Real estate prices have soared in the past year and a half. Because of brisk demand, the number of homes for sale now has fallen in many parts of the country. And Nashville, Tennessee, is the American city running out of houses for sale.
One reason for the housing price increases nationwide is the relocation of many Americans. Some have decided to leave expensive coastal cities and move inland to cities with both lower home prices and lower costs of living. Another reason people have been buying new homes is the low mortgage rates of the recent years, though this appears to be coming to an end. And the fact that millions of people can now work from has allowed them to be more mobile as well. (These are the cheapest cities to buy a home.)
A new study from Realtor.com reviewed home buying trends in January. In its Monthly Housing Report, researchers came to the conclusion that “It’s early days for the 2022 housing market, but new data shows homebuyers are already off to the real estate races.” One measure for this is that the average home for sale in America was on the market for 61 days. This was 10 days less than in January 2021 and 29 days less than in the same month from 2017 to 2020.
Realtor.com Chief Economist Danielle Hale said, “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.”
The price of homes for sales stayed at the historic high set in December, when it reached $375,000. List prices in some cities soared, led by Las Vegas’ year-over-year increase of 35% in listing price to $460,000. San Jose, California, remained the most expensive market, with a median list price of $1,298,000. That was up 8.6% from the year before. (These are 20 cities where the middle class can no longer afford housing.)
The city with the lowest median days on market is the Nashville metro area at 29 days, or about half the national figure. The median listing price in Nashville was $453,000, up 13.8%. 24/7 Wall St. reviewed Reltor.com’s report to find the 25 American cities running out of houses for sale.
Click here to see this American city is running out of houses for sale
25. Indianapolis-Carmel-Anderson, Indiana:
> Median days on the market: 51
> Median listing price: $275,000
> Median listing price change YoY: 6.0%
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24. Louisville/Jefferson County, Kentucky-Indiana:
> Median days on the market: 49 (tie)
> Median listing price: $259,000
> Median listing price change YoY: 4.0%
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23. Memphis, Tennessee-Mississippi-Arkansas:
> Median days on the market: 49 (tie)
> Median listing price: $221,000
> Median listing price change YoY: -8.1%
22. Portland-Vancouver-Hillsboro, Oregon-Washington:
> Median days on the market: 47
> Median listing price: $550,000
> Median listing price change YoY: 10.0%
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21. Atlanta-Sandy Springs-Roswell, Georgia:
> Median days on the market: 46 (tie)
> Median listing price: $386,000
> Median listing price change YoY: 9.6%
20. Austin-Round Rock, Texas:
> Median days on the market: 46 (tie)
> Median listing price: $545,000
> Median listing price change YoY: 28.2%
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19. Orlando-Kissimmee-Sanford, Florida:
> Median days on the market: 46 (tie)
> Median listing price: $395,000
> Median listing price change YoY: 25.0%
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18. Charlotte-Concord-Gastonia, North Carolina-South Carolina:
> Median days on the market: 45
> Median listing price: $400,000
> Median listing price change YoY: 8.5%
17. Los Angeles-Long Beach-Anaheim, California:
> Median days on the market: 44 (tie)
> Median listing price: $899,000
> Median listing price change YoY: -10.0%
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16. Riverside-San Bernardino-Ontario, California:
> Median days on the market: 44 (tie)
> Median listing price: $544,000
> Median listing price change YoY: 11.1%
15. Tampa-St. Petersburg-Clearwater, Florida:
> Median days on the market: 44 (tie)
> Median listing price: $385,000
> Median listing price change YoY: 28.7%
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14. Columbus, Ohio:
> Median days on the market: 43 (tie)
> Median listing price: $300,000
> Median listing price change YoY: 0.0%
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13. Dallas-Fort Worth-Arlington, Texas:
> Median days on the market: 43 (tie)
> Median listing price: $400,000
> Median listing price change YoY: 14.3%
12. Rochester, New York:
> Median days on the market: 41 (tie)
> Median listing price: $200,000
> Median listing price change YoY: -23.0%
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11. Virginia Beach-Norfolk-Newport News, Virginia-North Carolina:
> Median days on the market: 41 (tie)
> Median listing price: $320,000
> Median listing price change YoY: 3.5%
10. Phoenix-Mesa-Scottsdale, Arizona:
> Median days on the market: 40 (tie)
> Median listing price: $495,000
> Median listing price change YoY: 19.3%
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9. Sacramento-Roseville-Arden-Arcade, California:
> Median days on the market: 40 (tie)
> Median listing price: $620,000
> Median listing price change YoY: 7.8%
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8. San Francisco-Oakland-Hayward, California:
> Median days on the market: 39 (tie)
> Median listing price: $949,000
> Median listing price change YoY: -4.6%
7. Seattle-Tacoma-Bellevue, Washington:
> Median days on the market: 39 (tie)
> Median listing price: $695,000
> Median listing price change YoY: 8.6%
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6. Las Vegas-Henderson-Paradise, Nevada:
> Median days on the market: 38
> Median listing price: $460,000
> Median listing price change YoY: 35.3%
5. Raleigh, North Carolina:
> Median days on the market: 36
> Median listing price: $425,000
> Median listing price change YoY: 8.9%
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4. Denver-Aurora-Lakewood, Colorado:
> Median days on the market: 35 (tie)
> Median listing price: $640,000
> Median listing price change YoY: 21.0%
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3. San Diego-Carlsbad, California:
> Median days on the market: 35 (tie)
> Median listing price: $840,000
> Median listing price change YoY: 3.1%
2. San Jose-Sunnyvale-Santa Clara, California:
> Median days on the market: 35 (tie)
> Median listing price: $1,298,000
> Median listing price change YoY: 8.6%
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1. Nashville-Davidson-Murfreesboro-Franklin, Tennessee:
> Median days on the market: 29
> Median listing price: $453,000
> Median listing price change YoY: 13.8%
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