10 Towns The place Housing Stock Is Loopy Low In 2022

Housing markets in america were on a rollercoaster experience within the remaining two years because the affect of the pandemic made itself felt on homebuying. Around the nation, housing inventories are at all-time lows and residential costs are emerging. According to information from Redfin, together with housing stock, months provide of houses, and moderate choice of days in the marketplace, we analyzed 167 main housing markets to seek out which towns are feeling the squeeze probably the most. Learn on to determine which towns are affected by critically low housing stock.

10 Towns The place Housing Stock is Loopy Low in 2022

The ten towns that experience one of the lowest stock of to be had houses on the market, in addition to the place homes are getting purchased up extremely immediate, have a tendency to be positioned within the U.S. West area, with one exception — Grand Rapids, Michigan, which is within the Midwest. Here’s a have a look at the ten towns with significantly low housing stock.

Lakewood, Colorado

Lakewood has been a sizzling housing marketplace for a number of years at this level. Months of provide is outlined as how lengthy it will take the to be had provide of houses to be purchased up if no new houses come in the marketplace. 5 years in the past, in February 2017, Lakewood had simplest 0.8 months of provide of houses. However fast-forward to February 2022 and Lakewood is now down to only 0.3 months of provide of houses. The town’s to be had housing stock stood at 155 houses in February 2020, sooner than plummeting down to only 35 houses by way of February 2022, a drop of 77.4% in simplest two years. In the meantime, the typical choice of days a area on the market spends in the marketplace is an insignificant 4 days as of February 2022. No longer strangely, the median sale worth in Lakewood has risen by way of just about 23% in a 12 months, from $450,000 in February 2021 to $552,500 in February 2022.

Bellevue, Washington

This massive suburb of Seattle now ranks as one of the pricey housing markets of 2022. As of February 2022, the median sale worth in Bellevue is $1,511,000. In reality, 70.5% of houses in Bellevue bought above their asking worth. Throughout simply one year, housing stock in Bellevue fell by way of 65.6%, from 125 to be had houses on the market in February 2021, right down to 43 to be had houses in February 2022. From February 2020 to February 2022, Bellevue’s months of provide of houses fell from 0.9 months right down to 0.5 months, which means that if no new houses come in the marketplace, it’d take part a month to exhaust to be had houses on the market.

Aurora, Colorado

Properties are extra reasonably priced in Aurora than in Lakewood or Bellevue, however its housing stock is falling immediate, and its houses are getting purchased up briefly. Two years in the past, in February 2020, Aurora had 1.1 months of provide of houses; two years later, Aurora’s months of provide of houses is an insignificant 0.3 months. Over that very same length, Aurora housing stock plunged by way of 78.4%, from 592 to be had houses in February 2020, right down to 128 houses to be had on the market in February 2022. Correspondingly, the choice of days in the marketplace for Aurora houses dropped from a median of 14 days in February 2020 to only 4 days in February 2022. Additionally, over that very same two-year length, the median sale worth in Aurora rose by way of over 35%, from $352,000 in February 2020 to $476,000 in February 2022. As of February 2022, a complete 73.6% of houses had been bought above their asking worth.

Thornton, Colorado

The 3rd Colorado housing marketplace to make this listing, Thornton has witnessed a flurry of homebuying. In February 2020, housing stock in Thornton stood at 201 to be had houses on the market. Now, housing stock is down to only 75 houses on the market, a decline of 62.7% in two years. On the identical time, Thornton’s months of provide of houses was once minimize in part: From 1.2 months of provide in February 2020 to simply 0.5 months of provide in February 2022. Over that very same length, the typical choice of days a house on the market spent in the marketplace sooner than being purchased up was once 19 in February 2020, sooner than falling to only 5 days in the marketplace in February 2022. The squeeze on housing stock has driven the median sale worth in Thornton up 28.2%, from $405,500 in February 2020 to $520,000 in February 2022.

Elk Grove, California

This sizeable suburb of Sacramento has change into one in every of the freshest housing markets in California. The median sale worth in Elk Grove rose by way of 42.1% in two years, from $455,000 in February 2020 to $646,500 in February 2022. Riding up house costs in Elk Grove is the dwindling provide of houses. Housing stock dropped by way of 63.6%, from 176 to be had houses in February 2020, right down to 64 to be had houses on the market. As such, the months of provide of houses in Elk grove has fallen from 1.4 months’ provide in February 2020 to 0.5 months’ provide in February 2022.

Sunnyvale, California

According to the 167 housing markets analyzed on this learn about, Sunnyvale is the most costly. Its median sale worth for February 2022 is $1,780,000, up 35.4% from two years in the past when it was once $1,315,000 in February 2020. Over the past one year, housing stock in Sunnyvale was once slashed in part, from 108 to be had houses in February 2021, right down to 55 to be had houses on the market in February 2022. Over that very same one-year length, the typical choice of days a house spent in the marketplace additionally dropped by way of about part, from 15 days in February 2021 to simply 8 days in February 2022. On best of that, an unbelievable 85.1% of houses bought above their asking worth in February 2022.

Grand Rapids, Michigan

Grand Rapids is without doubt one of the extra fascinating housing markets to make this listing. Michigan is without doubt one of the less expensive states in the case of price of residing. And houses are relatively very reasonably priced in Grand Rapids, with a mean sale worth of $240,000 in February 2022, up by way of about 30% from February 2020, when the median sale worth was once $184,900. The Grand Rapids housing marketplace has heated up lately, with town’s months of provide of houses sinking from 1.2 months in February 2020 to 0.5 months in February 2022. Over the similar two-year length, housing stock dropped by way of 67.3%, from 330 to be had houses on the market in February 2020, right down to 108 to be had houses in February 2022. What’s extra, 87.1% of houses bought went off the marketplace with simply two weeks in February 2022.

Tacoma, Washington

The second one Washington town to make this listing, Tacoma has witnessed its median sale worth upward push by way of 35.7% over the past two years, from $350,000 in 2020 to $475,000 in February 2022. Housing stock in Tacoma fell by way of just about part, from 283 to be had houses in February 2020, right down to 147 to be had houses in February 2022. As such, Tacoma’s months of provide of houses has declined precipitously over the similar two-year length. In February 2020, Tacoma had 1.1 months of provide of houses, however by way of February 2022, that determine is down to simply 0.5 months of provide of houses.

Fremont, California

This expensive housing marketplace within the Bay Space has simplest gotten costlier whilst its housing stock has dwindled. Fremont’s housing stock has dropped by way of 55.4% in two years, from 148 to be had houses in February 2020 to 66 to be had houses in February 2022. Over the similar length, town’s months of provide of houses fell from 1.6 months right down to 0.6 months. In the meantime, the share of lively listings that skilled worth drops declined from an already low 12.8% of listings in February 2021 to only 6.1% of listings in February 2022. Much more alarming is that 93.6% of houses bought went off the marketplace in simply two weeks. In only one 12 months, the median sale worth in Fremont rose by way of greater than a 5th, from $1,157,500 in February 2021 to $1,399,915 in February 2022.

Roseville, California

Roseville is every other suburb of Sacramento to catch fireplace as a housing marketplace. From an to be had for-sale stock of 211 houses in February 2020, Roseville’s housing stock is down 58.8%, to only 87 houses to be had on the market in February 2022. Likewise, Roseville’s months of provide of houses dropped by way of greater than part, from 1.5 months of provide in February 2020, right down to 0.7 months in February 2022. Properties are promoting immediate in Roseville, with 82.2% of houses on the market going off the marketplace inside of two weeks. Within the two years from February 2020 to February 2022, the median sale worth in Roseville rose by way of 34.7%, from $490,000 to $659,900.