March 2022 Monthly Housing Market Trends Report

Austin-Round Rock, Texas

MARCH 31, 2022

  • The national inventory of active listings declined by 18.9% over last year, while the total inventory of unsold homes, including pending listings, declined by 12.5%. The inventory of active listings was down 62.3% compared to 2020 right at the onset of the COVID-19 pandemic. In other words, for every 5 homes available for sale in the earlier period, today there are just 2.
  • Newly listed homes were down 3.4% nationally compared to a year ago, and down 5.0% for large metros over the past year. Sellers still listed at rates 12.2% lower than typical 2017 to 2019 levels prior to the pandemic. 
  • The March national median listing price for active listings was $405,000, up 13.5% compared to last year and up 26.5% compared to March 2020. In large metros, median listing prices grew by 9.1% compared to last year, on average. 
  • Nationally, the typical home spent 38 days on the market in March, down 11 days from the same time last year and down 21 days from March 2020.

Realtor.com®’s March housing data release reveals that the one-two-punch of rising interest rates and all-time high listing prices has moderated demand for homes. A decline in the churn of listings, consistent with recent slow-downs as reported for new and existing home sales, has led to slight inventory improvements despite a lack of growth in newly listed homes. While the median listing price has reached a new all-time high, a greater share of listings are seeing price reductions as sellers adjust to a moderation in buyer demand. This spring’s homebuying season is expected to be less competitive than last year, however activity is still elevated compared to other recent years.  

Inventory May See Growth by Summertime

Nationally, the inventory of homes actively for sale on a typical day in March decreased by 18.9% over the past year, a smaller rate of decline compared to the 24.5% drop in February. This amounted to 89,000 fewer homes actively for sale on a typical day in March 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 12.2% percent from March 2021. This is also a smaller rate of decline compared to last month’s 15.3% decline. If current trends persist, we may see active and total listings grow over last year by June or July. 

InventoryFinal 202203

However, this moderation in active inventory is not a supply-driven improvement. In March, newly listed homes decreased by 3.4% on a year-over-year basis and sellers were still listing at rates 12.2% lower than typical of 2017 to 2019 March levels. While newly listed homes looked to be improving in February, in March, sellers listed at a pace just below last year’s levels. 

NewListingsFinal 202203

The number of pending listings on a typical day (listings that are at various stages of the selling process that are not yet sold), has declined by 7.4% compared to last March, indicating that a moderation in demand is softening the rate of turnover in inventory. This is consistent with February data on new and existing home sales, which both slipped lower. This moderation is likely caused by the combination of rising interest rates and all-time high listing prices that have increased the cost of financing 80% of the typical home listing by $375 per month. That’s $4,500 per year or 30% higher than this time last year. For homebuyers who are still actively searching for a home, this could provide some relief as competition declines. However, it indicates that some homebuyers may have put buying plans on hold, despite the fact that the current rental market offers little relief from high prices.  

PendingFinal 202203

The inventory of homes actively for sale in the 50 largest U.S. metros overall decreased by 16.0% over last year in March, an improvement in the rate of decline compared to last month’s 22.1% decrease. Regionally, the inventory of homes in large southern metros are showing the largest year-over-year decline (21.0%) followed by the Northeast (-16.5%), West (-13.1%), and Midwest (-9.4%). 

Inventory declined in 44 out of 50 of the largest metros compared to last year, but six metros saw inventory growth, up from four last month: Riverside (+17.8%), Sacramento (+8.2%), Kansas City (+6.7%), Detroit (+3.6%), Austin (+2.9%), and Phoenix (+2.4%). Ten 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 Rochester (+7.2%), Detroit (+6.7%), and Memphis (+5.4%). Markets which are still seeing a large decline in newly listed homes compared to last year include Virginia Beach (-20.8%),  Raleigh (-17.6%), and Hartford (-17.0%). 

Homes Consistently Spend Less Time on the Market Than Previous Years

The typical home spent 38 days on the market this March, which is 11 days less than last year. Homes spent 29 fewer days on the market than typical March 2017 to 2019 timing. However, while homes are selling more quickly than last year, the gap has been shrinking as demand moderates. Last month, homes spent 17 days less on the market than the previous year. In March, the gap narrowed down to 11 days. 

In the 50 largest U.S. metros, the typical home spent 31 days on the market, and homes spent 8 fewer days on the market, on average, compared to March 2021. Among these 50 largest metros, the time a typical property spent on the market decreased most in large metros in the South (-11 days), followed by the Midwest (-7 days), West (-6 days) and Northeast (-5 days). 

Among larger metropolitan areas, homes saw the greatest yearly decline in time spent on market in the southern metros of Miami (-32 days), Raleigh (-19 days), and Orlando (-19 days). Only Buffalo saw time on market increase. It was up by just two days compared to last year. 

DOMFinal 202203

The Median Listing Prices a New High but the Share of Price Reductions Increases

The median national home price for active listings grew to a new all-time high of $405,000 in March as listing prices rose faster than typical for this time of year. This represents an annual growth rate of 13.5%, an acceleration from last month’s growth rate of 12.9%. While high, this price growth reflects a larger share of smaller listings. The median listing price per square foot, which is one approach to control for this change, increased by a slightly higher rate of 15.7% year-over-year in March. The median listing price for a typical 2,000 square-foot single family home, which is another metric that somewhat controls for this change, rose 20.3% compared to last year. 

ListingPriceFinal 202203

However, sellers are responding to a softening of demand. The share of homes having their price reduced increased slightly from 5.8% last March to 6.0% this year, but still remains 9 percentage points below typical 2017 to 2019 levels. Twenty-five of the largest 50 metros saw an increasing share of price reductions in March, compared to just 18 in February.

PriceReducedFinal 202203

Active listing prices in the nation’s largest metros grew by an average of 9.1% 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 12.5% over the same period, not as high as, but closer to, the national listing price per square foot growth rate of 15.7%.

Miami (+37.0%), Las Vegas (+35.2), and Tampa (+32.0%), posted the highest year-over-year median list price growth in March. Austin homes showed the greatest growth in the share of homes with price reductions compared to last year (+2.9 percentage points), followed by Sacramento and Memphis (+2.3 percentage points). 

March 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-9.4%-3.2%0.9%5.9%-7 days0.1%
Northeast-16.5%-7.3%2.3%10.4%-5 days-0.3%
South-21.0%-4.4%13.8%16.6%-11 days0.2%
West-13.1%-6.3%13.9%13.0%-6 days0.2%

March 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.$399,0008.9%11.7%-11.4%-8.6%33-55.8%0.5%
Austin-Round Rock, Texas$600,00030.0%29.1%2.9%-13.5%17-185.3%2.9%
Baltimore-Columbia-Towson, Md.$325,0000.0%6.7%-6.7%-6.3%33-57.6%1.7%
Birmingham-Hoover, Ala.$259,000-2.2%8.8%-15.3%1.2%37-96.7%1.9%
Boston-Cambridge-Newton, Mass.-N.H.$755,00010.7%13.2%-27.5%-13.9%21-45.4%-0.6%
Buffalo-Cheektowaga-Niagara Falls, N.Y.$225,000-7.2%5.1%-12.6%-4.7%4923.0%0.4%
Charlotte-Concord-Gastonia, N.C.-S.C.$410,0008.5%15.5%-18.8%-8.8%20-146.5%0.1%
Chicago-Naperville-Elgin, Ill.-Ind.-Wis.$337,000-3.7%-1.0%-24.0%-12.6%35-86.1%-0.3%
Cincinnati, Ohio-Ky.-Ind.$329,000-2.5%11.1%-19.0%-1.0%46-24.2%-0.6%
Cleveland-Elyria, Ohio$190,000-8.5%2.0%-5.8%-2.1%45-36.2%0.1%
Columbus, Ohio$329,0005.7%12.4%-1.4%-9.9%18-105.6%0.1%
Dallas-Fort Worth-Arlington, Texas$425,00017.6%18.4%-21.0%-3.4%28-134.2%-0.2%
Denver-Aurora-Lakewood, Colo.$663,00018.8%8.2%-18.8%-9.4%9-73.6%-0.2%
Detroit-Warren-Dearborn, Mich.$229,000-15.4%-0.3%3.6%6.7%29-59.5%1.8%
Hartford-West Hartford-East Hartford, Conn.$355,00018.2%24.1%N/A-17.0%33-64.1%-1.7%
Houston-The Woodlands-Sugar Land, Texas$374,0009.5%13.7%-17.2%-1.3%39-127.5%-0.2%
Indianapolis-Carmel-Anderson, Ind.$299,00010.0%13.7%-18.8%-1.6%37-96.9%0.1%
Jacksonville, Fla.$406,00021.5%22.6%-20.5%-8.6%38-64.5%-0.5%
Kansas City, Mo.-Kan.$390,00011.4%13.8%6.7%-2.4%48-33.6%0.5%
Las Vegas-Henderson-Paradise, Nev.$480,00035.2%27.5%-17.4%-1.0%23-89.2%1.7%
Los Angeles-Long Beach-Anaheim, Calif.$950,000-5.0%2.7%-27.0%-13.1%28-54.3%-0.9%
Louisville/Jefferson County, Ky.-Ind.$290,0009.6%11.0%-6.1%-1.3%30-47.1%0.3%
Memphis, Tenn.-Miss.-Ark.$227,000-4.6%11.6%-0.2%5.4%39-106.5%2.3%
Miami-Fort Lauderdale-West Palm Beach, Fla.$547,00037.0%25.0%-51.5%-12.1%43-334.6%-1.8%
Milwaukee-Waukesha-West Allis, Wis.$295,000-2.5%3.4%-4.7%-7.1%40-65.6%0.6%
Minneapolis-St. Paul-Bloomington, Minn.-Wis.$415,00012.2%-2.3%-17.2%0.7%32-43.7%-0.5%
Nashville-Davidson–Murfreesboro–Franklin, Tenn.$500,00025.0%20.4%-30.2%-6.4%14-96.5%0.8%
New Orleans-Metairie, La.$350,0003.0%2.7%-21.9%5.1%46-810.0%0.4%
New York-Newark-Jersey City, N.Y.-N.J.-Pa.$699,0007.8%30.9%-8.1%3.8%47-136.3%-0.6%
Oklahoma City, Okla.$345,00018.9%18.1%-19.2%N/A39-86.1%-0.5%
Orlando-Kissimmee-Sanford, Fla.$413,00027.9%27.7%-38.2%-1.2%32-195.1%-1.1%
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.$315,000-3.1%4.4%-5.2%3.2%38-107.5%0.1%
Phoenix-Mesa-Scottsdale, Ariz.$502,00019.4%22.8%2.4%-5.1%30-26.4%1.4%
Pittsburgh, Pa.$223,000-13.7%-4.8%-7.4%-6.8%6107.9%0.8%
Portland-Vancouver-Hillsboro, Ore.-Wash.$575,00011.6%14.4%-11.9%-3.9%30-69.7%0.3%
Providence-Warwick, R.I.-Mass.$437,0009.3%13.0%-24.6%-14.7%34-93.8%0.0%
Raleigh, N.C.$449,00012.5%21.9%-47.9%-17.6%11-193.3%-1.6%
Richmond, Va.$360,000-3.4%8.6%-31.1%-10.4%34-112.8%-0.8%
Riverside-San Bernardino-Ontario, Calif.$573,00014.6%17.6%17.8%0.3%24-15.5%2.0%
Rochester, N.Y.$220,000-17.0%-2.4%-18.6%7.2%12-105.0%-0.4%
Sacramento–Roseville–Arden-Arcade, Calif.$634,00015.9%16.0%8.2%-2.1%23-56.8%2.3%
San Antonio-New Braunfels, Texas$357,00015.4%18.4%-9.4%-0.7%39-95.4%0.9%
San Diego-Carlsbad, Calif.$884,00010.5%10.3%-24.9%-6.4%23-73.8%-1.1%
San Francisco-Oakland-Hayward, Calif.$1,044,0002.2%4.9%-10.7%-3.9%23-64.4%0.3%
San Jose-Sunnyvale-Santa Clara, Calif.$1,399,00013.5%10.7%-34.6%-10.6%17-92.6%-3.3%
Seattle-Tacoma-Bellevue, Wash.$755,00016.2%7.7%-27.7%-14.5%23-82.8%-0.7%
St. Louis, Mo.-Ill.$275,0006.0%7.7%-17.7%-9.1%45-155.0%-0.9%
Tampa-St. Petersburg-Clearwater, Fla.$399,00032.0%29.5%-22.0%-6.0%32-85.3%-0.6%
Virginia Beach-Norfolk-Newport News, Va.-N.C.$337,0008.7%10.6%-34.2%-20.8%20-85.4%-0.9%
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.$545,00010.1%4.1%-16.8%-12.6%28-45.6%-0.2%

Note: With the release of its January 2022 data, Realtor.com® 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 Realtor.com® economics blog posts. However, future data releases, including historical data, will consistently apply the new methodology.

John Satti

John Satti

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