SANTA CLARA, Calif.,
Feb. 8, 2022 /PRNewswire/
-- It's early days for the 2022 housing market,
but new data shows homebuyers are already off to the real estate
races. In the first month of the year, the typical U.S. home sold
faster than in any prior January, according to the
Realtor.com® Monthly Housing Report released
today. Compared to January's national pace, homes sold
even more quickly in the 50 largest U.S. metros, with listings
flying off the market in 36 days or less in Nashville, Tenn., San Diego, San Jose,
Calif., Denver and
Raleigh, N.C.
"We're forecasting a whirlwind year
ahead for buyers and, if January housing trends are any
indication, 2022 competition is already heating up. Homes sold at a
record-fast January pace, suggesting that buyers are more active
than usual for this time of year," said
Realtor.com® Chief Economist Danielle Hale. "But
it's a different story on the other side of the
closing table, with new seller listings continuing to decline in
January. Factors like Omicron uncertainties could be causing
sellers to hesitate even when they know housing conditions are
favorable. Another key barrier is the inventory
'chicken-and-egg' dilemma that may vex
sellers who are also buying: Do you list now when home shoppers are
hungry for more options, or do you wait for more inventory to hit
the market in the spring? Ultimately, only you know the best time
for your family to make a move, but preparation is key to acting
quickly when the right opportunity comes along. Sites like
Realtor.com® offer information and
tools to help homeowners keep a pulse on local activity in
today's fast-paced market."
January 2022 Housing Metrics
– National
Metric
|
Change Over Jan.
2021
|
Change Over Jan.
2020
|
Active Listing
Count
|
-28.4%
|
-60.4%
|
New
listings
|
-9.1%
|
-17.9
|
Median Listing
Price
|
10.3% (to
$375,000)
|
25.0%
|
Median Days on
Market
|
-10 days (to 61
days)
|
-24 days
|
2022 kicks-off with the all-time fastest-moving January
housing market
Reflecting the mixed impact of
2021's pent-up buyer demand and feverish home sales
pace, time on market both hit a new record and offered buyers a
first glimmer of relief in January. On one hand, the typical U.S.
home spent less time on the market than in any prior January
and a full month less than in the pre-pandemic period from
2017-2019 alone. At the same time, with recent trends following
typical seasonal patterns, national time on market increased in
January over the final month of 2021.
- The typical U.S. home spent 61 days on the market in January,
moderating from the December pace (54 days). However, homes spent
less time on the market than in January
2021 (-10 days) and compared to the same month in 2017-2020,
on average (-29 days).
- Homes spent less time on the market than the national rate in
the 50 largest U.S. metros, at an average of 52 days in January.
Southern metros posted the biggest yearly declines in time on
market, down 10 days across the region as a whole and led by
Miami (-29 days), Orlando, Fla. (-24 days), and Raleigh, N.C. (-17 days).
- In January, time on market increased over last year in just
four large markets: Hartford,
Conn. (+10 days), Minneapolis (+2 days), and Richmond, Va. (+1 day) and Washington, D.C. (+1 day).
Limited inventory creates challenges for buyers and
prospective sellers alike
While buyer activity is
accelerating earlier in 2022 than in prior years, January data
suggests sellers aren't on the same timeline. The
yearly decline in inventory grew for the fourth straight month as
new listings continued to fall short of prior years'
levels. This is partly due to typical seasonality, as sellers have
historically waited until closer to the spring to enter the
market. However, January's new listings declines could
indicate that some prospective sellers are delaying their original
plans to list earlier in the year, as 65% of those surveyed in
the fall expected to list by March
2022. A number of potential factors may be behind seller
hesitation, from Omicron uncertainties to the decade-long new
construction shortage, with the many sellers who also need to buy a
next home finding limited options in January.
- Nationally, the inventory of active listings was down 28.4%
year-over-year in January, worsening from last month's
rate (-26.8%). Although there were fewer for-sale homes than in
January 2020 in all of the 50 largest
metros, more than half (26) posted smaller inventory declines than
the national rate.
- New listings lagged behind prior year's levels for
the second consecutive month in January, down 9.1% nationwide.
However, Realtor.com® Weekly Housing Trends show the
annual rate of new listings declines improved steadily over the
course of the month. If this trend continues, buyers may start to
see more options ahead of the competitive spring season.
- Among the 50 largest U.S. metros, 19 experienced smaller new
seller declines than the national rate in January. Additionally,
four markets posted annual new listings gains: Cleveland (+7.6%), Orlando, Fla. (+2.3%), Indianapolis (+1.6%) and Houston (+0.9%).
Home price growth continues at a double-digit pace as rate
hikes fuel competition
As demand further outpaced supply in
January, the U.S. median listing price held near record-highs and
continued to rise at a double-digit annual pace. While 2022 is
forecasted to be a seller's market, annual home price
growth is expected to moderate from the 2021 pace. This is partly
due to looming rate hikes, which will cut into buyers'
ability to meet high asking prices and have already begun to rise
more quickly than anticipated. Listing price data is already
showing some loss of momentum, as the acceleration was smaller in
January over December compared to December over November. Still,
the affordability of monthly housing costs will increasingly
challenge buyers – especially first-timers, who typically have less
flexible budgets and face the added financial burden of
skyrocketing rents.
- For the second month in a row, the U.S. median listing price
held at $375,000. Listing prices
increased at a slightly faster annual pace in January (+10.3%) than
in December (+10.0%), but the change was smaller than from November
(+8.6%) to December.
- Relative to the national rate, home prices posted smaller
yearly gains (+6.1%) in the 50 largest U.S. metros, partially due
to inventory gains in smaller-sized homes. Price growth was similar
on a square foot basis, up 11.8% year-over-year in large metros and
13.5% year-over-year nationwide.
- Listing prices grew at a double-digit annual pace in the
southern (+11.2%) and western (+10.0%) regions, which dominated the
top 5 list of markets with the biggest annual home price increases:
Las Vegas (+35.3%), Tampa, Fla. (+28.7%), Austin, Texas (+28.2%), Orlando, Fla. (+25.0%) and Miami (+24.8%).
January 2022 Housing Metrics
– 50 Largest U.S. Metros
Metro
|
Median Listing
Price
|
Median Listing
Price YoY
|
Median Listing
Price per Sq. Ft. YoY
|
Active Listing
Count YoY
|
New Listing Count
YoY
|
Median Days on
Market
|
Median Days on
Market YoY
|
Price Reduced
Share
|
Price Reduced
Share YoY
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
$386,000
|
9.6%
|
11.9%
|
-22.2%
|
-9.1%
|
46
|
-8
|
6.8%
|
0.0%
|
Austin-Round Rock,
Texas
|
$545,000
|
28.2%
|
19.8%
|
-3.3%
|
-20.9%
|
46
|
-12
|
7.6%
|
4.8%
|
Baltimore-Columbia-Towson, Md.
|
$299,000
|
-6.5%
|
4.6%
|
-13.1%
|
-9.1%
|
56
|
-4
|
8.7%
|
0.2%
|
Birmingham-Hoover,
Ala.
|
$265,000
|
0.8%
|
8.1%
|
-31.2%
|
-7.7%
|
57
|
-8
|
6.3%
|
-1.7%
|
Boston-Cambridge-Newton, Mass.-N.H.
|
$725,000
|
9.8%
|
7.2%
|
-33.4%
|
-25.3%
|
58
|
-6
|
5.7%
|
-2.1%
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
$217,000
|
-1.2%
|
7.6%
|
-8.1%
|
-0.8%
|
73
|
-6
|
2.6%
|
-1.9%
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
$400,000
|
8.5%
|
17.7%
|
-34.0%
|
-12.6%
|
45
|
-10
|
6.1%
|
-2.1%
|
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.
|
$315,000
|
-4.4%
|
1.3%
|
-29.9%
|
-21.1%
|
60
|
-4
|
7.0%
|
-1.0%
|
Cincinnati,
Ohio-Ky.-Ind.
|
$300,000
|
-1.6%
|
10.0%
|
-15.9%
|
-10.3%
|
63
|
0
|
7.7%
|
0.0%
|
Cleveland-Elyria,
Ohio
|
$177,000
|
-10.6%
|
4.2%
|
-16.5%
|
7.6%
|
61
|
-6
|
7.5%
|
-2.0%
|
Columbus,
Ohio
|
$300,000
|
0.0%
|
12.2%
|
-13.5%
|
-4.4%
|
43
|
-9
|
8.4%
|
-1.5%
|
Dallas-Fort
Worth-Arlington, Texas
|
$400,000
|
14.3%
|
17.5%
|
-38.9%
|
-16.9%
|
43
|
-10
|
4.5%
|
-3.3%
|
Denver-Aurora-Lakewood, Colo.
|
$640,000
|
21.0%
|
10.7%
|
-39.6%
|
-25.9%
|
35
|
-14
|
3.0%
|
-2.9%
|
Detroit-Warren-Dearborn, Mich.
|
$210,000
|
-16.0%
|
-0.4%
|
-8.5%
|
-1.9%
|
55
|
-1
|
10.9%
|
0.8%
|
Hartford-West
Hartford-East Hartford, Conn.
|
$350,000
|
16.7%
|
22.2%
|
-61.7%
|
-13.4%
|
72
|
10
|
4.3%
|
-4.5%
|
Houston-The
Woodlands-Sugar Land, Texas
|
$358,000
|
8.4%
|
13.2%
|
-24.3%
|
0.9%
|
56
|
-4
|
8.4%
|
-1.4%
|
Indianapolis-Carmel-Anderson, Ind.
|
$275,000
|
6.0%
|
13.1%
|
-28.2%
|
1.6%
|
51
|
-13
|
8.2%
|
-2.7%
|
Jacksonville,
Fla.
|
$385,000
|
20.7%
|
22.1%
|
-30.6%
|
-2.2%
|
52
|
-12
|
5.3%
|
-1.5%
|
Kansas City,
Mo.-Kan.
|
$369,000
|
10.4%
|
15.3%
|
-15.2%
|
-16.9%
|
69
|
-1
|
4.2%
|
-1.1%
|
Las
Vegas-Henderson-Paradise, Nev.
|
$460,000
|
35.3%
|
26.6%
|
-38.0%
|
-2.5%
|
38
|
-16
|
8.8%
|
-3.4%
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
$899,000
|
-10.0%
|
2.9%
|
-40.6%
|
-17.9%
|
44
|
-10
|
4.1%
|
-1.8%
|
Louisville/Jefferson
County, Ky.-Ind.
|
$259,000
|
4.0%
|
10.1%
|
-11.1%
|
-11.0%
|
49
|
0
|
8.9%
|
-1.8%
|
Memphis,
Tenn.-Miss.-Ark.
|
$221,000
|
-8.1%
|
20.7%
|
-15.0%
|
-8.4%
|
49
|
-11
|
5.3%
|
-0.5%
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
$499,000
|
24.8%
|
19.8%
|
-54.4%
|
-18.5%
|
65
|
-29
|
5.5%
|
-3.5%
|
Milwaukee-Waukesha-West Allis, Wis.
|
$285,000
|
-3.4%
|
5.0%
|
-16.5%
|
-5.3%
|
59
|
-3
|
6.9%
|
-0.7%
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
$370,000
|
3.5%
|
8.1%
|
-16.5%
|
-8.7%
|
58
|
2
|
4.7%
|
-0.3%
|
Nashville-Davidson--Murfreesboro--Franklin,
Tenn.
|
$453,000
|
13.8%
|
19.2%
|
-48.8%
|
-29.8%
|
29
|
-7
|
6.5%
|
-1.6%
|
New Orleans-Metairie,
La.
|
$347,000
|
6.8%
|
7.8%
|
-32.0%
|
-6.1%
|
64
|
-8
|
8.7%
|
-3.0%
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
$675,000
|
4.0%
|
25.6%
|
-19.3%
|
-12.7%
|
79
|
-6
|
5.8%
|
-1.7%
|
Oklahoma City,
Okla.
|
$295,000
|
10.3%
|
14.5%
|
-23.4%
|
-14.3%
|
56
|
0
|
6.9%
|
-2.2%
|
Orlando-Kissimmee-Sanford, Fla.
|
$395,000
|
25.0%
|
25.1%
|
-52.4%
|
2.3%
|
46
|
-24
|
5.3%
|
-4.4%
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
$300,000
|
-7.4%
|
4.0%
|
-12.6%
|
-11.1%
|
65
|
-5
|
7.7%
|
-1.2%
|
Phoenix-Mesa-Scottsdale, Ariz.
|
$495,000
|
19.3%
|
18.9%
|
-10.2%
|
-15.1%
|
40
|
-5
|
7.4%
|
0.5%
|
Pittsburgh,
Pa.
|
$210,000
|
-13.8%
|
-5.6%
|
-12.4%
|
-10.2%
|
79
|
-8
|
9.0%
|
0.3%
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
$550,000
|
10.0%
|
14.3%
|
-25.6%
|
-15.0%
|
47
|
-9
|
13.3%
|
0.5%
|
Providence-Warwick,
R.I.-Mass.
|
$435,000
|
0.7%
|
10.5%
|
-29.8%
|
-22.7%
|
53
|
-6
|
4.5%
|
-0.2%
|
Raleigh,
N.C.
|
$425,000
|
8.9%
|
22.5%
|
-50.8%
|
-40.0%
|
36
|
-17
|
5.7%
|
0.3%
|
Richmond,
Va.
|
$375,000
|
2.7%
|
11.6%
|
-36.1%
|
-28.6%
|
56
|
1
|
2.4%
|
-3.5%
|
Riverside-San
Bernardino-Ontario, Calif.
|
$544,000
|
11.1%
|
15.7%
|
-11.8%
|
-0.5%
|
44
|
-3
|
4.8%
|
-0.5%
|
Rochester,
N.Y.
|
$200,000
|
-23.0%
|
-9.2%
|
-32.9%
|
-11.0%
|
41
|
-14
|
5.4%
|
-1.9%
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
$620,000
|
7.8%
|
15.8%
|
-6.9%
|
-1.9%
|
40
|
-6
|
6.1%
|
0.6%
|
San Antonio-New
Braunfels, Texas
|
$350,000
|
18.6%
|
20.3%
|
-17.8%
|
-1.8%
|
56
|
-8
|
6.2%
|
-1.9%
|
San Diego-Carlsbad,
Calif.
|
$840,000
|
3.1%
|
6.3%
|
-39.1%
|
-10.6%
|
35
|
-3
|
3.7%
|
-2.1%
|
San
Francisco-Oakland-Hayward, Calif.
|
$949,000
|
-4.6%
|
2.4%
|
-34.9%
|
-3.0%
|
39
|
-7
|
2.9%
|
-1.3%
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
$1,298,000
|
8.6%
|
11.3%
|
-51.8%
|
-12.6%
|
35
|
-7
|
2.1%
|
-3.5%
|
Seattle-Tacoma-Bellevue, Wash.
|
$695,000
|
8.6%
|
-3.2%
|
-46.3%
|
-13.2%
|
39
|
-13
|
2.2%
|
-1.8%
|
St. Louis,
Mo.-Ill.
|
$249,000
|
1.3%
|
8.0%
|
-25.3%
|
-9.7%
|
63
|
-14
|
7.2%
|
-0.2%
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
$385,000
|
28.7%
|
29.3%
|
-43.7%
|
-5.2%
|
44
|
-13
|
5.0%
|
-4.4%
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
$320,000
|
3.5%
|
10.1%
|
-33.6%
|
-31.6%
|
41
|
-7
|
7.8%
|
0.7%
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
$500,000
|
2.2%
|
4.8%
|
-22.6%
|
-17.1%
|
51
|
1
|
5.5%
|
-1.5%
|
Methodology
Realtor.com® housing data
as of January 2022. Listings include
active inventory of existing single-family homes and
condos/townhomes for the given level of geography; new construction
is excluded unless listed via an MLS. In this release, price
adjustments are defined as home listings that had their price
reduced in January 2022; listings
that had their prices increased during the month are excluded.
Note: With the release of its January 2022 housing trends report,
Realtor.com® incorporated a new and improved
methodology for capturing and reporting housing inventory trends
and metrics (see more details here). As a result of these changes,
this release is not directly comparable with previous data releases
and reports. However, future data releases, including historical
data, will consistently apply the new methodology.
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®.
Media Contact
rachel.conner@move.com
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