Our Market’s February 2022 Numbers
The latest statistics, news, and insights from our real estate market.
Though we’re well into April, it takes time to gather all the numbers, so today I’m sharing our February 2022 market update. The U.S. real estate market is still very hot, with existing home sales up by 6.7%. We can attribute that to the increase in interest rates. Between December 2021 and now, rates have risen a full percent. Many buyers want to get into the market before rates escalate any further.
Comparing our market’s February 2021 numbers to February 2022:
- The average sales price climbed 18.8% to $418,582.
- Days on market dropped 19% to 17 days.
- Inventory dropped by 44%. In February 2022, we had 1,766 active homes on the market.
- Closed sales dropped by 2.2%. 29.39 homes closed in February 2022.
- New homes on the market dropped by 12.5%, with 3,350 new listings in February 2022.
"Many buyers want to get into the market before rates escalate any further."
It makes sense that we saw fewer sales because inventory declined. Most of the available housing supply is in the upper end of the market, while houses on the lower end of the market are selling extremely quickly with multiple bids each. That’s causing major appreciation while simultaneously forcing plenty of first-time homebuyers out of the market.
However, this is still a wonderful market for buyers and sellers. We’re still seeing properties appreciate, so buyers aren’t purchasing at the peak right now and will benefit from appreciation once they buy. Of course, sellers are gaining quite a bit of appreciation, even if they just purchased their homes a year or two ago.
If you’d like more information on the state of our housing market these days, we would love to fill you in and educate you where necessary. You can reach out to us directly via phone or our website if you have any questions or would like to have a conversation with us. We’re here to be your real estate resource.