What Really Happened in 2022's Housing Market
Wrapping up the 2022 housing market and seeing how it affects us today.
How did the market end up in 2022? As we enter 2023, it seems as though many people are still feeling a bit of a 2022 hangover. To help with this, we thought we’d share some statistics to wrap up the year.
Compared to December 2021, the sales prices went down 4.5%. With interest rates rising, prices have gone down to keep things affordable. Also, the number of sold transactions went down 46%. The second half of 2022 certainly had a big falloff in sales, but it’s tough to compare because 2020 and 2021 were so abnormal.
Inventory went up in 2022, which is a big difference between today’s market and that of 2008. Back then, inventory went from three months to 12 months practically overnight, so things are looking better today. As 2022 ended, our market had about three months of inventory, which is still technically a seller’s market, even though many things are in favor of buyers today.
If you are thinking about buying, don’t let the interest rates concern you. They’re still affordable, and you might as well secure the house you want to live in. Then if interest rates go down, you can refinance, which some lenders are starting to offer for free now, which is very exciting.
During the pandemic, many buyers were settling for houses they didn’t truly want just to make sure they got something. Therefore, many of those people are starting to enter the market again to try to find something better suited to them. If that’s you, know that we can help you get into your dream home!
Overall, there are great opportunities for both buyers and sellers in today’s market. Click here to view the market stats we discussed. If you want our help running numbers for your specific situation, please reach out! You can call or email us anytime, and we would love to help you.