With the start of a new year, homebuyers and real estate professionals are taking a look at how the real estate market is performing. Well, there’s good news for those working in real estate. Despite ideas that home sales – and buyer demand would decrease in 2022, there have been no signs of that.
We’ve talked plenty in this blog on how buyers/sellers and real estate professionals alike can successfully navigate the busy market. However, we also wanted to recap some industry news that shows exactly how active it has been here in our local market and across the country.
Realtor.com’s Monthly Housing Report highlights how the 2022 market is already just as competitive as 2021’s. Even more so, as the weather starts warming up in the spring months, the market is also set to accelerate! Some believe this spring will be the hottest homebuying season yet.
As Devyn Bachman, vice president of research at John Burns Real Estate Consulting, puts it, “Spring buying has sprung, and it’s wild, and it’s crazy out there.”
According to Realtor.com, the typical home sold in 61 days in January, which is 10 days less than in January of last year. For more context, that’s also nearly a month faster than the usual pace of sales in January between 2017 and 2020. While both buyers and sellers are usually slow to enter the market in January, this year’s sellers appear to be the only ones waiting to get into the housing market.
Though homebuyers were active in the month of January, the number of homes for sale lagged far behind demand. Active listings were down 4.8 percent when comparing January 2022 to January 2021. This was a main contributor to rapid price increases and a projected hot market.
Nationally, the median listing price for a home was $375,000 in January 2022. This is a 10.3 percent increase compared to January 2021, which represents a 25 percent jump over the median listing price in January 2020.
We are happy to see this news and are even more excited to watch the spring market heat up along with the weather. Trust our team to be your title and closing provider, no matter how “mad” March seems in the world of real estate.
