A summary of the 2022 market stats and how they affect where we are now.
I hope you’re doing well as you start 2023! Thank you so much for your support in 2022, it was an incredible year, and I am so grateful to you. In the housing market, 2022 was a pretty interesting year as it had two very different directions—things were very fast-paced at the beginning, but interest rates rose mid-year and things slowed down dramatically. Since the market changed so much, I am here with a summary of the important stats from the end of the year.
The number of sales went down by about 16%, and new listings decreased by 3%. The market did need this slowdown, but we still desperately need more inventory, which is lower because many homeowners have 3% or 4% interest rates and they don’t want to give those up. In addition, the average sales price went up 9%, as it was $491,000 in 2021 and $535,000 in 2022.
"Now is a great time for buyers to enter the market and get a good deal."
What do these things mean for buyers and sellers in today’s market? First, sellers must price their homes correctly. The mindset of buyers is changing, so even if sellers do price correctly, they’re probably going to have to offer concessions. Buyers, know that now is a great time to enter the market and get a good deal.
These changes in the market also mean that agents have to get to work. If I can do that for you, please let me know, I would love to help you! I’m very thankful for people like you who support my business and help me put food on the table for my family and clothes on our backs. I’m always here to help, so call or email me anytime.