With suburban homes outpacing city home values, the most popular areas seem to be out of town. According to Zillow, all 10 of its current top markets are about 30 minutes from the nearest metro center. Among them, eight have a typical home value that is higher than in their nearby city.
And while no Boston suburbs made it to the top of Zillow’s list, Billerica was identified as the fastest-growing country, with home values rising 4.4% quarter-over-quarter.
Zillow analyzed data from early 2022 and examined home value growth, average daily page views, active listings per unit, and quarter-over-quarter inventory growth to determine the hottest markets. They are as follows:
1. Woodinville, Washington, near Seattle
2. Burke, Virginia, near Washington, DC
3. Highlands Ranch, Colorado, near Denver
4. Westchase, Florida, near Tampa
5. Edmonds, Washington, near Seattle
6. Yorba Linda, California, near Los Angeles
7. Johns Creek, Georgia, near Atlanta
8. Tustin, California, near Los Angeles
9. Ballwin, Mo., near St. Louis
10. Golden, Colorado, near Denver
This rising demand in the suburbs is generally attributed to the rise in remote work. “The most popular markets so far this year paint a picture of how remote work has transformed the US housing landscape,” Zillow economist Nicole Bachaud said of the results. “Research suggests that the rise in remote work is responsible for about half of the surge in home prices during the pandemic. How many employers continue to allow workers this flexibility to live where they choose will go a long way in determining which markets will be most in demand going forward.”