Home prices in 2022
If you've even been keeping one eye on the market this past year you know how different it has been. While we don't have a crystal ball to predict the future, we are hearing indications that the market will have home prices climb higher next year but at a speed significantly slower than the swift pace seen this year.
The median home-sale price is expected to rise by 5.7% in 2022, according to a National Association of Realtors (NAR )survey of more than 20 economic and housing industry experts. The Median home sales price was $353,900 nationally in October. Home prices rose 8.7% in 2020, and are forecast to grow 14.6% in 2021. (NAR) Next year’s pace would still exceed pre-pandemic levels. Home prices rose 4.3% in 2019. If you are curious what your area average is looking like, check out the Q3 market stats flipping book for Philadelphia and New Jersey.
Stronger sales are going to be observed due to the increase in the sales workforce. With the pandemic looming to be over, more people are getting back to their jobs. Also, more people are now investing in the real estate market.
With these numbers, we are now seeing a positive market. Prices are no longer the way they used to be. So if you are thinking of selling your home, contact us to get your free market evaluation of the price.