Real Estate Market Update

July 08, 2022

Here are my four predictions for the second half of 2022’s market.

It’s difficult to believe, but the year is half over. Our market has been crazy so far—what does the rest of the year have in store for us? Today I want to look at current market trends and predict what our housing market will look like for the rest of 2022. There are four main factors I expect to see:

1. Home sales will slow down. Last year was a record year for home sales. Even if everything else stayed the same, it’s highly unlikely we would maintain that level of sales two years in a row. That doesn’t mean it’s a bad time to sell. You can still get a fantastic deal for your home, but don’t expect the crazy market we saw during the height of the pandemic.

2. Interest rates will remain high or increase. Interest rates have nearly doubled since the beginning of 2022. No one knows for sure, but it seems likely that rates will continue to rise throughout the year. This will have a significant impact on buyers’ purchasing power.

“Home prices won’t fall as long as supply remains this low.”

3. More listings will come on the market. Our inventory has been so low for so long that more inventory is a welcome change. However, I don’t believe a huge wave of supply is coming. Instead, more homes will stay on the market longer, and inventory will increase steadily.

4. Home prices are unlikely to fall. Despite higher interest rates and housing inventory, prices probably won’t crash. Our supply is still low, and prices won’t fall as long as that remains the case. Home values might not appreciate as quickly as they have recently, but they will increase.

If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!

 
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