“The number of residential real estate units sold in 2021 decreased while the dollar volume and average sales price had a significant increase. It is expected that 2022 will remain favorable for sellers, but appreciation is expected to be slower. This could be good news for buyers who could gain negotiating power as the market stabilizes.“
“The 2021 housing market was one for the history books! After three consecutive months of increases recently, existing home sales are on pace o hit their highest level in 15 years, with an estimated 6 million homes sold in 2021 according to the National Association of REALTORS®.
Sales prices reached new heights, inventory hit rock bottom, and homes sold in record
time, often for well above asking price. Mortgage rates, which began the year at historic lows, remain attractive, and homeowners who choose to sell in the coming months can expect to see plenty of buyer activity due to pent-up demand during the pandemic.
Looking ahead, experts anticipate many of the housing market trends of 2021 will continue in 2022, albeit at a more moderate level. Strong buyer demand and inventory shortages are likely to persist over the next year. Home sales are projected to remain strong, but will be tempered by the limited supply of homes, higher sales prices, and rising interest rates, with the Federal Reserve planning multiple rate hikes in the new year. Price growth is expected to slow somewhat as a result, but affordability will likely remain a top constraint for some homebuyers.”**
**Source: Northwest Ohio Realtors – This representation is based in whole or in part on data supplied by the Northwest Ohio Real Estate Information System (NORIS) Multiple Listing Service. NORIS does not guarantee or is not responsible in any way for its accuracy. Data maintained by NORIS may not reflect all real estate activity in the market.