As you may know, 2021 was one hectic year for homeowners and buyers. Home prices rose dramatically and the overall availability of homes dropped. In the new year, you might be asking yourself
Housing Trends in 2022 That You Need to Know
Dated: January 17 2022
As you may know, 2021 was one hectic year for homeowners and buyers. Home prices rose dramatically and the overall availability of homes dropped.
In the new year, you might be asking yourself what the 2022 housing market has in store. Whether you are a buyer or a seller, here are the housing trends you can expect in 2022.
Home prices are slowing
A surge in home prices during the pandemic saw the median price of houses rise from about $280,000 in the month of March 2020 to $362,000 in June of 2021, about a 23% increase. In 2022, the ascent in home prices has finally started slowing down. According to analysts, prices on homes are expected to increase a little slower than they did last year.
Slim pickings for home buyers
Some of the saddest news for home buyers this year is that fewer houses have been listed for sale towards the end of 2021. More people are looking to purchase homes, making it harder for sellers to meet buyer demand. This in turn has made it more difficult for buyers to find good properties.
Mortgage interest rates are on the rise
Lately, the average mortgage interest rates have been low. In fact, the 15 year fixed rate mortgage went down by 2.2% at the beginning of last year before slowly increasing again towards the end of 2021. Homeowners and potential buyers can expect mortgage rates to increase slightly in 2022.
The recent housing market has been, in a word, volatile. If you need help buying a home or you are in the process of selling your house, feel free to reach out to us and we will be able to assist you. We understand the top trends in the real estate market and we will help you avoid hurdles when buying or selling your property.
Contact us at 610-216-9898 and let us help you through your selling or buying journey in 2022.