flexiblefullpage - default
Currently Reading

The Nation’s Hottest Housing Markets Are Finally Cooling

billboard - default
Housing Markets

The Nation’s Hottest Housing Markets Are Finally Cooling

Local housing inventories are climbing in some of the nation's most in-demand metros and suburbs, signaling greater affordability and more opportunities for home purchases in the near future

June 30, 2022
Chicago skyline view from suburb
Image: Stock.adobe.com

In the wake of yet another steep mortgage rate hike enacted by the Federal Reserve, the nation’s hottest housing markets are cooling off and for-sale inventories are climbing. Located southwest of Chicago, Joliet, Illinois recorded a 188.3% year-over-year gain in available inventory from 163 homes for sale in May 2021 to 470 homes in May 2022, while the number of home sales has leveled off. In May 2021, the typical Joliet home lasted on the market a total of 5 days, but just one year later, that time frame has grown by 760% to a median of 43 days, Forbes reports.

California markets have also seen significant growth in available inventory, with Sacramento suburbs like Roseville and Elk Grove posting year-over-year growth totaling 132.7% and 112.3%, respectively.

From a for-sale inventory of only 81 homes in May 2021, Elk Grove’s housing inventory grew by 112.3% over the last year, reaching 172 homes available in May 2022. While an available inventory of 172 homes is less than May 2020’s 195 homes or May 2019’s 309 homes, the year-over-year increase in Elk Grove’s inventory is striking. The growth in home prices has also slowed in the Elk Grove housing market. From May 2020, when the median sale price was $440,000, it increased by 36.4% in a single year, reaching $600,000 in May 2021.

Read more

leaderboard2 - default

Related Stories

Market Data + Trends

A Look at Homeownership Rates Across the Nation

Data for homeownership rates in the 100 largest US cities show Port St. Lucie, Fla., in the top spot, while West Virginia is the state with the most homeowners

Housing Markets

4 Cities Where Housing Inventory Now Exceeds Pre-Pandemic Levels

San Antonio leads with the greatest surge in the number of homes available post-pandemic

Housing Markets

10 Markets Where First-Time Homebuyers Can Get a Foot in the Door

Buying a home can be particularly challenging for first-time buyers in today's market, but these markets hold promise with more affordable options 

boombox1 -
native1 - default
halfpage2 -

More in Category

Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness

NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs

Sure there are challenges, but overall, Pro Builder's annual Housing Forecast Survey finds home builders are optimistic about the coming year

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.