The spring buying season is usually a period of fast-paced activity from buyers and sellers alike, but with home prices falling from their peak and mortgage rates once again nearing 7%, many would-be sellers are waiting on the sidelines and choosing not to list their homes. A sellers' market is losing steam amid a nationwide housing correction, but in some regional markets, homes are still selling at a breakneck pace.
In smaller, more affordable metros such as Davenport, Iowa, Montgomery, Ala., and Wichita, Kan., double-digit year-over-year increases in price per square foot mean sellers still have the upper hand, even as the rest of the nation is hit with a housing downturn.
With a median listing price just below $209,000 in February, Davenport homes cost around half of the national median list price of $414,950, according to the most recent Realtor.com data.
Astonishingly, those prices are up almost 40% compared with the same time last year. On top of that, homes are selling faster now than they did a year ago—one of only five of the 150 largest metros across the U.S. where the time homes spent on the market is less now than last February.
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