January 2022 Housing Market Trends Report – News

  • The national inventory of active listings declined by 28.4% over last year, while the total inventory of unsold homes, including pending listings, declined by 17.9%. The inventory of active listings is down 60.4% compared to 2020 before the onset of the COVID-19 pandemic.
  • Newly listed homes are down 9.1% nationally compared to a year ago, and down 11.6% for large metros over the past year. Sellers are still listing at rates 16.8% lower than typical 2017 to 2020 levels prior to the pandemic. 
  • The January national median listing price for active listings was $375,000, up 10.3% compared to last year and up 25.0% compared to January 2020. In large metros, median listing prices grew by 6.1% compared to last year, on average. 
  • Nationally, the typical home spent 61 days on the market in January, down 10 days from the same time last year and down 24 days from January 2020.®’s January housing data release reveals that home price growth and low inventory levels will likely persist through the early months of 2022. December’s re-acceleration in price growth continued into January and the share of homes seeing price reductions remained at the lowest levels seen in our data for this time of year. Homes continue to sell at a rapid pace and newly listed homes, despite positive seller sentiment, continue to fall below levels seen in previous years. 

Low Inventory Poses Challenge to New Sellers Despite Positive Seller Sentiment

Nationally, the inventory of homes actively for sale on a typical day in January decreased by 28.4% over the past year, a larger rate of decline compared to the 26.8% drop in December. This marks the fourth month in a row where the rate of decline compared to last year has worsened. This amounted to 163,000 fewer homes actively for sale on a typical day in January 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 17.9% percent from January 2021. This is also a larger rate of decline compared to last month’s 16.1% decline.

Active Home Listing Count

In January, newly listed homes decreased by 9.1% on a year-over-year basis and sellers were still listing at rates 16.8% lower than typical of 2017 to 2020 January levels. This marks the fifth straight month of lower new seller activity than last year despite positive seller sentiment. While high home prices support selling activity, low inventory levels pose a challenge for those looking to switch homes. However, the annual rate of decline in new listings has steadily improved over the weeks of January. 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 27.6% over last year in January, an increase in the rate of decline compared to last month’s 26.6% decrease. Regionally, the inventory of homes in large western and southern metros are showing the largest year-over-year decline (-31.3% and -30.8%, respectively) followed by the Northeast (-27.5%) and Midwest (-18.0%). 

Inventory declined across all 50 largest metros compared to last year but four metros saw newly listed homes increase compared to last year. The markets which saw year-over-year growth in newly listed homes were Cleveland (+7.6%), Orlando (+2.3%), Indianapolis (+1.6%) and Houston (+0.9%). Markets which are still seeing a large decline in newly listed homes compared to last year include Raleigh (-40.0%),  Virginia Beach (-31.6%), and Nashville (-29.8%). 

Homes Selling Almost a Full Month More Quickly Than Pre-Pandemic Years

The typical home spent 61 days on the market this January, which is 10 days less than last year. Homes still sold more quickly than any other January in recent history and spent almost a full month less on the market (-29 days) than typical January 2017 to 2020 timing.

In the 50 largest U.S. metros, the typical home spent 52 days on the market, and homes spent 7 days less on the market, on average, compared to last January. Among these 50 largest metros, the time a typical property spends on the market has decreased most in large metros in the South (-10 days), followed by the West (-8 days), Midwest (-5 days) and Northeast (-4 days). 

Among larger metropolitan areas, homes saw the greatest yearly decline in time spent on market in Miami (-29 days), Orlando (-24 days), and Raleigh (-17 days). Four metros saw time on market increase: Hartford (+10 days), Minneapolis (+2 days), and Richmond (+1 day) and Washington, DC (+1 day). However, time on market in all of these markets is less than typical levels seen this time of year in 2020 and earlier. 

Days on Market

Double-Digit Listing Price Growth Continues 

The median national home price for active listings remained at $375,000 in January, the same as the previous month. However, the median listing price grew by 10.3% year-over-year, a small acceleration from the annual rate of 10.0% in December. Additionally, alternate price measures, which better account for a change in the mix of listings suggests that a larger number of smaller homes listed this year than last is dampening the rate of growth in the median listing price. The median listing price per square foot increased by 13.5% year-over-year in January. The median listing price for a typical 2,000 square-foot single family home rose 18.6% compared to last year. 

Median Home Listing Price

The share of homes having their price reduced had been on the rise from August to October of last year. In November the share of homes which have had their price reduced once again dipped below the previous year’s levels. The share of price reductions remains lower than typical 2017 to 2021 levels and- when coupled with re-accelerating price growth- indicates that home prices show no signs of softening early this year. Only 9 of the largest 50 metros saw an increasing share of price reductions in January.

Active listing prices in the nation’s largest metros grew by an average of 6.1% 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 11.8% over the same period, close to the national growth rate of 13.5%.

Las Vegas (+35.3%), Tampa (+28.7%), and Austin (+28.2%), posted the highest year-over-year median list price growth in January. Austin homes showed the greatest growth in the share of price reductions compared to last year (+4.8 percentage points), followed by Detroit (+0.8 percentage points) and Virginia Beach (+0.7 percentage points). 

Home Listing Price Reduced Share

January 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-18.0%-7.3%-2.0%7.3%-5 days-0.9%
Northeast-27.5%-14.1%-0.6%7.9%-4 days-1.7%
South-30.8%-13.5%11.2%16.3%-10 days-1.5%
West-31.3%-10.7%10.0%11.1%-8 days-1.4%

January 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.$386,0009.6%11.9%-22.2%-9.1%46-86.8%0.0%
Austin-Round Rock, Texas$545,00028.2%19.8%-3.3%-20.9%46-127.6%4.8%
Baltimore-Columbia-Towson, Md.$299,000-6.5%4.6%-13.1%-9.1%56-48.7%0.2%
Birmingham-Hoover, Ala.$265,0000.8%8.1%-31.2%-7.7%57-86.3%-1.7%
Boston-Cambridge-Newton, Mass.-N.H.$725,0009.8%7.2%-33.4%-25.3%58-65.7%-2.1%
Buffalo-Cheektowaga-Niagara Falls, N.Y.$217,000-1.2%7.6%-8.1%-0.8%73-62.6%-1.9%
Charlotte-Concord-Gastonia, N.C.-S.C.$400,0008.5%17.7%-34.0%-12.6%45-106.1%-2.1%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.$315,000-4.4%1.3%-29.9%-21.1%60-47.0%-1.0%
Cincinnati, Ohio-Ky.-Ind.$300,000-1.6%10.0%-15.9%-10.3%6307.7%0.0%
Cleveland-Elyria, Ohio$177,000-10.6%4.2%-16.5%7.6%61-67.5%-2.0%
Columbus, Ohio$300,0000.0%12.2%-13.5%-4.4%43-98.4%-1.5%
Dallas-Fort Worth-Arlington, Texas$400,00014.3%17.5%-38.9%-16.9%43-104.5%-3.3%
Denver-Aurora-Lakewood, Colo.$640,00021.0%10.7%-39.6%-25.9%35-143.0%-2.9%
Detroit-Warren-Dearborn, Mich.$210,000-16.0%-0.4%-8.5%-1.9%55-110.9%0.8%
Hartford-West Hartford-East Hartford, Conn.$350,00016.7%22.2%-61.7%-13.4%72104.3%-4.5%
Houston-The Woodlands-Sugar Land, Texas$358,0008.4%13.2%-24.3%0.9%56-48.4%-1.4%
Indianapolis-Carmel-Anderson, Ind.$275,0006.0%13.1%-28.2%1.6%51-138.2%-2.7%
Jacksonville, Fla.$385,00020.7%22.1%-30.6%-2.2%52-125.3%-1.5%
Kansas City, Mo.-Kan.$369,00010.4%15.3%-15.2%-16.9%69-14.2%-1.1%
Las Vegas-Henderson-Paradise, Nev.$460,00035.3%26.6%-38.0%-2.5%38-168.8%-3.4%
Los Angeles-Long Beach-Anaheim, Calif.$899,000-10.0%2.9%-40.6%-17.9%44-104.1%-1.8%
Louisville/Jefferson County, Ky.-Ind.$259,0004.0%10.1%-11.1%-11.0%4908.9%-1.8%
Memphis, Tenn.-Miss.-Ark.$221,000-8.1%20.7%-15.0%-8.4%49-115.3%-0.5%
Miami-Fort Lauderdale-West Palm Beach, Fla.$499,00024.8%19.8%-54.4%-18.5%65-295.5%-3.5%
Milwaukee-Waukesha-West Allis, Wis.$285,000-3.4%5.0%-16.5%-5.3%59-36.9%-0.7%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.$370,0003.5%8.1%-16.5%-8.7%5824.7%-0.3%
Nashville-Davidson–Murfreesboro–Franklin, Tenn.$453,00013.8%19.2%-48.8%-29.8%29-76.5%-1.6%
New Orleans-Metairie, La.$347,0006.8%7.8%-32.0%-6.1%64-88.7%-3.0%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.$675,0004.0%25.6%-19.3%-12.7%79-65.8%-1.7%
Oklahoma City, Okla.$295,00010.3%14.5%-23.4%-14.3%5606.9%-2.2%
Orlando-Kissimmee-Sanford, Fla.$395,00025.0%25.1%-52.4%2.3%46-245.3%-4.4%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.$300,000-7.4%4.0%-12.6%-11.1%65-57.7%-1.2%
Phoenix-Mesa-Scottsdale, Ariz.$495,00019.3%18.9%-10.2%-15.1%40-57.4%0.5%
Pittsburgh, Pa.$210,000-13.8%-5.6%-12.4%-10.2%79-89.0%0.3%
Portland-Vancouver-Hillsboro, Ore.-Wash.$550,00010.0%14.3%-25.6%-15.0%47-913.3%0.5%
Providence-Warwick, R.I.-Mass.$435,0000.7%10.5%-29.8%-22.7%53-64.5%-0.2%
Raleigh, N.C.$425,0008.9%22.5%-50.8%-40.0%36-175.7%0.3%
Richmond, Va.$375,0002.7%11.6%-36.1%-28.6%5612.4%-3.5%
Riverside-San Bernardino-Ontario, Calif.$544,00011.1%15.7%-11.8%-0.5%44-34.8%-0.5%
Rochester, N.Y.$200,000-23.0%-9.2%-32.9%-11.0%41-145.4%-1.9%
Sacramento–Roseville–Arden-Arcade, Calif.$620,0007.8%15.8%-6.9%-1.9%40-66.1%0.6%
San Antonio-New Braunfels, Texas$350,00018.6%20.3%-17.8%-1.8%56-86.2%-1.9%
San Diego-Carlsbad, Calif.$840,0003.1%6.3%-39.1%-10.6%35-33.7%-2.1%
San Francisco-Oakland-Hayward, Calif.$949,000-4.6%2.4%-34.9%-3.0%39-72.9%-1.3%
San Jose-Sunnyvale-Santa Clara, Calif.$1,298,0008.6%11.3%-51.8%-12.6%35-72.1%-3.5%
Seattle-Tacoma-Bellevue, Wash.$695,0008.6%-3.2%-46.3%-13.2%39-132.2%-1.8%
St. Louis, Mo.-Ill.$249,0001.3%8.0%-25.3%-9.7%63-147.2%-0.2%
Tampa-St. Petersburg-Clearwater, Fla.$385,00028.7%29.3%-43.7%-5.2%44-135.0%-4.4%
Virginia Beach-Norfolk-Newport News, Va.-N.C.$320,0003.5%10.1%-33.6%-31.6%41-77.8%0.7%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.$500,0002.2%4.8%-22.6%-17.1%5115.5%-1.5%

Note: With the release of its January 22 2022 weekly housing trends report,® 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