2021 was a great year for home sellers. Record low inventory combined with low interest rates sparked the hottest seller's market in several decades. It wasn't uncommon to see homes fly off the market in less than a day, while bidding wars often drove sales 10-15% over asking price.
While typical real estate seasonality has cooled things off just a bit over the last couple of months, many sellers are wondering what to expect in 2022. If you weren't ready to list your home this year, you might be wondering if you missed the boat.
While there are most certainly changes ahead in 2022, it's still likely to be a great time to list your home. Here is what to expect:
The hot seller's market of 2021 is likely to cool off in 2022. Despite increases in inventory and higher interest rates, we're still likely to see a seller's market next year. As home prices continue to appreciate, it's likely still a great time to list your home.
Have any questions? Carl can help! Click here to read some common Sellers Q&As with Carl!
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Per the December report from Triangle MLS:
"The 2021 housing market was one for the history books. After three consecutive months of increases recently, existing home sales are on pace to hit their highest level in 15 years, with an estimated 6 million homes sold in 2021 according to the National Association of REALTORS®. Sales prices reached new heights, inventory hit rock bottom, and homes sold in record time, often for well above asking price. Mortgage rates, which began the year at historic lows, remain attractive, and homeowners who choose to sell in the coming months can expect to see plenty of buyer activity due to pent-up demand during the pandemic."
In Chatham County, there was a 0.1% increase in new listings in December. The number of closed sales increased from 1,454 to 1,568, a 7.8 percent increase. Median sales prices also increased by 17.1 percent. In December, Chatham County median sales price was on par with the median sales price for all MLS listings.
In Durham County, closed sales have increased 3.3 percent year to date. Median sales price has increased 33.3 percent when compared to December last year, moving from $300,00 to $400,000. Average sales price increased by 20.4% year to date. In December, the Durham County median sales price was higher compared to the median sales price of all MLS listings.
The number of listings in Orange County has increased by 7.1 percent, from 2,040 new listings year to date last year to 2,185 new listings this year. There was a 8.4 percent increase in closed sales. Additionally, median sales price increased by 23.5 percent, from $328,000 to $405,072. In December, Orange County median sales price were below the median sales price for all MLS listings.
The number of listings in Person County has increased by 5.1 percent, from 475 new listings year to date last year to 499 new listings this year. There was a 13.5 percent increase in closed sales. Additionally, median sales price increased by 10.5 percent, from $199,000 to $219,900. In December, Person County median sales price was far below the median sales price for all MLS listings.
In Wake County, there was a decrease of 4.5 percent in the number of new listings year to date compared to last year. The number of closed sales decreased 0.7 percent. Median sales prices increased by 17.0 percent year to date, rising to $395,000. Compared to the median sales price for all MLS listings, Wake County median sales price were on par for September.
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Interested in buying or selling your home in 2022? After a record breaking two years in the housing market, this can seem like a daunting task. Luckily, Carl will help you throughout the process to ensure that everything goes as smoothly as possible! Read below on what to expect for the upcoming year.
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