Report: Downey had 14th hottest real estate market in 2022

Photo by Alex Dominguez

DOWNEY – Among all small U.S. cities, Downey had the 14th hottest real estate market of 2022, according to a report released Monday. 

The report from Construction Coverage revealed that nearly 62% of Downey homes sold in 2022 closed above asking price. 

The median sales price was $798,509 and the median number of days on market was 33.1. 

Only 18.3 percent of home listings in Downey saw a price reduction. 

Downey’s success in the real estate market comes despite rising interest rates and concerns about inflation. 

Home prices exploded during the COVID-19 pandemic while interest rates were low, household savings and investment returns were high, and more people were spending time at home. 

Construction Coverage compiled its report using data from Redfin’s Data Center. To determine the locations that had the hottest real estate markets of 2022, researchers at Construction Coverage created a composite score, equally weighting the following metrics:

One-year change in median sale price (Dec 2021–Dec 2022)

Share of homes that sold above asking (2022)

Median number of days on the market (2022)

Average sale-to-list percentage (2022)

Share of listings with price drops (2022)

To improve relevance, only cities with at least 100,000 residents were included, and cities were grouped into cohorts based on population size: small (100,000–149,999), midsize (150,000–349,999), and large (350,000 or more).