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
Affordability
The Disappearing Act That Is Middle-Income Housing
An expert weighs in on the diminishing supply of middle-income housing, which is particularly acute in California, and what to do about it
Market Data + Trends
A Look at Homeownership Rates Across the Nation
Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners
Housing Markets
4 Cities Where Housing Inventory Now Exceeds Pre-Pandemic Levels
San Antonio leads with the greatest surge in the number of homes available post-pandemic