The advancement of work from home and flexibility in the workplace has lowered the expected length of time an owner stays in their home from 10 years to 8 years. These purchases are especially straining on the already-low supply of homes since they take a home off the market without adding one to it. In addition to this, second home purchases are up 17% as of October 2021. Instead of holding off until Spring, buyers are searching for homes quickly to take advantage of the lower interest rates. One of the reasons we believe the market stayed hot throughout the colder months is due to expectations of interest rate increases in 2022.Įconomists predict that interest rates will rise to 3.4% – 4% in 2022. In October 2021, over 42% of sold homes nationwide went for above asking price! The Greater Boston Area was no exception, as nearly every town nearby saw an increase in average sales price in 2021 while maintaining a sales volume similar to that of 2020. However, unlike previous years, the market continued to stay hot through the rest of Fall 2021. In past years, Spring and early Summer tended to be the hottest times to buy and sell homes. One of the biggest changes we are starting to see is the drifting away from seasonality. Just like the rest of the world, we are constantly adapting to match the rapid change that the pandemic brings.

Through the rest of 20, the world of real estate has continued to fire up. Although the real estate world-along with most industries-was all but shut down in Spring 2020, the market roared back to life as soon as buyers and agents were able to safely tour homes. At the beginning of the pandemic, a tangible feeling of uncertainty filled the air. Two years into the pandemic and it feels like it was just yesterday that Covid-19 hit the news.

Housing Market Price Trends & 2022 Outlook

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