Quad Cities housing market posts strong start to 2022 as sales and selling prices climb

Quad Cities housing market posts strong start to 2022 as sales and selling prices climb

Home sales in the Quad Cities started the year 11% above January 2021 as buyer competition for the historically low number of homes available continued the months-long trend of rising selling prices, according to the housing market report released today by the Prescott Area Association of REALTORS®. (PAAR). The median home selling price in the Quad Cities increased 16.4% compared to a year ago to reach $415,000. There were 291 closed sales in January. 

Prescott led the way with an 18% increase in sales compared to last January with 118 homes sold. Homes went under contract in a median time of 13 days. The January 2022 median selling price in Prescott was

$555,000, an increase of 16.1% from a year ago. 

Prescott Valley posted the largest increase in median selling price growth at 19.6% above January 2021 and homes there had the shortest time on the market at a median of 8 days. There were 77 closed home sales in Prescott Valley, an increase of 2.7% from a year ago. 

“Strong buyer demand for homes in the Quad Cities is continuing to drive stiff competition for a historically low number of homes listed for sale,” said George Beitzel, 2022 PAAR president. “Looking ahead, Prescott area REALTORS® expect buyers will remain very active and that price growth will continue even as more homes are added to the spring market and interest rates tick upward.” 

“This market offers great opportunities for sellers,” continued Beitzel. “I would encourage anyone who is thinking about selling their home and purchasing another one in our communities to consult with a REALTOR® who can guide you through the sale as well as assist you in finding your next home in this challenging market.” 

Chino Valley had 32 closed home sales, an 8.6% decrease from January 2021. The median sales price was up 11.3% to reach $363,000. Dewey-Humbolt had 22 closed home sales, a 10% increase from a year ago. The median sales price was $400,500.

 There were 423 homes listed for sale in the Quad Cities at the end of January, a 33.4% increase from the January 2021 total of 317. 

Editor’s Note: All data is compiled from the Multiple Listing Service of the Prescott Area Association of REALTORS® and includes single-family, manufactured, mobile, modular, condos and townhouse residential activity in Prescott, Prescott Valley, Chino Valley and Dewey-Humboldt.

About PAAR:

Original story https://www.paar.org/wp-content/uploads/January-2022-Market-Stats-Release.pdf

The Prescott Area Association of REALTORS® (PAAR) is the trade association representing more than 2,000 REALTORS® serving the greater Quad Cities area. Established in 1944, PAAR’s mission is to advocate for private property rights, and provide its members with resources to foster their business success. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®.