A record number of US homes are worth more than $1 million
Across the nation, the median existing-home price for all housing types during February 2022 was $357,300, up 15% from the same period of last year. This marks 120 consecutive months of year-over-year increases, the longest streak on record.
According to a recent analysis by Redfin, there were more than 6 million homes valued at $1 million or more in February 2022. Never before in the US has this many homes been valued at this level.
Nationwide existing-home inventory is down 15.5% (year-over-year) with 870,000 units available for sale. That equates to a 1.7-month supply at the current pace of sales. With inventory levels at historic lows, it’s not surprising to see that the number of individual existing-home sales has declined.
Sales plunged by 7.2% in February (month-over-month) which was the biggest drop since May 2020.
For the month of February 2022, sales of existing homes throughout the State of Florida declined by 1.5% (year-over-year) due to limited inventory levels and rising prices. Although the number of individual transactions experienced a decline, aggregate dollar volume increased by 15.5% to $18 billion.
The Florida median sale price of $350,000 was up 23%, while the average sale price rose 17.3% to $499,295. Existing home inventory as of the end of February was down 39.1%.
The South Florida Housing Market
The South Florida housing market continued to remain strong with sales of existing homes increasing by 7.8% (year-over-year) during the month of February with total dollar volume of $5.6 billion, a 21.7% increase.
The median home price for February increased by 15.7% to $405,000 (year-over-year). More than 16% of all single-family home transactions in South Florida exceeded $1 million.
With approximately 15,000 homes across all property types available for sale within South Florida, there is only a 1.5 month supply at the current sales levels.
The Greater Orlando Housing Market
Even though sales of existing homes declined by 2.0% (year-over-year), the greater Orlando housing market appears to remain strong during the month of February.
Overall the total dollar sale volume of increased by 17% to $1.6 billion due to rising median home price which increased by 20% to $355,000 (year-over-year). The average sale price increased by 19.8% to $415,093 as the sale of single-family homes over $1 million in price increased by more than 30% (year-over-year).
With approximately 3,200 homes across all property types available for sale within greater Orlando market, there is only a 0.7 month supply of inventory at the current sales levels.
The Tampa Bay Housing Market
The trend in the Tampa Bay housing market is also starting to change as the number of existing home sales declined by 1.9% (year-over-year) during the month of February with total dollar volume of seeing a 23% increase to $2.3 million.
The median home price during the month increased by 29% to $345,000 while the average sale price went up by 25.6% to $412,757 (year-over-year). With approximately 4,000 homes across all property types available for sale within the Tampa Bay market, there is only a 0.6 month supply of inventory at the current sales levels.
The Greater Jacksonville Housing Market
The greater Jacksonville housing market is also reflective of that being witness throughout the state. Sales of existing homes increasing by 1.3% (year-over-year) during the month of February with total dollar volume of $997 million, a 20% increase.
The median home price for February increased by 24% to $333,000 while the average price jumped 18.7% to $392,662 (year-over-year). With less than 3,000 homes across all property types available for sale within the greater Jacksonville area, there is less than one months supply of inventory at the current sales levels.
Are you thinking of selling?
Based on the year-end 2021 data, the current state of the market is highly favorable for seller. If you are a homeowner and are considering selling your personal residence, vacation home or investment property, not may be the perfect time to do so.
Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide. We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.