The Housing Market Soaring to New Heights in 2022
January 31, 2022
The Housing Market Soaring to New Heights in 2022
Housing markets nationwide continue to experience the groundbreaking demand that arose during the early stages of the pandemic nearly two years ago. According to the National Association of Realtors, home values increased by 16.9% in 2021, the highest year-over-year increase since 1999.
This surge in demand is pressuring the diminishing real estate supply, with no signs of stopping in the coming year, as median home sale prices hit a new record high of $358,000 in December 2021. Home availability and affordability impacts nearly every prospective home buyer in the U.S., so Insurify data scientists sought to identify the housing markets ascending to new highs to kick off 2022. Insurify’s research team referred to national real estate data to determine the 20 hottest home markets in 2022. Homes are also selling 16% faster than they were last year, with the median house spending just 47.7 days on the market.
“Hot market homes” are selling at record speeds even as houses across the country are being snatched off the market, homes in the 20 hottest real estate markets are selling at unseen rates. The average home in the 20 hottest cities is spending just 34.7 days on the market—a little more than a month. This sale rate is a whopping 29% faster than the average rate nationwide.
