February 2022 Hottest Housing Markets – Realtor.com News

Manchester, NH remained in the top spot on the hottest housing markets list in February. This area originally topped the list back in August 2020, and has held the number one spot a total of 12 times. Manchester first cracked into the top 20 in May 2018, and has remained in the top 2 for the last year.
Realtor.com’s Market Hotness rankings take into account two aspects of the housing market: 1) market demand, as measured by unique viewers per property on Realtor.com, and 2) the pace of the market as measured by the number of days a listing remains active on Realtor.com.
In much of 2021, pricey West coast markets lost some appeal due to a combination of affordability concerns and work-from-home flexibility, which spread activity out across the country. However, so far in 2022, California metros continued their comeback to the hottest markets list, with 4 California markets in February 2022. Overall, 13 of February’s hottest markets had median listing prices over the national median. The average listing price for the 20 hottest markets was $562,000 in February 2022, 43% higher than the national median. February’s hottest markets’ average listing price was the highest on record, driven by seasonality pushing buyers towards high-priced Western markets and overall price increases nationwide. Thirteen states were represented on our list of top 20 hottest housing markets in February, paring down from August’s record-breaking 17 states.
California boasted five markets on the list in February including Santa Cruz-Watsonville, Salinas, Vallejo-Fairfield and Santa Maria-Santa Barbara. The West region has 7 markets, including the four California markets, Boulder, CO , Billings, MT, and Fort Collins , CO. West region markets have returned to the list, as is typical in the winter, but haven’t yet reached the recent high of 12 West region hottest markets in February 2021. Northeast markets accounted for 6 of the top 20 markets, the Midwest accounted for 4 markets, and the South was represented by 3 markets. The Northeast was more heavily represented in February than is typical with the most Northeastern markets on the list on record. 
The states featured in our top 20 list this month are: California, Colorado, Florida, Indiana, Kansas, Massachusetts, Maine, Montana, North Carolina, New York, New Hampshire, and Ohio.
Our Hottest Housing Markets, by design, are the areas where homes sell fastest and have lots of potential buyers checking out each listing. As a group, Realtor.com’s 20 Hottest Housing Markets received 1.3 to 3.8 times the number of viewers per home for sale compared to the national rate. These markets are seeing homes-for-sale move up to 36 days more quickly than the typical property in the United States. 
The median national home price for active listings reached a new high of $392,000 in February, up 12.9% year-on-year. February’s hottest markets are a mix of highly desirable markets with a boost from seasonality, and more affordable Midwest and Northeast markets such as Columbia, MO and Springfield, MA. The high-priced Western markets were especially hot this winter, resulting in more expensive hottest markets. The hottest markets saw median listing prices reach $562,000 in February43% higher, on average, than the national median of $392,000. Notably, the most expensive market on the list was again the Santa Maria-Santa Barbara, CA metro area, where the median listing price was $1,625,000, down 9.6% from February 2021.
The Manchester-Nashua, NH metro area has been a mainstay in the top 20 hottest markets since early 2019. The typical home in Manchester-Nashua was on the market for just 12 days in February—23 days fewer than last year, and 36 days fewer than was typical in the rest of the country in February. Properties in the metro drew in 3.5 times as many unique viewers per property as the typical home around the United States. 
The median listing price of homes in the Manchester-Nashua area was $440,000 in February, up 10.0% year over year, slower than the 12.9% advance in the national median listing price in the same period. However, the median listing price per square foot is up 39.2% since February 2021 in Manchester-Nashua as compared to an overall 14.3% in the US. The typical home listing in this metro is priced 12.2% above the national median price of $392,000. However, Manchester-Nashua offers an affordable alternative to nearby Boston, MA where the median listing price reached $749,000 in February. The median home size and home size mix in Manchester-Nashua stayed the same since February 2021. 
Larger urban markets continue to cool down in the rankings, with the largest 40 markets across the country dropping by 6 spots, on average, since February 2021. 
Of the largest 40 metros, the most-improved housing markets were mostly in the South, with two of the five most improved in Florida: Orlando-Kissimmee-Sanford, FL (+151 spots); Miami-Ft. Lauderdale, FL (+25 spots). The other top most improved large metros were Nashville-Davidson, TN (+53 spots), Indianapolis, IN (+52 spots) and San Diego-Carlsbad, CA (+25 spots).
After struggling early in the days of the pandemic, the Orlando, FL housing market is now seeing real estate sell faster and garner more interest, earning it the position of fastest-rising large market on our list for the seventh month in a row. In February, the Orlando area rose 151 spots in hotness rank compared to last year. The metro area clocked in as the 58th hottest metro in the US, the hottest ranking Orlando has seen in the available data (going back to 2016). The typical Orlando home spent 36 days on market, the shortest time for any February on record, and as fast as the area’s lowest days on market in June 2021. Moreover, the number of viewers per property in Orlando rose 48.2% year over year in February.
On the supply side, the five most-improved large markets combined saw inventory move 20 days more quickly than last year. In comparison, the largest 40 markets overall saw properties spend 10 fewer days on market than last year, on average. The time a typical property spent on the market in the most-improved markets was 35 days, 12 days shorter, on average, compared to the national rate.
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