02/21/2022
Hello Real Estate Fans, Spring's around the corner🌻 and it's time for the 'January Real Estate Market Recap'. 🏠
As the spring market approaches, you may be wondering whether the good times can continue to roll on. If you’re a homeowner, should you take advantage of this opportunity? If you’re a buyer, should you jump in and risk paying too much? Below we answer some of your most pressing questions.
🎈Are we facing a real estate bubble...?
By contrast, the current rise in home prices is based on the predictable results of historically low interest rates and widespread low inventory. Basically, the principle of supply and demand is working just as it’s supposed to do. In addition, experts predict a strong seller’s market throughout 2021 along with increases in new construction.3 This should allow supply to gradually rise and fulfill demand, slowing the rate of inflation for home values and offering a gentle correction where needed.
🚀Median Home Listing Price Continues Steady Double-Digit Growth...
The median national home listing price grew by 13.4% over last year, to $340,000 in January, higher than last month’s growth rate of 12.7%. The nation’s median listing price per square foot also grew by 15.9% compared to last year, an acceleration from the 15.4% growth seen last month. Listing prices grew by an average of 8.8% compared to last year. Among the largest 50 metros, prices are increasing most in northeastern markets, where they are now growing at an average rate of 12.2% over last year, compared to a growth rate of 10.4% for western metros, 8.6% for midwestern metros, and 6.7% for southern metros.
🔍STILL HAVE QUESTIONS? WE HAVE ANSWERS...
While economic indicators and trends are national, real estate is local. We’re here to answer your questions and help you understand what’s happening in your neighborhood. Reach out to learn how these larger movements affect our local market and your home’s value.
