Zillow Report: Inventory Down 40% From Pre-COVID Level as Price Growth Intensifies
Friday, January 21st, 2022
The home shopping season appears to already be in full swing, as anxious buyers outnumbered dwindling new listings and drove inventory to record low levels in December. Limited supply is already pushing price growth up, as Zillow®'s latest market report1 shows monthly home value appreciation accelerated for the first time since July.
While December typically sees a sharp decline in newly listed inventory, the 18.9% monthly drop seen last month was the largest in the past three years. The rise of the omicron variant of coronavirus could be partially responsible, pushing homeowners to wait for infection rates to subside before listing. Workers are also less certain about their long-term working arrangements, which could impact their plans to move. A December survey2 conducted by Zillow found that 52% of workers reported that their employer had announced post-pandemic work arrangements — a lower share than was reported in June 2021. One possible explanation is that the rise of new coronavirus variants has caused employers to push back in-person start dates indefinitely.Workers whose employer has announced post-pandemic work arrangements are more likely to say they are considering a move within the next three years: 51%, versus 41% for those whose employers have not lined out a plan. Rent growth slows
Typical rents rose a record 15.7% year over year in December, to $1,855 per month. However, monthly growth was 0.7% in December, the lowest monthly growth seen since February. Rents grew year over year in all 50 of the nation's largest metros. Annual rent appreciation was fastest across the Sunbelt, led by Miami (29.6%), Tampa (28.6%), Phoenix (26.0%) and Las Vegas (25.1%).
Metropolitan Area* |
Zillow Home Value Index (ZHVI) |
ZHVI – Year- over- Year Change |
ZHVI – Month- over- Month Change |
For-Sale Inventory Year-over- Year Change |
Median Days to Pending |
Zillow Observed Rent Index (ZORI) |
ZORI – Year- over- Year Change |
United States | $320,662 | 19.6% | 1.4% | -19.5% | 13 | $1,855 | 15.7% |
New York, NY | $573,813 | 12.5% | 0.6% | -25.4% | 37 | $2,772 | 16.2% |
Los Angeles– Long Beach– Anaheim, CA | $868,350 | 17.9% | 1.1% | -29.7% | 13 | $2,747 | 13.4% |
Chicago, IL | $289,595 | 13.6% | 0.9% | -22.8% | 22 | $1,735 | 10.4% |
Dallas–Fort Worth, TX | $344,919 | 25.2% | 1.7% | -24.0% | 17 | $1,719 | 17.9% |
Philadelphia, PA | $313,529 | 14.7% | 0.7% | -9.3% | 13 | $1,740 | 11.4% |
Houston, TX | $278,685 | 19.3% | 1.2% | -17.5% | 14 | $1,519 | 11.9% |
Washington, D.C. | $526,296 | 11.9% | 0.6% | -4.4% | 12 | $2,119 | 11.7% |
Miami–Fort Lauderdale, FL | $397,603 | 22.3% | 1.9% | -48.0% | 18 | $2,564 | 29.6% |
Atlanta, GA | $338,243 | 27.4% | 2.4% | -27.8% | 10 | $1,882 | 21.6% |
Boston, MA | $612,114 | 14.3% | 0.8% | -25.7% | 10 | $2,608 | 13.7% |
San Francisco, CA | $1,374,739 | 17.3% | 0.8% | -21.6% | 13 | $3,044 | 10.4% |
Detroit, MI | $226,372 | 15.0% | 0.7% | -4.8% | 13 | $1,384 | 11.0% |
Riverside, CA | $534,393 | 26.2% | 0.9% | -7.1% | 14 | $2,469 | 18.1% |
Phoenix, AZ | $427,451 | 31.8% | 1.4% | -9.5% | 14 | $1,858 | 26.0% |
Seattle, WA | $718,944 | 22.2% | 1.6% | -22.9% | 6 | $2,132 | 17.3% |
Minneapolis–St. Paul, MN | $353,505 | 12.6% | 0.8% | -6.0% | 21 | $1,610 | 5.6% |
San Diego, CA | $834,199 | 23.6% | 1.4% | -28.4% | 9 | $2,757 | 17.2% |
St. Louis, MO | $224,320 | 14.1% | 1.0% | -23.5% | 8 | $1,210 | 10.9% |
Tampa, FL | $327,618 | 29.7% | 1.7% | -24.7% | 7 | $1,985 | 28.6% |
Baltimore, MD | $353,016 | 11.6% | 0.6% | -9.6% | 11 | $1,793 | 12.1% |
Denver, CO | $588,328 | 22.5% | 1.6% | -40.3% | 6 | $1,873 | 14.8% |
Pittsburgh, PA | $201,584 | 15.4% | 0.7% | -7.8% | 23 | $1,289 | 7.8% |
Portland, OR | $540,550 | 18.1% | 0.9% | -14.7% | 8 | $1,810 | 12.8% |
Charlotte, NC | $336,085 | 26.9% | 1.8% | -23.6% | 6 | $1,704 | 19.5% |
Sacramento, CA | $574,383 | 21.5% | 0.6% | -30.5% | 9 | $2,195 | 13.0% |
San Antonio, TX | $277,236 | 21.9% | 1.8% | -28.6% | 12 | $1,392 | 15.7% |
Orlando, FL | $340,123 | 23.5% | 2.1% | -30.3% | 8 | $1,887 | 23.8% |
Cincinnati, OH | $240,833 | 16.0% | 0.9% | -12.6% | 6 | $1,401 | 10.2% |
Cleveland, OH | $200,895 | 15.9% | 0.7% | -33.5% | 12 | $1,209 | 9.7% |
Kansas City, MO | $264,395 | 18.2% | 1.2% | -7.6% | 5 | $1,258 | 9.9% |
Las Vegas, NV | $395,943 | 26.8% | 1.7% | -26.0% | 10 | $1,822 | 25.1% |
Columbus, OH | $271,956 | 16.4% | 1.2% | -7.6% | 5 | $1,350 | 10.7% |
Indianapolis, IN | $244,052 | 19.3% | 1.8% | -9.8% | 5 | $1,368 | 12.4% |
San Jose, CA | $1,536,201 | 17.2% | 1.4% | -31.4% | 14 | $3,007 | 9.2% |
Austin, TX | $545,850 | 44.6% | 2.2% | 14.6% | 21 | $1,782 | 24.4% |
Virginia Beach, VA | $301,273 | 14.7% | 1.1% | -17.4% | 22 | $1,539 | 14.3% |
Nashville, TN | $393,938 | 27.1% | 2.8% | 7 | $1,788 | 18.9% | |
Providence, RI | $417,771 | 19.0% | 1.0% | -31.6% | 13 | $1,739 | 12.6% |
Milwaukee, WI | $250,900 | 13.0% | 0.2% | 36 | $1,217 | 7.3% | |
Jacksonville, FL | $321,420 | 27.7% | 2.1% | -21.9% | 10 | $1,718 | 24.0% |
Memphis, TN | $209,211 | 19.5% | 1.6% | -1.2% | 20 | $1,468 | 16.4% |
Oklahoma City, OK | $198,154 | 15.7% | 1.5% | -12.6% | 7 | $1,216 | 11.9% |
Louisville– Jefferson County, KY | $224,727 | 14.1% | 1.1% | -3.7% | 9 | $1,183 | 9.0% |
Hartford, CT | $296,333 | 15.2% | 0.6% | -32.9% | 15 | $1,583 | 10.5% |
Richmond, VA | $305,227 | 14.4% | 1.2% | -15.6% | 6 | $1,518 | 14.7% |
New Orleans, LA | $254,376 | 14.4% | 1.3% | -22.4% | 9 | $1,461 | 18.2% |
Buffalo, NY | $226,354 | 19.1% | 0.4% | -11.0% | 12 | $1,085 | 10.2% |
Raleigh, NC | $399,332 | 30.7% | 2.1% | -39.2% | 5 | $1,663 | 18.4% |
Birmingham, AL | $219,531 | 16.9% | 1.6% | -25.7% | 6 | $1,285 | 10.7% |
Salt Lake City, UT | $553,658 | 27.6% | 1.6% | -12.0% | 8 | $1,634 | 19.1% |
*Table ordered by market size |
2 Zillow Group conducted a nationally representative survey of U.S. adults in mid-December 2021 and asked 824 adults about their plans to move, their view of current housing prices and their anticipated work arrangements.