What’s Happening in our Real Estate Market?
Here’s what the latest numbers from January mean for buyers and sellers.
2022 picked up right where 2021 left off. Home sales have reached their highest levels since 2006, and there would have been even more if we had more inventory. First, I want to compare the latest market numbers from January to those from December 2021 so that we can get a better idea of where our market is heading.
Our average sales price increased by 0.34%, which makes the current average price $419,000. The average days on market was up by 15.4%, so the average home sells in 15 days. Meanwhile, inventory was down by 24.4%. There are currently about 1,850 houses on the market, so our supply is extremely limited. Despite this, listings were up 16.6%.
Now that we know how things have changed recently, let’s compare the numbers from January of 2022 to those from January 2021. Since last January, our average sales price has increased by 19% across the Triangle area. The average days on market was down by 34.8% as well. Inventory shrunk by 34.6%, and closed sales decreased by 5.7%. New listings were down by 18.2%.
"Buyers will need to work with a great real estate team to compete in this market."
This is all great news for sellers. As inventory continues to shrink, our market gets faster. Some homes are even selling before they hit the market. One of my listings had 20 sight-unseen offers during the coming-soon stage.
The only problem sellers face is buying a new home once they sell. Competition remains fierce, and as interest rates rise, a flood of buyers will enter the market looking to take advantage of low rates while they last. Buyers need to be prepared and work with a great team because 2022 will be a strong seller’s market once again.
As always, you can call my team with any questions or text SAVVY to 21000 to find out the value of your home. We look forward to helping you this year!