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Hot Market Homes Selling at Record Speeds

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.   

Experts and consumers are now seeing bigger booms in smaller markets, as the 20 hottest markets in the country are predominantly small- to medium-sized metro areas. In fact, none of the 30-largest housing markets in the country made the list. Columbus, Ohio has the largest metro area among the 20 hottest markets with 2,138,926 residents, making it the 32nd-largest metro area in the country, according to the 2020 U.S. Census. 

According to Insurify, the top 10 markets that have kicked off the year 2022 in grand fashion include:

10. Raleigh, North Carolina
Median home listing price: $423,300 (17% greater than the national average)
Median days on market: 24.8 (48% less than the national average)

9. Springfield, Massachusetts
Median home listing price: $311,483 (14% less than the national average)
Median days on market: 35.2 (26% less than the national average)

8. Topeka, Kansas
Median home listing price: $174,550 (52% less than the national average)
Median days on market: 36.5 (24% less than the national average)

7. Lafayette-West Lafayette, Indiana
Median home listing price: $226,600 (37% less than the national average)
Median days on market: 35.5 (26% less than the national average)

6. Santa Maria-Santa Barbara, California
Median home listing price: $1,371,500 (279% greater than the national average)
Median days on market: 37.8 (21% less than the national average)

5. Elkhart-Goshen, Indiana
Median home listing price: $219,633 (39% less than the national average)
Median days on market: 34.8 (27% less than the national average)

4. Fort Wayne, Indiana
Median home listing price: $228,283 (37% less than the national average)
Median days on market: 33.5 (30% less than the national average)

3. Rochester, New York
Median home listing price: $203,300 (44% less than the national average)
Median days on market: 29.3 (39% less than the national average)

2. Burlington, North Carolina
Median home listing price: $289,583 (20% less than the national average)
Median days on market: 28.5 (40% less than the national average)

1. Manchester-Nashua, New Hampshire
Median home listing price: $427,400 (18% greater than the national average)
Median days on market: 31.0 (35% less than the national average)

Click here for more on Insurify's Hottest Real Estate Markets in 2022.

About Author: Demetria Lester

Demetria C. Lester is a reporter for DS News and MReport, with more than six years of writing experience. She has served as Editor-in-Chief at Northlake College and staff writer at her alma mater, the University of Texas at Arlington. She has covered events such as the Byron Nelson, Pac-12 Conferences, the Women in Dallas Film Festival, to freelance work with the Dallas Wings and D Magazine. Currently located in Dallas, Texas, she is an avid jazz lover and reader. She can be reached at demetria.lester@thefivestar.com.
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