Market Updates March 16, 2022

2021 Real Estate Trends

National Real Estate Trends

  • Americans will have a better chance to find a home in 2022, but will face a competitive seller’s market as first-time buyer demand outmatches the inventory recovery. Additionally, with listing prices, rents and mortgage rates all expected to climb while incomes rise, 2022 will present a mixed bag of housing affordability challenges and opportunities.
  • More sellers are expected to enter the market as buyer competition remains fierce and we anticipate strong home sales growth.
  • Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise.
  • Suburbs still the place to be. The pandemic continues to shift what Americans look for in a home.
  • Here is the 2022 Forecast for Key Housing Indicators

Housing Indicator                     2022 Forecast                     2021
Housing Data Expectations
Existing Median Sales Price
Appreciation                                            Up 2.9%                                            Up 12%
Existing Home Sales                              Up 6.6%                                            6.0 Million
Existing Home For Sale Inventory      Up 0.3%                                           Down 18%
Mortgage Rates                                       Ave. 3.3%                                         Ave. 3.0%
Single Family Home Starts                   Up 5%                                              Up 15%
Homeownership Rate                            65.8%                                               65.5%