Buyers looking for cheaper housing fueled home price growth in smaller markets.
Median Single-Family Existing Home Price Hit $368,200 in Q1 2022
In its just released quarterly report, the National Association of REALTORS®(NAR) said that 70%, from 66% in Q4 2021, of our nation’s 185 metro areas experienced double-digit price appreciation during Q1 2022. The median price of a single-family home rose to $368,200 during Q1, an increase of +15.7% from 14.3% y/y during Q4 2021.
With these upticks in price gains and percentage increases, affordability obviously worsened in Q1 2022.
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Regional Differences in Home Price Appreciation
The South region of the US accounted for 45% of single-family existing-home sales during Q1. Take a look at the regional differences in price appreciation:
- South – +20.1%
- Northeast – +6.7%
- Midwest – +8.5%
- West – +5%
Top 10 Areas with Highest Y/Y Price Gains = Small & Midsize Markets
- Punta Gorda FL – 34.4%
- Ocala FL – 33.8%
- Ogden-Clearfield UT – 30.8%
- Lakeland-Winter Haven FL – +30.1%
- Decatur AL – +28.9%
- Tampa-St. Petersburg-Clearwater FL – +28.8%
- Fort Collins CO – +28.4%
- North Point-Bradenton-Sarasota FL – +28.0%
- Myrtle Beach-Conway-North Myrtle Beach NC/SC – +28.0%
- Salt Lake City UT – +27.9%
Lawrence Yun, NAR’s chief economist, said, “Traditionally, homes in these markets were viewed as relatively inexpensive, but with recent migration trends, prices have increased significantly. As more families relocate to various areas…price gains in many smaller, tertiary cities are now outpacing those in more expensive primary and secondary markets. This is due to buyers looking for less expensive housing and also a result of more opportunities to work from home, making relocation to smaller markets possible.”
Country’s Most Expensive Markets
- San Jose-Sunnyvale-Santa Clara CA – +25% – $1,875,000
- San Francisco-Oakland-Hayward CA – +15% – $1,380,000
- Anaheim-Santa Ana-Irvine CA – +26% – $1,260,000
- Urban Honolulu HI – +19.9% – $1,127,900
- San Diego-Carlsbad CA – +18.5% – $905,000
- Boulder CO – +18.2% – $859,100
- Los Angeles – Long Beach-Glendale CA – +13.1% – $792,500
- Seattle-Tacoma-Bellevue WA – +14.2% – $746,200
- Naples-Immokalee-Marco Island FL – +24.3% – $745,000
- Denver-Aurora-Lakewood CO – +19.4% – $662,200
According to Lawrence Yun, NAR’s Chief Economist, “Prices throughout the country have surged for the better part of two years, including the first quarter of 2022. Given the extremely low inventory, we’re unlikely to see price declines, but appreciation should slow in the coming months.”
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Thanks to the National Association of REALTORS®.
