FILE - Raleigh, North Carolina

Raleigh, North Carolina, skyline 

(The Center Square) – Two North Carolina cities are among Zillow's nationwide top housing markets for 2022.

Raleigh and Charlotte were among the top five cities in the U.S. with booming housing markets, according to Zillow's new report. Raleigh was ranked third, two positions ahead of Charlotte.

The cities were selected because of their projected home value growth, high job growth in the area, fast-moving inventory and buyers' interest. Zillow said the housing markets in the top five cities have been able to weather rising mortgage interest rates or stock market infrequencies.

Zillow, an online real estate marketplace company, said home value saw record growth in 2021 because of the COVID-19 pandemic. It predicted the market will continue to grow in 2022.

Raleigh is expected to move up from the third-fastest growing housing market to the second-fastest, Zillow estimated. However, housing inventory has been low during the pandemic, mostly because of supply and material shortages. High unemployment rates also have caused selling rates to lag.

Despite the obstacles, the metro cities in the Tar Heel State have been able to stay afloat. According to data from the 2020 U.S. census, the median value of owner-occupied housing units in Raleigh was $248,300. Zillow estimated the typical home value of homes in Raleigh in November was $396,232. The company said Raleigh's home values have gone up 28.8% over the past year. In addition, the median age in the city is 33.6 years old, making the market ripe for future activity, according to Zillow's market theory.

"Millennials are just beginning to age into their prime home-buying years as they hit their early-mid thirties, a time when many Americans traditionally begin to settle down, start families and think differently about the type of home and type of community they want and need," Zillow said.

The median age in Charlotte is 34.2 years old. The median value of owner-occupied housing units there from 2015 to 2019 was $220,330. Zillow estimated the typical home value of homes in Charlotte in November was $343,760, and its home values have gone up 25% over the past year.

Tampa, Florida, topped Zillow's list of hot housing markets followed by Jacksonville, Florida. San Antonio, Texas, was sandwiched between Raleigh and Charlotte in fourth. 

New York City, Milwaukee, San Francisco and Chicago are expected to be the coolest housing markets in 2022.

Staff Reporter

Nyamekye Daniel has been a journalist for five years. She was the managing editor for the South Florida Media Network and a staff writer for The Miami Times. Daniel's work has also appeared in the Sun-Sentinel, Miami Herald and The New York Times.