“We’re starting to push limits as it relates to home prices and income,” Wollam said. With rising interest rates and rising home prices, Wollam said activity could slow down. But how much inflation will impact interest rates is not certain. Inflation and rising interest rates will play a part. Professionals realized they could sell their city homes for a record price and move to a home with more space for less money and away from the urban hustle. Still, interest rates are rising, which will mean that a homeowner’s monthly payments will be higher even if home prices don’t increase.īecause of this, Wollam said that he expects next year’s price increases to be smaller. Home prices Statistics just released from the National Association of Realtors (NAR) show that the median sale price of homes skyrocketed from 274,600 in 2019 to 353,400 in 2021. That’s what the market shows us,” Wollam said. “It’s not sustainable, but I’d see prices increasing like they did last year. With such a low inventory, expect prices to continue to rise.
The best indicator for where home prices are trending is to look at months of real estate inventory. Typically, appreciation in home value is seen most in the first part of the year, when activity starts to build up. However, the same metric was $410,000 in November of last year. It isn’t necessary to detail every single thing in your home, especially if that item is perishable or the quantity is frequently changing. The median sale price in November came in at $483,500, $1,500 less than the median sale price in October. Creating a home inventory doesn’t have to be complicated.
There were 741 new listings on the market, which is down 893 from October. There were 18.9 percent more closed sales this November than there were in 2019. Last year, there were 825 closed sales in November, but Wollam warns 2020 is not the best comparison. There were 810 closed sales in November of this year and 897 in October. Normally, sales decrease in November and into December, which seems to be the case this year. There’s been less than a month’s worth of inventory all year. For all active listings, the inventory was slightly more than two weeks, which is what inventory dipped to in December of last year. In a healthy market, turnover would happen in 60 days, the broker said. That means all of the homes on the market are selling, and it’s happening twice a month. If you’re looking to buy a house, there’s slightly less than two weeks of inventory. The total number of available homes was 312. Not all of those were readily purchasable or move-in ready, however - 13 had purchase contingencies, 93 were under construction and 104 were proposed but not yet being built. It’s kind of more of the same, said Terry Wollam, broker at Wollam and Associates, when asked about the latest market action real estate report.Īs of the November report from the Regional Multiple Listing Service, there were 522 active home listings.
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