The spring buying season is usually a period of fast-paced activity from buyers and sellers alike, but with home prices falling from their peak and mortgage rates once again nearing 7%, many would-be sellers are waiting on the sidelines and choosing not to list their homes. A sellers' market is losing steam amid a nationwide housing correction, but in some regional markets, homes are still selling at a breakneck pace.
In smaller, more affordable metros such as Davenport, Iowa, Montgomery, Ala., and Wichita, Kan., double-digit year-over-year increases in price per square foot mean sellers still have the upper hand, even as the rest of the nation is hit with a housing downturn.
With a median listing price just below $209,000 in February, Davenport homes cost around half of the national median list price of $414,950, according to the most recent Realtor.com data.
Astonishingly, those prices are up almost 40% compared with the same time last year. On top of that, homes are selling faster now than they did a year ago—one of only five of the 150 largest metros across the U.S. where the time homes spent on the market is less now than last February.
Advertisement
Related Stories
Housing Markets
5 Housing Markets That Would See a Huge Increase in Homeownership if Mortgage Rates Dropped
Spokane, Wash., would experience an 11.4% increase in affordability if rates dropped to 6%
Housing Markets
Spring Housing Markets: Which Markets Saw the Most Appreciation, and Which Saw the Least?
Florida metros saw the weakest appreciation of all housing markets in the US
Business Management
How 2023's Housing Market Conditions Are Affecting the 2024 Market
Last year ended on an optimistic note, but persistent headwinds still exist to keep 2024 from getting the housing market back to pre-pandemic levels