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5 hottest, coolest housing markets as of February 2022

homes in San Jose
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The U.S. housing market is getting hotter, according to data from Movoto by OJO, a real estate search site.

Fully 40 percent of homes sold in February fetched more than their list price, up from 36 percent in January. That reverses a cooling trend in recent months.

The housing market remains a tough one for buyers. Inventories fell to record lows in January, according to the National Association of Realtors, and competition for homes is fierce.

The 5 hottest housing markets

California dominated the list of the most competitive housing markets:

  1. San Francisco-Oakland-San Jose. In the nation’s most competitive metro area, 71 percent of homes sold above list price. Homes in the Bay Area sold for an average of $137,588 above list price.
  2. San Diego. Fully 63 percent of homes sold above list price, going for an average of $32,648 above list price.
  3. Los Angeles. Some 59 percent of LA homes went above list price, and the overall average price of homes was $17,349 above the asking price.
  4. Sacramento-Stockton-Modesto. This market also saw 59 percent of homes fetching more than the asking price. Sales averaged $8,425 over listing price.
  5. Denver. This metro area saw 58 percent of properties selling above asking price. The average premium was $17,834.

The 5 coolest housing markets

At the opposite end of the competitiveness scale, two Wisconsin markets were cold.

  1. Green Bay-Appleton, Wisconsin. In the nation’s least competitive metro area, 0.1 percent of homes sold above list price in February.
  2. Norfolk-Portsmouth-Newport News, Virginia. Just 6 percent of homes sold above list price in February.
  3. Madison, Wisconsin. OJO says 15 percent of homes went for more than the asking price.
  4. Mobile, Alabama-Pensacola-Fort Walton Beach, Florida. Some 24 percent of properties sold for more than asking.
  5. Fort Myers-Naples, Florida. In this metro area, 25 percent of homes sold above their list prices.
Movoto by OJO is a unit of OJO Labs, a business partner of Bankrate.

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Written by
Jeff Ostrowski
Senior mortgage reporter
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.