Feb. 28, 2023 – Buyers are braving the housing market, even as mortgage rates continue their roller-coaster ride and inventory remains low. That’s according to the latest data from the ShowingTime Showing Index®, which in January posted the largest monthly increase for any January since the index began.
January was also the Showing Index’s highest point since May 2022, when housing market activity was in a swift decline as buyers balked at rising mortgage rates.
Regionally, the Northeast had the largest monthly increase, with buyer foot traffic up 67.5% since December. The West was next, which, despite having the largest yearly decrease of any region, saw showings increase 65.5% in January. The Midwest clocked in at 63%, and the South rounded things out with a 49.5% increase in showings last month.
A majority of markets averaged between four and nine showings per listing, up from December’s range of two to seven showings per listing. Notably, Seattle was the only major metro to see double-digit showings per listing in January, with on-market homes averaging 10.16 showings in the city — a 56% increase from December. Chicago’s ratio of showings to listings is also up more than 50% since December, and down just 13% from a year ago, when the market was nearing its all-time highs in showing activity, home prices and sales.
“It’s typical to see a seasonal increase in home showings in January as buyers get ready for the spring market, but a larger increase than any January before after last year’s rapid cooldown is significant,” said Mike Lane, vice president of sales and industry for ShowingTime+. “Mortgage rate activity this spring will play a big role in sales activity, but January’s home showings are a positive sign that buyers are getting back out there and the housing market is heading toward a new, more sustainable ‘normal.’”
The jump in spring market activity means that more buyers are competing for already scarce listings. While a frenzy similar to what the market experienced at its pandemic peak is unlikely, Offer Manager from ShowingTime+ is a game changer for agents who want a better way to receive, present and respond to offers on their listings. With Offer Manager, listing agents can send a professionally formatted side-by-side comparison of all the offers received on a home to a seller, from a phone or laptop, in about 30 seconds.
|Metropolitan Area||Ratio of Showings to Listings||Year-Over-Year Change||Month-Over-Month Change|
|Dallas–Fort Worth, TX||8.26||-49%||41%|
|Las Vegas, NV||3.85||-37%||35%|
|Los Angeles, CA||5.28||-42%||27%|
|Miami–Fort Lauderdale, FL||7.83||-43%||34%|
|Minneapolis–St. Paul, MN||7.92||-26%||46%|
|New York, NY||8.79||-23%||45%|
|St. Louis, MO||8.49||-20%||46%|
|San Francisco, CA||4.98||-27%||10%|
|Virginia Beach, VA||9.63||-31%||43%|
 The ShowingTime Showing Index is compiled using data from more than 6 million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received for active listings during the month, then reports the numbers by region and nationally.
 Calculated using the average number of buyer showings per active listing on a monthly basis. January 2023
 January 2022–January 2023
 December 2022–January 2023