow slightly above 8% next year. Though smaller than Boston, it is still the second most populated city in the state with over 200,000 residents. It offers a nice blend of Massachusetts living and was aptly named one of Realtor.com’s Top 20 Hottest Housing Markets as well.
Other predictions for 2022 real estate in Commonwealth include surrounding towns in Central Massachusetts adapting to accommodate an uptick in home owners. Webster, Sturbridge, and Hudson have plans to invest in downtown areas to help draw new visitors and residents alike, effectively capitalizing off of Worcester’s newly found fame and the appeal of less-expensive living conditions when compared to other places along the East Coast. With this, Worcester Business Journal reports that investors from the Greater Boston area have been racing to build new residential housing in Central Mass to accommodate the demand. Pairing new residential complexes with the host of vacant lots, buildings, and mills in the area, there are numerous and diverse options for housing. By remodeling previously established buildings, housing providers are able to save on construction and material costs in some locations while enhancing a once overlooked area in th