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Editor’s Note: This story was originally construction scope.
After two years of intense competition and skyrocketing prices, the U.S. housing market began to cool sharply in late 2022 and early 2023.
During the COVID-19 pandemic, prices exploded as interest rates were low, household savings and returns on investment were high, and more people were spending more time at home.
The volume of home sales has slowed dramatically in recent months.
Despite the cooling in property markets, some regions continued to see relatively high levels of activity in 2022.
To identify where the housing market continued to perform well in 2022, Construction Coverage created a composite score using Redfin’s key metrics for different geographic markets.
In the event of a tie, the location with the greatest one-year change in median selling price is ranked higher. You can read more about our methodology at the end.
Here are the US cities that had the hottest real estate markets in 2022.
15. Charlotte, North Carolina
- Overall score: 54.3
- Median Selling Price: $390,537
- One year change in median selling price: +6.8%
- Share of houses sold under the above conditions: 48.9%
- Average days on the market: 31.2
- Average Sell Rate to Listing: 101.4%
- Share of discounted products: 24.0%
14. Los Angeles, California
- Overall score: 54.3
- Median Selling Price: $985,216
- One year change in median selling price: -4.2%
- Share of houses sold under the above conditions: 53.2%
- Average days on the market: 38.9
- Average Sell Rate to Listing: 102.5%
- Share of discounted products: 17.1%
13. Oklahoma City, OK
- Overall score: 56.6
- Median Selling Price: $254,094
- One year change in median selling price: +7.6%
- Share of houses sold under the above conditions: 42.7%
- Average days on the market: 10.3
- Average Sell Rate to Listing: 100.3%
- Share of discounted products: 26.9%
12. San Diego, California
- Overall score: 56.7
- Median Selling Price: $869,443
- One year change in median selling price: -1.1%
- Share of houses sold under the above conditions: 52.4%
- Average days on the market: 15.9
- Average Sell Rate to Listing: 102.2%
- Share of discounted products: 29.2%
11. Aurora, Colorado
- Overall score: 57.0
- Median Selling Price: $476,319
- One year change in median selling price: -1.3%
- Share of houses sold under the above conditions: 54.5%
- Average days on the market: 10.7
- Average Sell Rate to Listing: 102.4%
- Share of discounted products: 44.3%
10. Raleigh, North Carolina
- Overall score: 58.9
- Median Selling Price: $410,604
- One year change in median selling price: -1.3%
- Share of houses sold under the above conditions: 55.6%
- Average days on the market: 30.8
- Average Sell Rate to Listing: 103.1%
- Share of discounted products: 23.9%
9. Columbus, Ohio
- Overall score: 61.0
- Median Selling Price: $259,695
- One year change in median selling price: +6.4%
- Share of houses sold under the above conditions: 52.6%
- Average days on the market: 36.2
- Average Sell Rate to Listing: 102.3%
- Share of discounted products: 20.9%
8. Seattle, Washington
- Overall score: 61.5
- Median Selling Price: $844,285
- One year change in median selling price: +0.6%
- Share of houses sold under the above conditions: 42.7%
- Average days on the market: 11.0
- Average Sell Rate to Listing: 103.5%
- Share of discounted products: 26.9%
7. Arlington, Texas
- Overall score: 62.0
- Median Selling Price: $339,551
- One year change in median selling price: +10.0%
- Share of houses sold under the above conditions: 54.0%
- Average days on the market: 20.1
- Average Sell Rate to Listing: 101.9%
- Share of discounted products: 30.9%
6. San Francisco, California
- Overall score: 63.9
- Median Selling Price: $1,453,716
- One year change in median selling price: -12.8%
- Share of houses sold under the above conditions: 59.9%
- Average days on the market: 25.5
- Average Sell Rate to Listing: 108.0%
- Share of discounted products: 19.3%
5. San Jose, California
- Overall score: 64.8
- Median Selling Price: $1,330,942
- One year change in median selling price: -8.9%
- Share of houses sold under the above conditions: 65.9%
- Average days on the market: 16.6
- Average Sell Rate to Listing: 106.9%
- Share of discounted products: 26.1%
4. El Paso, Texas
- Overall score: 65.9
- Median Selling Price: $231,843
- One year change in median selling price: +9.3%
- Share of houses sold under the above conditions: 48.3%
- Average days on the market: 19.9
- Average Sell Rate to Listing: 101.0%
- Share of discounted products: 16.6%
3. Omaha, Nebraska
- Overall score: 68.6
- Median Selling Price: $254,817
- One year change in median selling price: +8.9%
- Share of houses sold under the above conditions: 51.8%
- Average days on the market: 7.8
- Average Sell Rate to Listing: 102.1%
- Share of discounted products: 29.5%
2. Virginia Beach, Virginia
- Overall score: 69.5
- Median Selling Price: $336,786
- One year change in median selling price: +4.6%
- Share of houses sold under the above conditions: 54.9%
- Average days on the market: 19.2
- Average Sell Rate to Listing: 101.6%
- Share of discounted products: 19.9%
1. Oakland, CA
- Overall score: 75.4
- Median Selling Price: $906,959
- One year change in median selling price: -0.9%
- Share of houses sold under the above conditions: 72.1%
- Average days on the market: 18.9
- Average Sell Rate to Listing: 113.1%
- Share of discounted products: 22.6%
methodology
The data used in this analysis is from Redfin data center.
To identify where the hottest real estate markets were in 2022, Construction Coverage researchers created a composite score by equally weighting the following metrics:
- One-year change in median selling price (December 2021-December 2022)
- Share of homes sold for more than desired price (2022)
- Average Days on Market (2022)
- Average sales rate (2022)
- Share of properties with reduced prices (2022)
In the event of a tie, the location with the greatest one-year change in median selling price is ranked higher.
For greater relevance, only cities with at least 100,000 residents were included, and cities were grouped into cohorts based on population size. Note that only locations with perfect data were considered for analysis, and anomalous data were removed for quality purposes.