The housing market remains red-hot. In fact, during January 2022, the typical U.S. home sold faster than during any prior January, spending only 61 days on the market, according to the National Association of Realtors.
And some markets are positively sizzling. In a dozen of the 50 largest metropolitan areas in America, homes are now selling in a period of less than six weeks, typically.
According to Realtor.com’s latest Monthly Housing Report, issued Feb. 8, the large metros where homes sell fastest are:
- Nashville-Davidson-Murfreesboro-Franklin, Tennessee: Homes spend a median of 29 days on the market
- San Diego-Carlsbad, California: 35 days
- San Jose-Sunnyvale-Santa Clara, California: 35 days
- Denver-Aurora-Lakewood, Colorado: 35 days
- Raleigh, North Carolina: 36 days
- Las Vegas-Henderson-Paradise, Nevada: 38 days
- San Francisco-Oakland-Hayward, California: 39 days
- Seattle-Tacoma-Bellevue, Washington: 39 days
- Phoenix-Mesa-Scottsdale, Arizona: 40 days
- Sacramento-Roseville-Arden-Arcade, California: 40 days
- Rochester, New York: 41 days
- Virginia Beach-Norfolk-Newport News, Virginia-North Carolina: 41 days
Although homes are selling quickly, Realtor.com notes that nationally, the typical time on the market increased in January over December 2021 — 61 days in January, compared with 54 days in December.
Still, the typical home was on the market for 10 fewer days this January than in January 2021, and 29 fewer days than in the same month in 2017-2020.
Declining inventory appears to be one factor causing homes to sell more quickly, as buyers compete to grab a dwindling number of available homes. Across the nation, the inventory of active listings was down 28.4% in January 2022 compared with January 2021.
In a press release, Danielle Hale, Realtor.com chief economist, says:
“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.”
The mad dash to seize a home before someone else gets it also is driving prices higher. The U.S. median listing price — $375,000 — held near record-highs during January, rising at a double-digit annual pace, according to Realtor.com.
Still, annual home price growth is expected to moderate as the year marches on, Realtor.com says.
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