February’s benchmark selling price of $499,000. While there was a nearly 6% increase in month-over-month prices, February saw a meaningful 16.1% increase from 2021 to 2022.
What is a benchmark price? The benchmark price is the estimated value of a “typical” home in a community, based on the most popular combination of features, e.g. age, size, number of bedrooms and bathrooms.
Sales and Inventory
February brought in 3,505 real estate sales, which is a whopping 80.5% more than February 2021. The inventory for the month sits at 3,600, about 20.4% less than 2021.
While there was a decrease in year-over-year inventory, February 2022 still saw significant and important increases in the housing market.