The 2022 real estate market beins where 2021 left off, in which existing home sales reached their highest level since 2006, with the National Association of REALTORS® reporting sales were up 8.5% compared to the previous year as homebuyers rushed to take advantage of historically low mortgage rates. Home sales would’ve been even greater were it not for soaring sales prices and a shortage of homes for sale in many markets, forcing a multitude of buyers to temporarily put their home purchase plans on hold.
New listings decreased 3.8 percent for Single Family homes but increased 3.2 for Townhouse-Condo homes. Pending Sales increased 8.5 percent for Single Family homes but decreased 3.3 percent for Townhouse-Condo homes. Inventory decreased 14.7 percent for Single Family homes and 43.1 percent for Townhouse-Condo homes.
Supply of Inventory Decreases Month’s Supply of Inventory decreased 18.2 percent for Single Family homes and 55.0 percent for Townhouse-Condo homes.
Median Sales Price Increases Median Sales Price increased 9.7 percent to $221,851 for Single Family homes but decreased 1.1 percent to $130,000 for Townhouse-Condo homes.
Average Days on Market Decreases Days on Market decreased 17.6 percent for Single Family homes and 70.8 percent for TownhouseCondo homes.
For many buyers, 2022 marks a new opportunity to make their home purchase dreams a reality. But it won’t be without its challenges. Inventory of existing homes was at 910,000 at the start of the new year, the lowest level recorded since 1999, according to the National Association of REALTORS®, and competition remains fierce. Affordability continues to decline, as inflation, soaring sales prices, and surging mortgage interest rates reduce purchasing power. The sudden increase in rates and home prices means buyers are paying significantly more per month compared to this time last year, which may cause sales to slow as more buyers become priced out of the market.
If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.
If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
