The Housing Market Soaring to New Heights in 2022

Housing markets across the country continue to experience the breakthrough demand that emerged in the early stages of the pandemic nearly two years ago. According to the National Association of Realtors, home values ​​rose 16.9% in 2021, the highest year-over-year increase since 1999.

This surge in demand is putting pressure on the shrinking home supply and there is no sign of an end in the coming year as median home selling prices hit a new record high of $358,000 in December 2021. Home availability and affordability impacts almost every prospective home buyer in the US, so Insurify’s data scientists sought to identify the real estate markets heading to new highs as 2022 begins. Homes are also selling 16% faster than last year, with the average home spending just 47.7 days on the market.

Hot Market Homes are Selling at a Record Speed ​​Even as homes across the country are being snatched from the market, homes in the 20 hottest real estate markets are selling at unprecedented rates. The average home in the 20 hottest cities spends just 34.7 days on the market – just over a month. This sales rate is a whopping 29% faster than the national average.

Pundits and consumers are now seeing bigger booms in smaller markets, as the country’s 20 hottest markets are predominantly small- to mid-sized metro areas. In fact, none of the country’s 30 largest housing markets made the list. Columbus, Ohio has the largest metropolitan area among the 20 hottest markets with a population of 2,138,926, making it the 32nd largest metropolitan area in the country according to the 2020 U.S. Census.

According to Insurify, the top 10 markets to kick off 2022 in a big way include:

10. Raleigh, North Carolina
Median Home Price: $423,300 (17% higher than the national average)
Median days on market: 24.8 (48% less than the national average)

9.Springfield, Massachusetts
Median price for real estate listings: $311,483 (14% less than the national average)
Median days on market: 35.2 (26% less than the national average)

8.Topeka, Kansas
Median Home Price: $174,550 (52% less than the national average)
Median days on market: 36.5 (24% less than the national average)

7. Lafayette-West Lafayette, Indiana
Median Home Price: $226,600 (37% less than the national average)
Median days on market: 35.5 (26% less than the national average)

6. Santa Maria-Santa Barbara, California
Median Home Price: $1,371,500 (279% higher than the national average)
Median days on market: 37.8 (21% less than the national average)

5. Elkhart-Goshen, Indiana
Median Home Price: $219,633 (39% less than the national average)
Median days on market: 34.8 (27% less than the national average)

4.Fort Wayne, Indiana
Median Home Price: $228,283 (37% less than the national average)
Median days on market: 33.5 (30% less than the national average)

3. Rochester, New York
Median Home Price: $203,300 (44% less than the national average)
Median days on market: 29.3 (39% less than the national average)

2. Burlington, North Carolina
Median Home Price: $289,583 (20% less than the national average)
Median days on market: 28.5 (40% less than the national average)

1. Manchester-Nashua, New Hampshire
Median Home Price: $427,400 (18% higher than the national average)
Median days on market: 31.0 (35% less than the national average)

Click here to learn more about Insurify’s hottest real estate markets for 2022.

source https://www.bisayanews.com/2022/01/29/the-housing-market-soaring-to-new-heights-in-2022/