2022 was an absolute rollercoaster for the real estate market. The extremes your area experienced may have varied, but some cities across the U.S. saw unprecedented pricing increases, and all of the fluctuations may have been a real challenge if you were or are in the market to buy or sell a home. Many markets are now cooling and or stabilizing, but we highly recommend always talking with a local REALTOR® who knows the local market best for insight on where you live.
To see where home prices rose and fell the most, Realtor.com used the following formula, "To determine our rankings, we looked at the year-over-year change in the median price per square foot for the 100 largest metro areas in the country on Realtor.com, from mid-December 2021 to mid-December 2022. Then we pulled out the five markets with the biggest year-over-year increase and the five markets with the biggest decrease. We limited our rankings to only the single largest increase and decrease per state, in order to ensure geographic diversity. (Metros include the main city and surrounding suburbs, towns, and smaller urban areas.)" Keep reading below to see the rankings!
Biggest Price Increases of 2022
Omaha, Nebraska
*Year-over-year change in price per square foot: +21.6% *Mid-December 2022 median listing price per square foot: $181 *Mid-December 2022 median listing price: $342,500
Jackson, Mississippi
*Year-over-year change in price per square foot: +21.6% *Mid-December 2022 median listing price per square foot: $144 *Mid-December 2022 median listing price: $316,000
Wichita, Kansas
*Year-over-year change in price per square foot: +21.5% *Mid-December 2022 median listing price per square foot: $135 *Mid-December 2022 median listing price: $289,900
Milwaukee, Wisconsin
*Year-over-year change in price per square foot: +20.9% *Mid-December 2022 median listing price per square foot: $204 *Mid-December 2022 median listing price: $374,900
Little Rock, Arkansas
*Year-over-year change in price per square foot: +20.1% *Mid-December 2022 median listing price per square foot: $142 *Mid-December 2022 median listing price: $299,900
Biggest Price Decreases of 2022
Boise City, Idaho
*Year-over-year change in price per square foot: -5.8% *Mid-December 2022 median listing price per square foot: $263 *Mid-December 2022 median listing price: $509,900
Denver, Colorado
*Year-over-year change in price per square foot: -5.7% *Mid-December 2022 median listing price per square foot: $280 *Mid-December 2022 median listing price: $599,990
Sacramento, California
*Year-over-year change in price per square foot: -3.1% *Mid-December 2022 median listing price per square foot: $328 *Mid-December 2022 median listing price: $591,500
New Orleans, Louisiana
*Year-over-year change in price per square foot: -2.7% *Mid-December 2022 median listing price per square foot: $179 *Mid-December 2022 median listing price: $325,000
Chicago, Illinois
*Year-over-year change in price per square foot: -1.6% *Mid-December 2022 median listing price per square foot: $188 *Mid-December 2022 median listing price: $320,000
Source:
https://www.realtor.com/news/trends/here-are-the-u-s-cities-where-home-prices-rose-and-fell-the-most-in-2022/?identityID=5b61da44b0162aca25000040&MID=2023_0103_ArticleNL&RID=5526101382&cid=eml_promo_Marketing_NonPRSL_ArticleNL_cons.16041982_2023_0103_ArticleNL-hero-blogs_trends
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