Quick dive into April 2022 for the top 50 biggest metros in the US

Quick dive into April 2022 for the top 50 biggest metros in the US

Source: The data used in this post was retrieved from Redfin and Zillow.

The effects of higher mortgage interest rates have yet to fully play out, but the numbers in April still show a tight housing market. Inventory remains low, demand still outpaces supply despite rising rates, and home prices and rents are still rising.

Quick highlights:

Columbus, OH made 4 of the 5 lists below indicating that it is one the fastest growing markets in the US.

Milwaukee is seeing the highest price appreciation

San Diego is seeing the highest rent increases

Sellers in Miami are making the least price deductions

Metros with highest increase in median sale price from previous month

1. Milwaukee-Waukesha-West Allis, WI
   1. % change from previous month: 9.4%
   2. Median sale price: $280,000
2. Buffalo-Cheektowaga-Niagara Falls, NY
   1. % change from previous month: 8.3%
   2. Median sale price: $208,500
3. Columbus, OH
   1. % change from previous month: 6.9%
   2. Median sale price: $310,000
4. Hartford-West Hartford-East Hartford, CT
   1. % change from previous month: 6.9%
   2. Median sale price: $288,500
5. Louisville/Jefferson County, KY-IN
   1. % change from previous month: 6.4%
   2. Median sale price: $250,000
6. Dallas-Fort Worth-Arlington, TX
   1. % change from previous month: 6.4%
   2. Median sale price: $446,990
7. Detroit-Warren-Dearborn, MI
   1. % change from previous month: 6.1%
   2. Median sale price: $175,000
8. Chicago-Naperville-Elgin, IL-IN-WI
   1. % change from previous month: 6.1%
   2. Median sale price: $329,000
9. San Francisco-Oakland-Hayward, CA
   1. % change from previous month: 6%
   2. Median sale price: $1,670,000
10. Nashville-Davidson-Murfreesboro-Franklin, TN
    1. % change from previous month: 5.9%
    2. Median sale price: $454,500

Metros with highest increase in median rent from previous month

1. San Diego-Carlsbad, CA
   1. % change from previous month: 1.9%
   2. Median rent: $2,946
2. Columbus, OH
   1. % change from previous month: 1.9%
   2. Median rent: $1,430
3. Cincinnati, OH-KY-IN
   1. % change from previous month: 1.7%
   2. Median rent: $1,412
4. New York-Newark-Jersey City, NY-NJ-PA
   1. % change from previous month: 1.7%
   2. Median rent: $3,004
5. Detroit-Warren-Dearborn, MI
   1. % change from previous month: 1.7%
   2. Median rent: $1,405
6. Boston-Cambridge-Newton, MA-NH
   1. % change from previous month: 1.5%
   2. Median rent: $2,762
7. Salt Lake City, UT
   1. % change from previous month: 1.4%
   2. Median rent: $1,646
8. Kansas City, MO-KS
   1. % change from previous month: 1.4%
   2. Median rent: $1,338
9. Miami-Fort Lauderdale-West Palm Beach, FL
   1. % change from previous month: 1.3%
   2. Median rent: $2,846
10. Indianapolis-Carmel-Anderson, IN
    1. % change from previous month: 1.3%
    2. Median rent: $1,457

Metros with the least price declines

1. Boston-Cambridge-Newton, MA-NH
   1. % of listings with price drops: 14.5%
2. Nashville-Davidson-Murfreesboro-Franklin, TN
   1. % of listings with price drops: 14.1%
3. Milwaukee-Waukesha-West Allis, WI
   1. % of listings with price drops: 12.8%
4. Hartford-West Hartford-East Hartford, CT
   1. % of listings with price drops: 12%
5. Providence-Warwick, RI-MA
   1. % of listings with price drops: 11.5%
6. Chicago-Naperville-Elgin, IL-IN-WI
   1. % of listings with price drops: 11%
7. Raleigh, NC
   1. % of listings with price drops: 10.9%
8. Cincinnati, OH-KY-IN
   1. % of listings with price drops: 10.6%
9. Columbus, OH
   1. % of listings with price drops: 10%
10. Miami-Fort Lauderdale-West Palm Beach, FL
    1. % of listings with price drops: 9.2%

Metros where homes were selling the fastest

1. Indianapolis-Carmel-Anderson, IN
   1. Median days on market: 4
2. Denver-Aurora-Lakewood, CO
   1. Median days on market: 4
3. Oklahoma City, OK
   1. Median days on market: 5
4. Seattle-Tacoma-Bellevue, WA
   1. Median days on market: 5
5. Portland-Vancouver-Hillsboro, OR-WA
   1. Median days on market: 5
6. Richmond, VA
   1. Median days on market: 7
7. Salt Lake City, UT
   1. Median days on market: 7
8. Tampa-St. Petersburg-Clearwater, FL
   1. Median days on market: 7
9. Sacramento-Roseville-Arden-Arcade, CA
   1. Median days on market: 7
10. San Jose-Sunnyvale-Santa Clara, CA
    1. Median days on market: 8