February 2022 Housing Market Trends Report – News

  • The national inventory of active listings declined by 24.5% over last year, while the total inventory of unsold homes, including pending listings, declined by 15.3%. The inventory of active listings was down 62.6% compared to 2020 before the onset of the COVID-19 pandemic.
  • Newly listed homes were down 0.5% nationally compared to a year ago, and down 0.7% for large metros over the past year. While annual new listings growth was on the verge of being positive, sellers still listed at rates 13.8% lower than typical 2017 to 2020 levels prior to the pandemic. 
  • The February national median listing price for active listings was $392,000, up 12.9% compared to last year and up 26.6% compared to February 2020. In large metros, median listing prices grew by 7.8% compared to last year, on average. 
  • Nationally, the typical home spent 47 days on the market in February, down 17 days from the same time last year and down 32 days from February 2020.®’s February housing data release reveals that the housing market is heating up unusually early this year. The national median listing price has reached a new high which surpassed last year’s July seasonal high and time on market is declining faster than usual heading into the spring season. This signals a competitive early spring season for homebuyers. However, inventory trends are starting to show an improvement, as the rate of decline in inventory has slowed and a handful of metros across the country are seeing inventory increase. We also expect more sellers to enter the market next month as more newly listed homes came onto the market in the last weeks of February than the same time last year. 

Inventory Trends Are Looking Up But the Journey Back to Normal is Long

Nationally, the inventory of homes actively for sale on a typical day in February decreased by 24.5% over the past year, a smaller rate of decline compared to the 28.4% drop in January and the first time the rate of decline has improved since October 2021. This amounted to 122,000 fewer homes actively for sale on a typical day in February compared to the previous year. The total number of unsold homes nationwide—a metric that includes active listings and listings in various stages of the selling process that are not yet sold—is down 15.3% percent from February 2021. This is also a smaller rate of decline compared to last month’s 17.9% decline.

Active Home Listing Count

In February, newly listed homes decreased by 0.5% on a year-over-year basis and sellers were still listing at rates 13.8% lower than typical of 2017 to 2020 February levels. While this marks the sixth straight month of lower new seller activity than last year, the annual rate of decline in new listings has steadily improved over the weeks of February and turned positive in the final two weeks, the first time newly listed homes increased on an annual basis since November. While a more enduring increase in new listings is necessary to alleviate the inventory crunch, this is a positive sign in the right direction. 

Newly Listed Homes

The inventory of homes actively for sale in the 50 largest U.S. metros overall decreased by 22.1% over last year in February, an improvement in the rate of decline compared to last month’s 27.6% decrease. Regionally, the inventory of homes in large southern metros are showing the largest year-over-year decline (-27.5%) followed by the Northeast (-24.2%), West (-20.6%), and Midwest (-12.5%). 

Inventory declined in 46 out of 50 of the largest metros compared to last year, but four metros saw inventory growth: Riverside (+6.3%), Phoenix (+4.2%), Austin (+1.5%), and Sacramento (+0.3%). This is the first time any of the largest 50 metros saw inventory grow compared to last year since October 2021. Twenty-three metros also saw the number of newly listed homes increase compared to last year. The markets which saw the highest year-over-year growth in newly listed homes included Milwaukee (+21.9%), New York (+19.5%), and Oklahoma City (+16.3%). Markets which are still seeing a large decline in newly listed homes compared to last year include Raleigh (-24.1%),  Charlotte (-22.4%), and Austin (-16.7%). 

Homes Selling Over A Month Faster Than Pre-Pandemic Years

The typical home spent 47 days on the market this February, which is over two weeks (-17 days) less than last year. Homes sold more quickly than any other February in recent history, and spent 38 fewer days on the market than typical February 2017 to 2020 timing.

In the 50 largest U.S. metros, the typical home spent 39 days on the market, and homes spent 9 fewer days on the market, on average, compared to February 2021. Among these 50 largest metros, the time a typical property spent on the market decreased most in large metros in the South (-12 days), followed by the Midwest (-9 days), West (-8 days) and Northeast (-7 days). 

Among larger metropolitan areas, homes saw the greatest yearly decline in time spent on market in Miami (-34 days), Orlando (-29 days), and Indianapolis (-21 days). Three metros saw time on market increase: Buffalo (+10 days), Oklahoma City (+6 days), and Cincinnati (+4 days). 

Home Listing Time on Market

Listing Price Growth Accelerates and Reaches A New Historical High

The median national home price for active listings grew to a new all-time high of $392,000 in February as prices rose faster than typical this time of year. This is $7,000 more than the seasonal high last July, and represents an annual growth rate of 12.9%. The median listing price per square foot increased by 14.3% year-over-year in February, and the median listing price for a typical 2,000 square-foot single family home rose 20.2% compared to last year. 

Median Home Listing Price

The share of homes having their price reduced declined by 0.2 percentage points, to 5.7% compared to last February, and remains 8.5 percentage points below typical 2017 to 2020 levels. However, 18 out of the largest 50 metros saw an increasing share of price reductions in February, compared to just 9 in January.

Listing Price Reduced Share

Active listing prices in the nation’s largest metros grew by an average of 7.8% compared to last year. Price growth in the nation’s largest metros has been lower than other areas across the country, but much of this can still be attributed to new inventory bringing relatively smaller homes to the market this year. The median listing price per square foot in the nation’s largest metros grew by 11.6% over the same period, not as high as, but closer to, the national growth rate of 12.9%.

Las Vegas (+39.6%), Miami (+31.6%), and Tampa (+31.5%), posted the highest year-over-year median list price growth in February. Austin homes showed the greatest growth in the share of homes with price reductions compared to last year (+3.3 percentage points), followed by Milwaukee (+2.1 percentage points), Pittsburgh and Baltimore (+1.4 percentage points). 

February 2022 Regional Statistics (50 Largest Metro Combined Average)

RegionActive Listing Count YoYNew Listing Count YoYMedian Listing Price YoYMedian Listing Price Per SF YoYMedian Days on Market Y-YPrice Reduced Share Y-Y
Midwest-12.5%3.5%-0.6%6.2%-9 days0.2%
Northeast-24.2%0.7%1.5%9.3%-7 days-0.8%
South-27.5%-3.3%12.5%15.6%-12 days-0.7%
West-20.6%-1.1%12.1%11.6%-8 days-0.6%

February 2022 Housing Overview by Top 50 Largest Metros 

MetroMedian Listing PriceMedian Listing Price YoYMedian Listing Price per Sq. Ft. YoYActive Listing Count YoYNew Listing Count YoYMedian Days on MarketMedian Days on Market Y-YPrice Reduced SharePrice Reduced Share Y-Y
Atlanta-Sandy Springs-Roswell, Ga.$390,0008.0%9.7%-16.2%-4.6%36-65.2%0.2%
Austin-Round Rock, Texas$575,00031.4%18.9%1.5%-16.7%26-164.8%3.3%
Baltimore-Columbia-Towson, Md.$300,000-4.3%5.2%-5.7%5.5%40-117.7%1.4%
Birmingham-Hoover, Ala.$258,000-1.1%6.1%-17.5%11.6%38-196.2%-1.1%
Boston-Cambridge-Newton, Mass.-N.H.$749,00010.2%13.2%-29.7%-9.9%29-85.5%-1.2%
Buffalo-Cheektowaga-Niagara Falls, N.Y.$212,000-9.6%2.8%-12.1%-2.1%68103.3%-2.8%
Charlotte-Concord-Gastonia, N.C.-S.C.$399,0009.5%16.0%-33.1%-22.4%31-46.6%0.4%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.$327,000-4.7%-0.8%-27.9%-8.4%41-66.1%-0.3%
Cincinnati, Ohio-Ky.-Ind.$332,0000.9%12.9%-13.7%-5.3%6545.4%-0.1%
Cleveland-Elyria, Ohio$177,000-12.6%1.7%-8.0%-7.0%58-86.9%0.8%
Columbus, Ohio$325,0008.3%13.3%-5.8%1.7%30-85.5%-1.4%
Dallas-Fort Worth-Arlington, Texas$409,00014.1%16.6%-33.2%-4.6%34-93.3%-1.3%
Denver-Aurora-Lakewood, Colo.$650,00018.1%7.8%-30.1%-5.8%9-132.3%-1.5%
Detroit-Warren-Dearborn, Mich.$217,000-16.5%-2.2%-2.9%5.7%38-89.9%1.3%
Hartford-West Hartford-East Hartford, Conn.$365,00021.7%26.4%-64.4%2.9%51-13.5%-3.0%
Houston-The Woodlands-Sugar Land, Texas$362,0008.3%13.4%-22.0%0.5%43-97.2%-0.1%
Indianapolis-Carmel-Anderson, Ind.$287,0008.5%15.5%-22.6%3.9%43-215.9%-0.7%
Jacksonville, Fla.$393,00019.9%22.4%-25.9%0.2%40-154.3%-1.3%
Kansas City, Mo.-Kan.$388,00010.7%16.8%-0.5%15.6%66-43.5%-0.1%
Las Vegas-Henderson-Paradise, Nev.$474,00039.6%28.6%-30.5%-6.2%27-128.4%-0.4%
Los Angeles-Long Beach-Anaheim, Calif.$929,000-7.1%2.7%-34.4%-9.8%29-74.0%-1.3%
Louisville/Jefferson County, Ky.-Ind.$280,0007.7%10.7%-7.7%5.4%40-27.1%0.3%
Memphis, Tenn.-Miss.-Ark.$226,000-3.8%9.8%-14.2%1.2%40-174.8%0.0%
Miami-Fort Lauderdale-West Palm Beach, Fla.$525,00031.6%23.4%-55.7%-9.6%54-344.5%-3.2%
Milwaukee-Waukesha-West Allis, Wis.$277,000-8.9%1.7%-4.0%21.9%38-147.8%2.1%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.$402,0008.8%-3.0%-22.9%-1.8%36-63.5%0.1%
Nashville-Davidson–Murfreesboro–Franklin, Tenn.$472,00018.9%18.6%-39.2%-11.2%16-105.6%0.2%
New Orleans-Metairie, La.$347,0006.0%4.9%-29.6%-0.5%54-118.2%-2.0%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.$697,0007.4%27.2%-13.1%19.5%64-206.1%0.1%
Oklahoma City, Okla.$334,00015.4%17.6%-23.3%16.3%5268.7%0.4%
Orlando-Kissimmee-Sanford, Fla.$399,00026.4%26.9%-47.9%3.4%36-294.1%-4.3%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.$300,000-7.0%3.5%-8.4%15.5%55-107.3%0.3%
Phoenix-Mesa-Scottsdale, Ariz.$500,00019.5%21.0%4.2%-1.0%33-35.6%0.9%
Pittsburgh, Pa.$215,000-14.0%-4.0%-9.5%1.3%82-58.2%1.4%
Portland-Vancouver-Hillsboro, Ore.-Wash.$560,00010.2%12.1%-14.4%12.5%32-710.1%0.3%
Providence-Warwick, R.I.-Mass.$450,0006.4%13.6%-22.8%-4.1%40-153.9%0.0%
Raleigh, N.C.$430,0008.9%21.1%-55.1%-24.1%20-162.8%-2.4%
Richmond, Va.$372,0001.0%11.1%-33.3%4.5%42-73.2%-0.4%
Riverside-San Bernardino-Ontario, Calif.$550,00011.1%15.4%6.3%8.7%31-34.6%1.2%
Rochester, N.Y.$225,000-18.2%-5.3%-26.3%-6.9%23-125.9%-0.5%
Sacramento–Roseville–Arden-Arcade, Calif.$629,00013.8%14.9%0.3%0.6%25-55.7%0.8%
San Antonio-New Braunfels, Texas$347,00014.6%19.1%-18.6%-4.1%47-44.6%-0.6%
San Diego-Carlsbad, Calif.$850,0003.0%7.4%-32.6%-10.1%24-63.0%-1.6%
San Francisco-Oakland-Hayward, Calif.$995,000-0.5%4.3%-23.1%-2.2%21-73.6%-0.8%
San Jose-Sunnyvale-Santa Clara, Calif.$1,358,00013.3%11.5%-40.0%-6.2%16-121.8%-3.2%
Seattle-Tacoma-Bellevue, Wash.$729,00012.6%1.7%-32.7%7.2%23-132.0%-1.0%
St. Louis, Mo.-Ill.$266,0005.8%8.3%-20.3%-3.2%59-154.8%-0.4%
Tampa-St. Petersburg-Clearwater, Fla.$394,00031.5%31.0%-37.1%-5.7%35-134.8%-2.3%
Virginia Beach-Norfolk-Newport News, Va.-N.C.$325,0005.6%9.1%-36.2%-11.1%26-95.9%-0.6%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.$527,0007.7%0.7%-15.6%4.7%34-65.1%-0.1%

Note: With the release of its January 2022 data,® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. The new methodology uses the latest and most accurate data mapping of listing statuses to yield a cleaner and more consistent measurement of newly listed homes. As a result of these changes, the newly listed homes data released since January 2022 will not be directly comparable with previous data releases (files downloaded before January 2022) and® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology.

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Sabrina Speianu, Danielle HaleSabrina Speianu, Danielle HaleDanielle Hale