GSREIN recently put out its annual report with pertinent information of real estate listed and sold in 2021. Below are some interesting takeaways from that report.
Demand continued to be "driven by pandemic-induced changes to housing needs and preferences".
Inventory remained low.
Home seller activity did not rise proportionally to meet demand.
The robust seller's market continues to strengthen.
Multiple offer scenarios are driving up prices.
Overall median sales price increased 9.3% to $256,950.
The prices of single-family homes were up 8.8% while condo and townhomes were up 15.8%.
Properties with 3 bedrooms saw the greatest increase in sales price.
There were 1,713 active listings at the end of 2021 compared to 2,894 active listings at the end of 2020.
New listings decreased by 4.6%
What to expect in 2022
GSREIN believes this year looks to "continue trends seen in the last 18 months, pushing home prices higher still".
Mortgage rates are likely to rise and will affect home affordability.
If you'd like a FREE property analysis to see what your home could be worth, contact
Chuck Stall REALTOR® at 504-432-0263 or email firstname.lastname@example.org.