Colder weather may be settling in, but new housing data suggests the winter market is heating up, as looming mortgage rate hikes motivate more buyers to search for a home despite limited options. U.S. listing price growth renewed its momentum in December, with the annual pace returning to the double-digit territory seen throughout the past year’s ultra-competitive spring and summer seasons, according to the Realtor.com® Monthly Housing Report released today.
“December data offers a fitting finish to the frenzy of the past year. Annual listing price growth hit double-digits again nationwide and in many of the hottest markets, after four months of single-digit pace this fall,” said Realtor.com® Chief Economist Danielle Hale. “Despite buyer challenges like rising prices, limited inventory and fast-paced sales, real estate activity maintained a brisk pace throughout 2021 as factors like low mortgage rates enabled home shoppers to persist. With rate hikes now on the horizon, buyers may be trying to get ahead of higher monthly housing costs, in turn driving up competition and prices. Our 2022 Forecast anticipates affordability challenges this year, but also that trends like rising incomes and workplace flexibility could offer some Americans a better shot at finding a home. For those who weren’t successful in 2021, we expect better luck in the coming months as more sellers plan to enter the market – and if December’s listings are an indication, with high asking prices in mind.”
December 2021 Housing Metrics – National
Metric |
Change Over Dec. 2020 |
Change Over Dec. 2019 |
Active Listing Count |
-26.8% |
-57.1% |
New listings |
-6.1% |
-6.9% |
Median Listing Price |
10.0% (to $375,000) |
25.0% |
Median Listing Price Per Square Foot |
13.3% |
32.4% |
Median Days on Market |
-11 days (to 54 days) |
-26 days |
Price Adjusted Share1 |
0.1% |
-0.4% |
Seller’s market gains fresh momentum as annual home price growth hits double-digits
The mismatch between demand and the limited for-sale home supply continues to be a major factor in rising home prices. Buyers remained active throughout 2021 despite months of yearly inventory declines, while home price growth moderated through November. December’s larger advance in the typical home asking price may be partly driven by increased competition as home shoppers attempt to get ahead of projected mortgage rate increases. Realtor.com® forecasts rising affordability challenges in 2022 with December data showing an even bigger price gain for a typical 2,000 square-foot single family home.
Still-eager buyers drive home sales at breakneck speed for the 10th straight month
Time on market remains historically-low so far this winter, despite typical seasonal cooling giving home shoppers a few more days to make decisions than in the spring and summer. As buyer activity continued to outmatch limited inventory in December, the typical U.S. home hit a 10-month streak of selling faster than in any month before 2021 – building on the trend reported in October. Additionally, homes sold more quickly than last year in all but two of the 50 largest U.S. metros in December.
Inventory falls short as buyer activity continues to outpace sellers entering the market
With buyers still quickly snatching up active listings and fewer new sellers entering the market, the inventory gap from last year continues to widen. December marked the third straight month of bigger annual declines in the U.S. supply of active listings, in a further setback from improvements seen over the summer and fall. Some relief may be on the horizon, with inventory expected to begin recovering from 2021’s steep declines in 2022, and buyers in certain markets could see their persistence pay off sooner. In fact, December data shows more new sellers entered the market than last year in one-in-five of the 50 largest U.S. metros.
December 2021 Housing Metrics – 50 Largest U.S. Metros
Metro |
Median |
Median |
Active |
New |
Median |
Median |
Price |
Price |
Atlanta-Sandy Springs-Roswell, Ga. |
$390,000 |
9.9% |
-20.3% |
0.3% |
43 |
-10 |
13.8% |
1.4% |
Austin-Round Rock, Texas |
$544,000 |
28.8% |
-10.4% |
1.6% |
42 |
-14 |
14.9% |
3.4% |
Baltimore-Columbia-Towson, Md. |
$311,000 |
-4.2% |
-12.5% |
-2.0% |
50 |
-4 |
17.5% |
1.0% |
Birmingham-Hoover, Ala. |
$272,000 |
4.3% |
-31.3% |
-7.2% |
53 |
-10 |
12.8% |
-1.8% |
Boston-Cambridge-Newton, Mass.-N.H. |
$695,000 |
7.0% |
-32.3% |
-13.4% |
52 |
-8 |
9.8% |
-2.0% |
Buffalo-Cheektowaga-Niagara Falls, N.Y. |
$217,000 |
3.8% |
-8.8% |
-14.0% |
65 |
-7 |
12.7% |
2.1% |
Charlotte-Concord-Gastonia, N.C.-S.C. |
$395,000 |
5.5% |
-27.1% |
4.0% |
40 |
-11 |
14.2% |
1.5% |
Chicago-Naperville-Elgin, Ill.-Ind.-Wis. |
$313,000 |
-4.2% |
-26.3% |
-13.7% |
54 |
-6 |
13.6% |
0.8% |
Cincinnati, Ohio-Ky.-Ind. |
$298,000 |
-0.7% |
-19.1% |
-9.9% |
50 |
-5 |
15.3% |
-2.2% |
Cleveland-Elyria, Ohio |
$184,000 |
-8.1% |
-12.8% |
-3.3% |
55 |
-3 |
18.0% |
0.5% |
Columbus, Ohio |
$292,000 |
-2.6% |
-14.1% |
3.0% |
43 |
-6 |
15.1% |
-4.1% |
Dallas-Fort Worth-Arlington, Texas |
$400,000 |
13.0% |
-33.4% |
-0.1% |
43 |
-10 |
11.9% |
-3.6% |
Denver-Aurora-Lakewood, Colo. |
$630,000 |
17.5% |
-36.3% |
-16.0% |
46 |
-9 |
12.5% |
-0.1% |
Detroit-Warren-Dearborn, Mich. |
$217,000 |
-14.2% |
-7.0% |
-0.4% |
44 |
-7 |
17.2% |
1.5% |
Hartford-West Hartford-East Hartford, Conn. |
$349,000 |
16.4% |
-62.1% |
-26.6% |
59 |
5 |
10.7% |
0.6% |
Houston-The Woodlands-Sugar Land, Texas |
$360,000 |
7.6% |
-23.8% |
-1.4% |
52 |
-4 |
15.6% |
0.6% |
Indianapolis-Carmel-Anderson, Ind. |
$276,000 |
5.2% |
-29.9% |
-4.8% |
45 |
-9 |
19.2% |
-2.8% |
Jacksonville, Fla. |
$376,000 |
18.2% |
-36.2% |
-7.4% |
50 |
-8 |
14.7% |
-0.5% |
Kansas City, Mo.-Kan. |
$347,000 |
6.9% |
-12.0% |
-7.8% |
57 |
-1 |
13.1% |
-1.3% |
Las Vegas-Henderson-Paradise, Nev. |
$450,000 |
32.4% |
-37.0% |
-18.3% |
38 |
-13 |
11.9% |
-1.7% |
Los Angeles-Long Beach-Anaheim, Calif. |
$897,000 |
-10.2% |
-40.0% |
-18.5% |
45 |
-7 |
8.7% |
-2.5% |
Louisville/Jefferson County, Ky.-Ind. |
$253,000 |
5.3% |
-13.6% |
-5.5% |
41 |
-2 |
18.9% |
-0.6% |
Memphis, Tenn.-Miss.-Ark. |
$242,000 |
-3.9% |
-14.7% |
22.2% |
45 |
-7 |
14.1% |
0.2% |
Miami-Fort Lauderdale-West Palm Beach, Fla. |
$495,000 |
19.3% |
-53.1% |
-18.8% |
60 |
-31 |
9.3% |
-2.6% |
Milwaukee-Waukesha-West Allis, Wis. |
$257,000 |
-11.1% |
-8.1% |
1.7% |
53 |
-3 |
16.4% |
0.7% |
Minneapolis-St. Paul-Bloomington, Minn.-Wis. |
$354,000 |
2.9% |
-12.0% |
-16.2% |
50 |
-2 |
11.7% |
0.0% |
Nashville-Davidson–Murfreesboro–Franklin, Tenn. |
$460,000 |
16.2% |
-46.0% |
-23.4% |
31 |
-6 |
12.0% |
-0.9% |
New Orleans-Metairie, La. |
$345,000 |
3.0% |
-26.5% |
-14.3% |
63 |
-6 |
13.4% |
-2.0% |
New York-Newark-Jersey City, N.Y.-N.J.-Pa. |
$664,000 |
2.2% |
-18.2% |
-6.4% |
68 |
-7 |
8.5% |
-2.9% |
Oklahoma City, Okla. |
$282,000 |
5.7% |
-23.8% |
-10.9% |
49 |
-3 |
14.7% |
-0.9% |
Orlando-Kissimmee-Sanford, Fla. |
$389,000 |
21.7% |
-51.4% |
-8.9% |
46 |
-19 |
11.1% |
-4.9% |
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. |
$300,000 |
-8.3% |
-8.1% |
10.8% |
58 |
-3 |
15.9% |
-0.1% |
Phoenix-Mesa-Scottsdale, Ariz. |
$486,000 |
17.8% |
-8.7% |
5.4% |
38 |
-5 |
16.3% |
-2.1% |
Pittsburgh, Pa. |
$210,000 |
-12.1% |
-10.8% |
10.9% |
65 |
-8 |
17.5% |
3.2% |
Portland-Vancouver-Hillsboro, Ore.-Wash. |
$549,000 |
3.6% |
-19.2% |
-1.0% |
47 |
-9 |
34.9% |
13.3% |
Providence-Warwick, R.I.-Mass. |
$420,000 |
1.8% |
-23.2% |
-0.4% |
49 |
-3 |
9.6% |
0.5% |
Raleigh, N.C. |
$420,000 |
9.1% |
-50.1% |
-24.1% |
33 |
-18 |
9.3% |
0.0% |
Richmond, Va. |
$358,000 |
-1.7% |
-31.9% |
-12.8% |
50 |
-5 |
8.2% |
-3.2% |
Riverside-San Bernardino-Ontario, Calif. |
$549,000 |
11.8% |
-13.1% |
-6.5% |
43 |
-4 |
11.6% |
2.0% |
Rochester, N.Y. |
$199,000 |
-14.4% |
-28.9% |
8.8% |
39 |
-10 |
8.2% |
-2.8% |
Sacramento–Roseville–Arden-Arcade, Calif. |
$599,000 |
9.0% |
-12.8% |
-16.1% |
42 |
-1 |
12.4% |
2.0% |
San Antonio-New Braunfels, Texas |
$350,000 |
17.7% |
-24.1% |
-2.8% |
50 |
-5 |
15.6% |
-0.2% |
San Diego-Carlsbad, Calif. |
$824,000 |
3.0% |
-42.3% |
-12.3% |
36 |
-7 |
8.3% |
-3.1% |
San Francisco-Oakland-Hayward, Calif. |
$954,000 |
-4.5% |
-41.0% |
-27.6% |
44 |
-7 |
6.6% |
-3.1% |
San Jose-Sunnyvale-Santa Clara, Calif. |
$1,239,000 |
4.4% |
-55.6% |
-22.9% |
39 |
-3 |
4.8% |
-6.2% |
Seattle-Tacoma-Bellevue, Wash. |
$670,000 |
6.8% |
-47.2% |
-10.7% |
41 |
-10 |
7.7% |
-3.8% |
St. Louis, Mo.-Ill. |
$245,000 |
3.2% |
-26.7% |
-5.4% |
58 |
-13 |
13.5% |
-1.5% |
Tampa-St. Petersburg-Clearwater, Fla. |
$376,000 |
25.4% |
-42.8% |
-7.9% |
42 |
-11 |
15.2% |
-5.0% |
Virginia Beach-Norfolk-Newport News, Va.-N.C. |
$313,000 |
1.6% |
-27.0% |
-16.0% |
36 |
-7 |
10.6% |
0.9% |
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. |
$500,000 |
0.6% |
-14.0% |
-14.0% |
48 |
0 |
13.8% |
-0.3% |
Methodology
Realtor.com® housing data as of December 2021. Listings include active inventory of existing single-family homes and condos/townhomes for the given level of geography; new construction is excluded unless listed via an MLS.
1In this release, price adjustments are defined as home listings that had their price reduced in December 2021. Listings that had their prices increased during the month are excluded.
Note: With the release of its November 2021 housing trends report, Realtor.com® incorporated a new and improved methodology for capturing and reporting housing inventory trends and metrics. As a result of these changes, this release is not directly comparable with previous data releases and reports. However, future data releases, including historical data, will consistently apply the new methodology.
About Realtor.com®
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world.
Media Contact
rachel.conner@move.com