Let’s go over all the most recent stats for our housing market.
Where are home prices headed in 2022? Today we’re going to look at the January 20222 housing market using our data from December. The number one thing on peoples’ minds is rising interest rates. Rates have increased from about 3.1% to 3.64%. These increases put a lot of pressure on people to buy a home quickly and lock in these rates.
We don’t know where interest rates are going exactly, but inflation is at an all-time high, so they will likely rise. I think we might hit 4% soon, but some experts say we will hit 4% and drop back down.
Inventory is so extremely low. We have only 1,385 homes available; that’s less than 1,000 single-family homes and 400 attached homes. A year ago, we were hovering around 3,000 homes, which was considered low still.
I anticipate that inventory will increase in the next couple of months as we enter Q2 and buyers enter the market in full force. However, there are still plenty of buyers in our current market. There’s not a lot available, but when a great, well-marketed home becomes available, it flies.
However, other homes are not marketed well at all, and they are driving up the days on market. We’re seeing an average of 22 days on market, which is up one day from last month. You can see this slow uptick over the past few months, but again, hot homes are still moving fast.
The sale-to-list price ratio is around 102%, meaning that homes sell for above list price on average, but again, that depends. Properties that have been on the market longer will sell under list price.
If we didn’t put any additional homes on the market, we would sell our remaining inventory in half of a month. For townhomes, we’re at 0.3 months of inventory.
If you’re thinking about selling, this is a great time to do so. We can prepare your home, market it, and make sure it sells for top dollar. If you’re thinking about buying, there’s not a lot to choose from, but you do have a chance to lock in these low interest rates.
If I can help you buy or sell a home or just answer any questions you have, please reach out via phone, text, or email. I’d love to hear from you.