Introduction

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.

Buyer Demand

• 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.

Pricing

• 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.

Listings

• 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 chuck@gnorealty.com.