The typical home sold in 61 days in January, down 10 days from January 2021 and nearly a month (29 days) faster than the typical pace of January sales between 2017 and 2020, according to Realtor .com. In some of the hottest markets, such as Nashville, San Diego, San Jose, Denver and Raleigh, homes sold in 36 days or less in January.

While buyers were active in the market in January, the number of homes for sale remained well below demand. The number of active listings on the market – which includes all homes listed for sale, not just newly listed ones – fell 28.4% in January 2022 compared to January 2021. It fell 60.4 % compared to the number of active registrations in January. 2020. New listings, which are the first to come on the market during the month, were also down 9.1% from January 2021 and 17.9% from January 2020.

This imbalance between demand and supply contributes to the rapid increase in prices. The median listing price rose 10.3% in January 2022 from January 2021 to $375,000, representing a jump of 25% from the median listing price in January 2020.

While buyers and sellers are typically slow to enter the market in January, this year’s sellers appear to be the only ones waiting to enter the housing market, according to Realtor.com analysis. Beyond seasonality, other factors that appear to be creating hesitation among sellers are concerns about potential coronavirus outbreaks and housing shortages.

Sellers typically buy their next home, so they face the same lack of inventory, particularly because new homes aren’t being built fast enough to keep up with demand.

Price appreciation is expected to slow somewhat later in 2022 when interest rates are expected to rise. One of the reasons buyers may be in the market and be fiercely competitive is the desire to buy before mortgage rates rise again.

In the DC area, the median listing price in January 2022 was $500,000, according to Realtor.com, 2.2% higher than the median listing price in January 2021. Active listings fell by 4.8% comparing January 2022 to January 2021.

To see statistics for each of the 50 most populous metropolitan areas in the United States, click here.