Home Prices and Market Trends.
The real estate industry is not too different from the weather prediction industry – we both use data from the most recent times to at least several years prior to today to make forecasts, we both put significance on storms and snow as they affect our regions, and we both had a WILD ride through 2022 with some historic events and surprises coming up in rapid succession. You can bet people were as interested in the real estate section of the news online as they were the weather section and every so often.
2022 will go down in history, not just real estate history but overall American history, for having the highest prices and least supply of available properties in general. This high point maintained for a sizable portion of 2022 before a significant drop in prices and more availability relief opened up to the public. For some, or maybe more, this might have been some reason to panic, and while we at Mountain Realty Group do not share that view, the rollercoaster ride it has been has made it more difficult to predict what might happen for 2023.
To that end, Realtor.com did their homework on the matter and came up with this list of where home prices rose the most, and then where they fell the most.
Biggest Price Increases Of 2022:
1. Omaha, NE.
Year-over-year change in price per square foot: +21.6%
Mid-Dec. 2022 median listing price per square foot: $181
Mid-Dec. 2022 median listing price: $342,500
2. Jackson, MS
Year-over-year change in price per square foot: +21.6%
Mid-Dec. 2022 median listing price per square foot: $144
Mid-Dec. 2022 median listing price: $316,000
3. Wichita, KS
Year-over-year change in price per square foot: +21.5%
Mid-Dec. 2022 median listing price per square foot: $135
Mid-Dec. 2022 median listing price: $289,900
4. Milwaukee, WI
Year-over-year change in price per square foot: +20.9%
Mid-Dec. 2022 median listing price per square foot: $204
Mid-Dec. 2022 median listing price: $374,900
5. Little Rock, AR
Year-over-year change in price per square foot: +20.1%
Mid-Dec. 2022 median listing price per square foot: $142
Mid-Dec. 2022 median listing price: $299,900
Biggest Price Decreases Of 2022:
1. Boise City, ID
Year-over-year change in price per square foot: -5.8%
Mid-Dec. 2022 median listing price per square foot: $263
Mid-Dec. 2022 median listing price: $509,900
2. Denver, CO
Year-over-year change in price per square foot: -5.7%
Mid-Dec. 2022 median listing price per square foot: $280
Mid-Dec. 2022 median listing price: $599,990
3. Sacramento, CA
Year-over-year change in price per square foot: -3.1%
Mid-Dec. 2022 median listing price per square foot: $328
Mid-Dec. 2022 median listing price: $591,500
4. New Orleans, LA
Year-over-year change in price per square foot: -2.7%
Mid-Dec. 2022 median listing price per square foot: $179
Mid-Dec. 2022 median listing price: $325,000
5. Chicago, IL
Year-over-year change in price per square foot: -1.6%
Mid-Dec. 2022 median listing price per square foot: $188
Mid-Dec. 2022 median listing price: $320,000
We recommend reading more on this at https://www.realtor.com/news/trends/here-are-the-u-s-cities-where-home-prices-rose-and-fell-the-most-in-2022/. It will certainly be interesting to see where 2023 takes the real estate market, but we’ll help keep you informed so you can make the best decisions in buying or selling Smoky Mountain property!
